The hashgraph consensus is an advanced and up-to-date version of the technology that enables consensus mechanisms.
The hashgraph consensus mechanism
is an updated version of the technology behind the blockchain consensus mechanism. A hashgraph uses a protocol of node communication instead of the computational power of large networks to verify transactions.
When a user carries out a transaction, it is put in a block which is then spread throughout the blockchain. Both hashgraph and blockchain use this procedure to execute transactions. The main difference between the two technologies is that a hashgraph is much more efficient than a blockchain as it does not discard any block. It integrates blocks into the ledger, which then continue to exist forever as they are woven together.
One main advantage of the hashgraph consensus mechanism is that it does not require the pruning of potential “forks
”. This is because hashgraph incorporates each block of transactions into the ledger, unlike blockchain. Therefore, it is more efficient, faster and fairer.
There are numerous differentiating features between hashgraph and blockchain but one of the most prominent advantages of hashgraph is the transaction speed. It can process up to 500,000 transactions per second
while blockchain can process about 100-1,000 transactions per second depending on the type of protocol. Another major advantage of hashgraph is that it can maintain greater control over transactions as it allows several commands. Using it, miners can control the order of transactions, delay them and even prevent them from entering a block.
Since hashgraph consensus is still being tested on public networks, it is not plausible to rule out the limitations that may be found later on.