Have you heard of Swirlds?
Apparently, Swirlds is a software platform designed to build fully-distributed applications that harness the power of the cloud without servers. Now you can develop applications with fairness in decision making, speed, trust and reliability, at a fraction of the cost of traditional server-based platforms.
Swirlds is labeling its Hashgraph technology as a “radically different approach to distributed consensus.” They are also claiming that this new approach will be able to solve scaling and security issues.
Their Hashgraph technology uses a protocol called “Gossip about Gossip”. Despite what you may think, “Gossip” is actually a well-known computer technology phrase that refers to how computers communicate with each other.
The Hashgraph team describes it as “Calling any random node and telling that node everything you know, that it does not know. In distributed ledger technology the “baseline” or minimum bandwidth required is that the transactions go to every node. Gossip about Gossip refers to attaching a small additional amount of information to this Gossip, which contains the last person we talked to, hence, we are gossiping about the information we gossiped. Using this information, we can build the Hashgraph.” -This is the key for how Hashgraph would be able to know exactly when consensus would be reached.
Another aspect of the blockchain that Hashgraph is working to improve is the relative wastefulness of “stale” blocks and also to radically reduce the computing power required compared to things like proof of work and proof of stake.
There is no doubt that Blockchain technology is a great step forward. But it’s very much worth it to note that it has room to improve. And despite the fact that I am finally beginning to feel confident in my own knowledge of how blockchain technology works, I’m finding myself eager to learn more about other ideas on how it can be improved upon.
Swirlds’ Hashgraph isn’t the only platform that’s focusing on changing how a blockchain can be tweaked. There are other cryptos using DAGs and are more or less on the same page in regards to their ideas for providing alternative options.
Basically, a blockchain-free cryptocurrency is any distributed database that uses different tools to achieve essentially the same objectives as a blockchain.
These different tools used include what are termed DAGs. This basically refers to Directed Acyclic Graphs. A quick Bing search of this will show you an image of a DAG. If you’re like us and visual things tend to help you understand certain concepts, then do look at the imagery of a blockchain, and compare it to the imagery of a DAG. It would probably be a bit easier to wrap your head around how DAGs can be quicker and more efficient in many ways.