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Through this distributed ledger technology services like these, Hedera Hashgraph is on a mission to create a world where ‘anyone can carve out a piece of cyberspace’ to transact on a secure and trusted environment with privacy and confidence. Our top blockchain developers use this patented algorithm that promises the benefits of blockchain that incorporate decentralization, distribution, and security through hashing- all without the drawback of low transaction speed.
After the popularity of blockchain due to robust features such as decentralization and distribution of the transaction data on a ledger, the world required a technology that has the same features but is much quicker. Bitcoin, an application of blockchain, takes around an hour to complete one transaction. To overcome this, “Hedera Hashgraph” was introduced.
Hedera Hashgraph is a distributed ledger technology and consensus algorithm that provides faster, fairer and more secure infrastructure to run the decentralized applications. It has significant implications for both the public and private distributed networks. It does not require proof-of-work, instead, it uses gossip about gossip protocol and virtual voting which makes the throughput through Hedera Hashgraph lightning fast.
There are mainly three reasons for why one would build a decentralized application on Hedera Hashgraph over Blockchain:
Hedera Hashgraph uses a uniform time-stamping technique which makes it fairer than all the other algorithms.
Due to an asynchronous Byzantine Fault Tolerant System in Hedera Hashgraph, it is very difficult for a member to stop the community from reaching a consensus or change it after consensus has been reached.
Hedera Hashgraph has the capability to compute more than 250,000 transactions per second which makes it easier for an application to scale it to millions of users.