Swirlds is a software platform that has developed the hashgraph consensus algorithm: an entirely new distributed ledger technology that is much more cost-effective (no proof-of-work), 50,000 times the speed, safer (Byzantine), more efficient (no stale blocks) and mathematically fairer than the blockchain.
Most importantly, it is able to reach a consensus.
With Byzantine, a consensus can be reached, whereas, in the blockchain world, it is only a probability that increases over time.
If no consensus is ever reached, conflicts will always occur. This is why hard forks that result in alt coins, such as Bitcoin Cash and Bitcoin Gold are occurring.
With Byzantine Fault Tolerance, no member can prevent the community from reaching a consensus, nor can they change the consensus once it has been reached.
Decentralization at its finest.
Hashgraph eliminates the need for massive computation and unsustainable energy consumption like those of Bitcoin and Ethereum.
It avoids proof-of-work (PoW), meaning it does not have to waste computations to slow itself down, therefore the expensive, custom hardware is no longer necessary.
In the blockchain, if new blocks arrive too quickly they can be discarded. This is why Bitcoin is currently PoW, as this artificially slows down the mining process – hence the expensive hardware needed to mine.
With hashgraph, every member can create transactions and containers whenever they want.
Once a transaction occurs, everyone knows about it within a couple of minutes. Only the effects of the transaction are necessary for storing, everything else can be discarded. This shrinks the amount of storage currently needed (Bitcoin: 60GB) to a fraction of 1GB, allowing a smartphone to now act as a node.
Central banks were losing with blockchain.
Hashgraph is a missile in the coffin.
This is the future of the internet and decentralized technology.
To gain further insight, read the full article here.
