Why Hashgraph Could Replace The Blockchain – Dublin Meetup Sparks Interest

The first meetup for hashgraph enthusiasts in Dublin happened last night in the Bank of Ireland Workbench in Montrose. Ably fortified by pizza and coffee, approximately 20 people showed up to listen to Conor O’Higgins, content manager in Ireland for hashgraph.

A show of hands at the start showed the audience was already aware of the technology with over half hailing from an engineering background. There were some cryptocurrency traders attending as well.

Conor stepped through the interesting aspects of the technology, talking though the consensus algorithms, Byzantine Emperors and the gossip about gossip protocols. For more information on the technology visit this article. (November 29).

Questions from the meetup concentrated on how hashgraph charged per transactions – looking at the mining approach from Blockchain. O’Higgins pointed out that currently, hashgraph is only deployed in private, permissioned-based networks.

‘Real use examples included CULedger,’ he explained, ‘which is a credit union consortium supported by the efforts of the Credit Union National Association (CUNA) and the Mountain West Credit Union Association (MWCUA).’

Other engineers present were familiar with the Credit Unions example. ‘It’s a situation where individual Credit Unions don’t know or trust each other but they need to transact,’ said one engineer. ‘Hashgraph offers the speed and the security to a largely untrustful community.’

Speed was also a factor for the audience. Another participant, working the FinTech area, said he despaired of blockchain as it was just too slow. He wanted to know if hashgraph could offer an alternative. O’Higgins replied that was one of the key points of the new technology.

Other concerns raised about the current blockchain mining approach, and the concentration of powerful mining corporations in China, were discussed. Would this lead to a semi centralised centre of control or a silo of data just like traditional databases?

It was agreed that hashgraph has the potential to work outside these limiting parameters. ‘The energy costs are minimal based on the tiny size of data exchanged and the graph replacing an ever longer blockchain,’ said O’Higgins. ‘And voting only needs to be a question of polling who knows what and when – again speeding up the process.’

Questions continued until the closure of the meeting promptly at 8pm with the participants keen to come together again.

 

Is Hashgraph The Solution To The Scaling Problems Faced By Bitcoin And Ethereum?

First published in CryptoCoin.News

As Bitcoin and Ethereum continue to struggle with their scaling problems, an abundance of alternative high-throughput distributed ledgers are springing up, including EOS, IOTA, and many more.

Hashgraph, developed by Swirlds, and hyped as one of the leading candidates to replace blockchain, has steadily being making ground in Dublin, albeit through a circuitous route.

Conor O’Higgins, Public Relations Officer for Hashgraph in Dublin, had worked with Hashgraph co-founder Andrew Masanto back in 2008 in the world of digital marketing. They were not to meet again until O’Higgins visited Burning Man this year and bumped into his old friend.

Burning Man is a hotbed of new thinking, and Masanto could not wait to introduce O’Higgins to the founder of Hashgraph, Dr Leemon Baird.

“I’d used Bitcoin to pay for Burning Man, and was neck-deep in crypto, but I’d never heard of Hashgraph before,” says O’Higgins. “Andrew was eager for me to meet Leemon in San Francisco.”

O’Higgins spent a day in San Francisco with the Hashgraph team, and was blown away by Dr Baird and the technology. He signed up there and then.

O’Higgins is now masterminding the first Dublin meetup for Hashgraph enthusiasts, and is in talks with Trinity College as the venue for the launch pad.

“What really attracts me to Hashgraph is how it is leapfrogging over the issues in the blockchain,” says O’Higgins.

“Speed is a big issue for Bitcoin,” he says. “We know we have 7 transactions per second with Bitcoin, but Visa does closer to 100,000. And with Hashgraph we are looking at 250,000 plus. It’s game changing, because it opens up new applications, real-time applications like games, for which you’d never consider using a blockchain.”

Hashgraph is fairer too, employing the Gossip about Gossip protocol to achieve consensus.  No miner can decide to select one transaction to go ahead of another in a block. Hashgraph is a graph, not a chain of blocks, so transactions can be added on the fly without the need for ordering, or re-ordering, by anyone.

Proof of Hashgraph’s popularity in the real world is testified to by its selection by the US National Credit Union Association and Mountain West Credit Union Association, over IBM’s Hyperledger technology, to serve as the distributed ledger platform for the 6,000 credit unions of North America.

“We will be holding a Hashgraph meetup in Dublin by the end of the year to address interest,” says O’Higgins.