Hashgraph Consensus Mechanism
Candlefocus EditorTo initiate the gossip protocol, each node broadcasts a partial message to all the other nodes in the network. This is known as a “gossip message.” However, this message only contains two pieces of information: a hash (also known as a cryptographic fingerprint) that identifies the message and a timestamp. The purpose of this hash is to ensure that all of the gossip messages are authentic and have been sent from the originator of the message.
The second component of the hashgraph consensus is called “gossip about gossip.” This is where a node collects information from other nodes about gossip messages that have been sent. Gossip about gossip messages contain information about which gossip messages have been sent and the order with which they were sent. This allows the network to establish an order of events and form consensus.
The hashgraph consensus works to increase the speed and scalability of security and transaction processing on the blockchain. As with many blockchain solutions, there is an issue of scalability due to the need for every node to validate each transaction. Hashgraph consensus is so appealing because of its ability to offer faster consensus with fewer nodes. Additionally, hashgraph consensus allows for higher levels of security since the process of forming consensus starts by validating the authenticity of the message first.
Despite its potential, hashgraph consensus has not received wide adoption by the cryptocurrency community. This is due to a few factors. One reason is because of the complexity of the protocol, which makes it difficult to implement. Additionally, there is a lack of trust in hashgraph consensus among cryptocurrency enthusiasts since the code is still not open source. Additionally, many in the cryptocurrency space have been skeptical of the governance model that is used by the protocol.
Ultimately, whether hashgraph consensus will become a part of the wider cryptocurrency landscape remains to be seen. It is an interesting technology that could potentially offer faster, more secure consensus solutions for blockchain applications. However, further research and development is required for it to become widely accepted.