Hashgraph Vs Blockchain

Blockchain or Hashgraph — Which is the best form of Distributed Ledger Technology?

Well read this blog and you decide yourself!

The blockchain technology was first implemented when the first known Cryptocurrency, Bitcoin came into being in the year 2008. It was purely based on Blockchain technology.

They do have a lot of positive effects compared to other technologies that we have right now.

But the Hashgraph version of the Distributed Ledger Technology was founded by Leemon Baird with better benefits as compared to the Blockchain technology.

"Acquire the best Blockchain Application Development Service from CryptoSoftwares"

Some of them include their security features, fairness, cost, and speed!
We will be dealing with all the details below. We will also be mentioning about a special type of Hashgraph named the Hadera Hashgraph.

Keep reading!

Hashgraph Vs. Blockchain: An Overview

Also, Blockchain technology is more mainstream or open to the public, whereas that’s not the case with Hashgraph. An exception of the Hadera Hashgraph is there, for the more public version of the Hashgraph algorithm.

Blockchain Technology

Blockchain is based on distributed ledger technology. It follows the pattern of a decentralized platform, where there will be no other third party to handle the operations associated with them.

The data quality is maintained by database replication and computational trust.

There are different types of distributed ledgers out there. But the thing that makes Blockchain different from all others is its structure. In a Blockchain, data are organized in the form of blocks.

"Read on Future of Blockchain Technology — Top 10 Predictions of 2020"

These blocks are then linked from peer to peer using the security mechanism of cryptography.

Another feature of the blockchain is that it only allows adding data to the database. Changing or deleting the present data is almost impossible. Thus, Blockchain is a continuously growing list of records.

This feature makes it perfectly fit for managing records, transactions, tracing assets, and voting.

Bitcoin, the first cryptocurrency is the one that introduced the concept of Blockchain technology to the public.

Almost all the sectors like Government, Businesses, and Economists are planning to introduce the same technology in their own respective areas.

Some of its real-time examples include in the sectors like supply chain management, payments, and identity management.

Hashgraph Technology

Hashgraph is also a different form of distributed ledger technology. It was developed by a man named Leemon Baird, who is the co-founder as well as the present CTO (Chief Technology Officer) of Swirlds Corporation.

Hashgraph technology work almost in the same format as that of a Blockchain.

Moreover, it provides benefits like decentralization and distribution.

Also, the security of the system is high, but it follows a method of Cryptographic hashing.

Another major benefit of Hashgraph technology over the Blockchain is its high transaction speed.

For example, a Bitcoin can support only up to 5 transactions per second and some altcoins like Ethereum allows up to 15 transactions per second. But, Hashgraphs can process thousands of transactions per second. It is estimated that they can perform up to 5,00,000 transactions per second!

The hashgraph is based mainly on two techniques which are given below:

Gossip about Gossip.

Virtual Voting.

Gossip About Gossip

The Gossip about Gossip method can be explained in simple terms as given below.

Consider five different members, namely, A, B, C, D, and E.

When each member performs a primary transaction, it is considered as an ‘event’.

Here, each member calls another member at random and the two people involved will be sharing their transaction history.

For instance, the member E can call another member C, and shares the transaction information of E with C. Such type of actions can occur, between different members in the network, either constantly or whenever required.

Each event holds a record of all the previous blocks. So when one member learns about a new piece of information, the same information quickly passes to other members, when they come in contact with the same member.

Virtual Voting

In Gossip about Gossip method, each node that comes into contact with each other already knows about what the other node knows, and this allows the other node to predict what the other node would vote for, which results in virtual voting or electronic voting.

In virtual voting, you actually need to reach an agreement on the order of transactions. The events are divided into various rounds. The Hashgraph algorithm will be having an exact mathematical solution for each and every round created.

For example, imagine that around has ten events as a whole. So each member votes for the event to be qualified next. The presently running around with the majority of votes will be the qualified one and the transactions related with this round would be qualified!

"Know the 5 Blockchain Applications for Small Business"

Conclusion

Blockchains and Hashgraphs are two different forms of Distributed Ledger Technology.

Blockchain mainly deals with a single chain of blocks with benefits like validated, secure and distributed agreement between the peers. Some of the major platforms that make use of this technology include Bitcoin and other altcoins.

Whereas, the Hashgraph follows a patented algorithm so that the transactions are more secure and fast at the same time.

Both Hashgraph and Blockchain has its own advantages and disadvantages as mentioned above. And more versions of the distributed ledger technology is expected to be introduced in the near future.

Well, let’s wait and see…!

Guide on Lambda Cryptocurrency

New crypto coins are emerging in the crypto marketplace to speed up the crypto trade over the platforms. Lambda is such a crypto coin which operates on Ethereum network. Investors keenly look into the current value of the new cryptocurrency, the roadmap of its network, and how it works, etc so that it will be easy to track their profit while investing on the new crypto coins and trade over the exchange platforms.

In this writing, you will be able to view the guide on Lambda cryptocurrency.

What Is Lambda Coin?

Lambda is a digital asset or currency used within the storage network of Lambda. It is a startup of data storage powered by blockchain, which is a scalable and decentralized network.

It supports the ecosystem of data storage with data security verification, which provides dApps or decentralized applications with high capacity storage.

It also offers services like data privacy protection, data possession, cross chain data management, and data cooperative storage. In the crypto market place, it is used for storage mining and storage space trading. Right now, Lambda is not into the real network of cryptocurrency; it is in the pre-mainnet phase. Mainnet phase is known as the adaption of a real network of cryptocurrency. During the 4th quarter of 2019, the mainnet release of Lambda is scheduled.

"Know How to Set Up Your Own Cryptocurrency Using Blockchain Technology"

Big giant organizations and industries had financially supported this project. The big giants like Bitmain, Zhen Fund, FBG Capital, FunCity Capital, Sparkling Capital, Metropolis Capital, Bluehill are some of the financial supporters of this project.

How Does Lambda Blockchain Work?

The four components of the Lambda network system are as follows:

Storage miners:

Storage miners are the providers of storage space in the network. Later on, they can become the validators of the Lambda network. Here the storage space is provided for money.

Retrieval miners:

These miners offer download bandwidth to the users by committing to the Lambs. The income of retrieval miners depends upon the charges incurred on the data retrieved.

Validators:

Validators are also known as verification miners. They are responsible for the integrity and security of data, to develop consensus network, packaging transactions, executing contracts, to verify PoS, and to clear all the fees.

"Read the complete guide on Proof of Stake (PoS) coins"

Market place:

A place where the users will be allowed to exchange or trade data storage space. Based on BFT and VRF protocols, it is built as a consensus network. Here the users can safely use the Lamb tokens over the storage space.

LambdaChain consensus network is the network of Lambda. It is a consensus, trusted network mechanism which offers data security, integrity, and finishes the technical process required for the verification process in the blockchain.

This blockchain network removes the work of official validators, miners, third-party validators, and all altogether1024 validators. These validators support 1000 transactions per second. In the testing mode, the Lambda network will be able to run 5000 transactions per second and can create a block in 15 seconds.

The VRF (Verifiable Random Function) algorithms will enable us to choose the nodes of the blockchain that will participate in the consensus algorithm, and BFT (Byzantine Fault Tolerance) algorithm will generate the consensus network.

The VRF (Verifiable Random Function) algorithms will enable us to choose the nodes of the blockchain that will participate in the consensus algorithm, and BFT (Byzantine Fault Tolerance) algorithm will generate the consensus network.

The Value Of LAMB Cryptocurrency

Lamb cryptocurrency is used for storage space trading, storage, mining, and other trade transactions within the Lambda project or lambda network.

Lamb currency is used in the following conditions:

Users use Lamb crypto for any services in the network of Lambda.

Validators and storage miners commit a small number of Lambs in the network.

Lamb tokens are used as rewards for the validators in the network system.

Based on the SLA (Service level agreement) and storage capacity, the storage nodes acquire a certain number of Lambs.

Price of Lamb– $0.162

Market Cap of Lamb– $103,642,126

The Circulating supply of Lamb– 652,991,183 LAMB

Total Supply of Lamb– 6,000,000,000 LAMB

Peak price– $0.274357 on July 09, 2019

Lowest price– $0.006601 on Jan 02, 2019

Lambda Coin Roadmap

The roadmap of Lambda coin with the achievements and future plans are presented in their blog. They have below plans for the future.

In the next 3 to 5 years, they are planning to reach 1024 nodes in the network and complete128 verification nodes of Lambda network.

In the next five years, they would like to reach thousands of petabytes. One petabyte equals 1000 terabytes and complete 120 storage petabytes.

For B2C and B2B crypto markets, they would like to sign the contracts for the new venture.

Where To Trade (buy or sell ) Lamb

There are many crypto exchanges which are popular for Lamb exchange. Some of the crypto exchanges are BitHumb Global, Huobi Global, Bittrex, OKEx, etc. The leading cryptocurrencies like ETH, USDT, BTC, stable coins are exchanged or traded with Lamb.

"Get the list of top cryptocurrency trading platforms"

In some exchange platforms, they use the internal currency of the platform to trade with Lamb. BitHumb Global is the exchange platform where it uses the fiat money for trading Lamb with KRW (Korean Won).

Freewallet To Store Lambda Coins

Are you searching for a place to store and secure your Lamb coins? You can do the same with Freewallet. Lambda coins can be stored in Freewallet.

Freewallet supports the lambs to be stored on the Android and web versions of the application.

It can be stored safely along with other 150 cryptocurrencies or tokens.

No or minimal processing or transaction fees to transfer Lambs to other Freewallet.

The real time price charts will allow monitoring the exchange rates of Lambda.

Two-factor authentication, multi-sig features to protect the lambda coins with high security.

Most of the coins are kept in cold storage so that the hackers do not easily hack it.

Conclusion:

Hope in this article; you will be able to find the guide on lambda cryptocurrency. This article will help you to find how the blockchain of Lambda works, the current value of Lambda, the future plans of Lambda network, the wallet to store Lamba, and the best exchanges to trade Lambda coins.

Always try with the best crypto developers to build your own crypto platform.

Industries that benefits most from the Blockchain Technology

It was always believed that Blockchain Technology could only be the guiding light for the cryptocurrency exchange until it was successfully integrated into the other fields!

Some of the major sectors that can depend on the Blockchain Technology in near future include in managing ride-hailing apps, law enforcement, voting, car leasing and sales, cloud storage, stock trading, healthcare industry and many more.

The blockchain is simply a public ledger where it can store a very high volume of data or digital transactions irrespective of the location. Another main characteristic of the blockchain technology is that they follow a decentralized mechanism, and hence there is no need for third parties to supervise the entire procedures. Since there are no third parties involved, the chances for frauds are literally impossible.

The startups nowadays are using the Blockchain Technology for sectors which demand greater transparency and authenticity. They are playing their part in creating awareness about the scope and possibilities of Blockchain Technology.

Here are some of the best ways where different companies make use of the real potential of Blockchain Technology;

"Read the blog on future of blockchain technology"

Top 5 Blockchain Use Cases in 2020

1. Banking




The banking industry has begun to try out Blockchain Technology to improve the back office procedures and settlements so that they can cut out the huge money involved with paying the third parties or middlemen. Some of the leading banks which have begun implementing the same include the Swiss-based bank UBS and the Barclays Premier Bank of the UK. Some experts believe that it enables the banks to save up to $20 Billion!

Since Blockchain is a secure and digitized public ledger, they could serve well in the Banking industry which mainly requires the above-mentioned properties to the core.

Moreover, some banks are really investing in many of the Blockchain startups like R3 CEV, which are working on developing a Blockchain platform, specifically for the players of the financial industry.

2. Ride Sharing




Blockchain Technology has a really good future in the Ride Sharing sector.
Some of the major players like Uber and Lyft works on the mechanism of a centralized platform, which is exactly opposite to the decentralized ones. They literally use algorithms to control their taxi drivers and decide on how much to charge for the trips. With the usage of Blockchain Technology, new options could be injected into the system so that it becomes more dynamic, user-driven and a market place which is much more value-oriented!

An example to indicate the above mentioned would be the startup Arcade City. They make use of the Blockchain System to take care of their transactions. Also, the drivers can decide on their rates with all the records and interactions being stored in the Blockchain.

This makes the Arcade City more interesting to the drivers. It makes the drivers build up their own cab business, where no one is there to control from a corporate office. In arcade city, they allow the drivers to set their own rates, develop their own customer base and can also offer additional services like parcel deliveries, etc.

3. Crypto Exchanges




Crypto exchanges are basically websites or platforms from where you can either buy or sell the cryptocurrencies like Bitcoin, Ethereum, etc. in return of either the digital currencies or the traditional currencies like US dollar or Euro. And since it involves a lot of transactions, Blockchain Technology is very much useful or necessary for the crypto exchanges to happen safely and securely.

Anyone can easily set up cryptocurrency exchange business with leading cryptocurrency exchange platform development company Blockchain Technology reduces the normally prone cybersecurity threats since it does not need any human intervention. And which is very much essential for the transactions involving money, or the digital currencies (cryptocurrency).

An example of the leading decentralized cryptocurrency exchange is the Ethereum-based 0x.

4. Cloud Storage




In Cloud Storage services, the enterprises store the data of its customers in a completely centralized server. And these are prone to attacks by the hackers. And if the data is compromised, the complete integrity of the enterprise is lost.

And here comes the real potential of the blockchain technology. Since the blockchain makes use of a decentralized platform, it is less prone to cyber attacks or its almost impossible to compromise them.

An excellent example of this would be the “Filecoin”. It is basically a crypto project that honors you the hosting of files. And this would be just like the decentralized version of the S3 services provided by the Amazon Web Services.

Another upcoming team is the “Storj”, which is a purely Blockchain based cloud storage service provider. Their stated mission is to provide security and to lower the costs involved for storing information in the cloud servers. It also allows the users to rent out their unused storage space in a peer-to-peer manner.

5. Government And Public Records




Blockchain technology could be really made useful in the management of public services by Governments across the world. It allows the processes to be made digital or less paper-based, avoid fraud and to improve the accountability between the departments and the common people they serve.

Some of the states in the United States have already begun to implement the same in their administrative procedures. Also, some startups have begun to assist Government institutions in Eastern Europe. The BitFury Group is presently working with the Government of Georgia to make them the government records more secure!

"Also Know how blockchain technology can transform project management"

Conclusion

There are still a lot more of industries which could be really benefited from the usage of the Blockchain Technology. Only some of them are mentioned above.

Incorporating the Blockchain Technology into their execution plan by the business owners in any of the industries mentioned above would give you that upper edge over your competitors.

Image Source: Google