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Fincash » Hashgraph Consensus Mechanism

Hashgraph Consensus Mechanism

Updated on May 20, 2024 , 304 views

What is Hashgraph Consensus Mechanism?

Hashgraph is a new type of consensus mechanism. This builds a consensus by employing the blockchain concept of gossip, gossip and about gossip and virtual voting. It scores better than other consensus-building algorithms, including proof of work (POW). It is better in terms of speed and Efficiency since it does not send any votes or details over the network thereby avoiding congestion or delays.

Hashgraph consensus uses the gossip protocol and is used on the Hedera blockchain platform. Participants in the blockchain use the gossip protocol and relay information about the transactions. They also gossip about gossip. Note that a history of gossip events is usually maintained since the participants keep adding information about their previous gossip to every gossip message currently in use.

Important Point

In a blockchain gossip is the information relayed by each member over and over again to another member chosen at random. The former member will tell the latter all they know about the transaction. These conversations are used to transfer a variety of information like gossiping about user identities, transactions or blockchain blocks.

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For instance, Anupama meets her friends at a social gathering. Anupama gives a gossip to Rijo during the first break at the gathering. Rijo then gives the gossip to Richard. By the second break, Richard has already shared the gossip with Arpana and others. Now others who did not have a conversation with Anupama know about the information. With each break, the rest of the people get to know of the information. This means that the gossip would be known to roughly double the number of people who were aware of it in the previous break.

The gossip protocol looks forward to using this mechanism for the purpose of building blockchain consensus as more and more people become aware of the details.

Note that Hashgraph is a structure of data which maintains the record of the data of who gossiped to whom and in what order. Therefore, it becomes a collaborative history of gossip events as members keep adding information about their previous gossip to every current gossip message. This becomes gossip about gossip as it is history about gossip itself.

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