…after I listed it as one of my top-5 holdings on a thread yesterday. I intended to construct a brief answer, but it wound up being more of a hymn of praise to hashgraph technology. Sharing to the broader community because it is such amazing tech. I do get why people don’t discuss HBAR here–it’s currently permissioned and centralized, and will basically always be permissioned because of the tech. Maybe this will get downvoted to oblivion and I’ll wind up deleting it. (If anyone spots errors, please–always–tell me.)_______________________________________________
Okay, as promised. (And bear in mind that I’ve only been in this space for 3 months and am not a programmer or a professional mathematician, so I can’t answer whitepaper-type questions.)
HBAR is a distributed ledger that does *not* use blockchain; it’s based on a “directed acyclic graph”/DAG/hashgraph, and its consensus mechanism does not reply on mining but instead on predicting outcomes of “discussions” between trusted nodes.
The DAG technology is what I refer to as beautiful. It’s based on a form of graph (I find it easier to visualize as a flowchart) in which cascading events can never form a loop. This means the graph can be topologically ordered in a way that actually time-sequences the events it records in a way that corresponds to a linear timeline without actually *being* linear.
If a blockchain is a two-dimensional linear chain with links of cold-forged steel painstakingly added in one direction only (by mining), a DAG is a soaring double helix of DNA, with both the sequence and 3-dimensional position of each event log containing information. Because the graph can contain so much information and, like DNA, can convey multiple types of information at multiple loci simultaneously (DNA transcription = my original model of parallel processing), the hashgraph can process 100K tps right now, and may be capable of more in the future.
And because of the combination of parallel processing and its permissioned/trusted structure (more on that below), Hedera’s hashgraph is extremely secure. I don’t understand all the specifics of what it means to have “asynchronous Byzantine fault tolerance” (though the concepts are fascinating and I will eventually grasp them better), but it is far more secure than any blockchain.
Now to the stuff that most crypto investors care about: HBAR is, at this stage in its development, already faster and more secure than any blockchain technology. It supports dapps, file services, and identity services. And it is non-forkable (by a mechanism I don’t fully understand, in part because it’s one of Hedera’s patents). Edit: It also has low to no transaction fees.
Here’s the reason why HBAR hasn’t turned up on more of the lists in this thread: It’s both permissioned and centralized. It relies on “gossip” between trusted nodes (so, a proof-of-stake system), but those nodes are unfortunately currently run by large corporations. Because its hashgraph requires those trusted nodes, HBAR is not and will never be truly permissionless. The roadmap lays out how it will eventually be decentralized, but at the moment it is not.
Wow, this turned out to be a little longer than I intended. I can’t help but rhapsodize over this particular incarnation of a hashgraph, but surely I’m not the only one to find the concepts and structure akin to the periodic table: Intuitive, brilliantly efficient, and elegantly spare. This link has a lot of the basics, without the hashgraph hymnal: [https://decrypt.co/resources/hedera-hashgraph](https://decrypt.co/resources/hedera-hashgraph).
Edit: Removed extraneous ‘that’ and asterisks.
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