Sustainability of the Hashgraph Network
Recently, concerns have begun surfacing about node buy-outs in which countries have been able to amass a definitive majority of network nodes (read more about nodes here). This strategy — of purchasing a majority share of the networks capability — could position a company or a nation to control a blockchain platform like EOS. However, with the infrastructurally-backed sustainability of the Hashgraph network, this faster, more secure platform is able to provide users with a decentralized, diversified, stable network.
Infrastructural procedures have already been incorporated into the Hashgraph system that will ensure its stability for the sake of the user. There are four main channels through which this network stability is accomplished. The first is the Hedera Governing Council. The second is decentralized key storage. The third is Hedera’s Consensus. Lastly, the fourth is Hashgraph’s permissionless, anti-forking ledger system. These four factors distinguish Hashgraph from its peers.
Hedera’s Governing Council is an elected body of organizations and corporations that have committed to furthering the network’s growth and development. The addition of board member term lengths and the diversity of contributors will allow the platform to maintain its flexibility and accessibility. As a result, no company will be able to own or control the platform based on majority network control. (You can read more here!)
The next important characteristic of Hashgraph’s network is it’s decentralized key storage. Keys contain user information as well as access to cryptocurrencies. Many blockchain platforms have a centralized key storage location which makes it easier for hackers to conduct a virtual hold-up and score big. By decentralizing key storage, hackers cannot pinpoint a single location to rob meaning that your cryptocurrency stays safe.
The anti-forking procedures that are present on Hedera’s network allow it to maintain a single-ledger system. Forking occurs when a ledger splits in two. This means that one of the new ledgers can be updated and changed independently of the other which results in two different accounts. It is impossible to differentiate between the two ledgers to determine which one was the original. There is no way for users to know when their ledger splits which could lead to serious repercussions. For example, fraudsters can take advantage of this split and sell the same product twice. All major blockchain networks have experienced forking but Hashgraph uses ledger ID technology and state proofs to identify and guard against forking. State proofs enable the ledger to prove that it is the valid, original account through the surrounding network nodes. Should a fork ever occur however, the ledger ID technology applied to this network allows Hashgraph to differentiate between the forked accounts by identifying which ledger is the original.
Consensus on Hedera combines all of the factors discussed above to produce a platform that users can build upon. The same decentralization methods that are used for key storage on the platform are melded with the speed of hashgraph to create a quick and trustworthy development space. Ledgers with anti-forking technologies create a stable environment for contract building and app construction. Additionally, Hashgraph’s cryptocurrency is run through the same system providing faster transaction speeds with impeccable security and accurate ledgers.
The stability of Hashgraph’s platform is what separates it from similar blockchain-based networks. These precautions have been thoughtfully incorporated into the fabric of the platform itself to ensure the utmost reliability and security for users which makes it one of the most sustainable platforms available for public use. Why don’t you see for yourself?
