Hashgraph Vs Blockchain- Top 7 Differences That You Must Know

You know that blockchain technology is continuously evolving at a rapid pace.  Blockchains impact is powerful and is impacting business, finance, education, governance, healthcare even in sports, music. There are other similar distributed ledger technologies(DLT) to replace blockchain technology by providing a better solution. Hashgraph is one of them. It solves the distributed ledger differently and claims to be safer, fast, and fair. So here, we will compare two technologies, Hashgraph and Blockchain and which one is better. Before we proceed to the comparison, let us see each one in detail.

What Is Hashgraph?

Hashgraph is a form of distributed consensus which offers another approach to distributed ledger technology. It is a peer-to-peer platform that expels the requirement for any intermediary to complete transactions. It offers a secure, fair and fast network, and its is implemented using Java and Lisp programming languages. This means it supports solidity. One of the best advantages of Hashgraph is its speed. It can handle thousands of transactions per second and is able to verify more than one million signatures per second.

What Is Blockchain?

Blockchain is a popular form of distributed ledger technology. This technology is used by every cryptocurrency ie., bitcoin.  Here, peers communicate between themselves to form a peer-to-peer network. Bitcoin uses the basic form of blockchain technology but is not so efficient. Hence we have seen an ascent in another type of blockchain technology. Ethereum is successful with a huge active community. It is a second generation blockchain which means it supports dApps and smart contracts.

In technical terms, blockchain is a series of blocks or records and supports append-only structure. Despite that, the database is immutable means that data that once written, cannot be deleted or altered by anyone else. Hence blockchain is a perfect solution for the issue where data immutability is necessary. Best use cases of blockchain are, supply chain management, voting and finance industry.

Hashgraph vs Blockchain-

Hashgraph vs Blockchain

1. Programming Language-

Blockchain makes use of languages- Java, C++, Solidity, Ruby and Python. For hashgraph, Lisp and Java languages are used.

2. Approach-

Hashgraph makes use of directed acyclic graph to store and access information. Blockchains are an open-source technology. It stores data in blocks in a linear way. The append approach works seamlessly but it is not always a way for blockchain solutions out there. In both DLTs, each node as a copy of the ledger that makes it decentralized.

3. Consensus Mechanism –

Hashgraph is based on asynchronous Byzantine-Fault Tolerance (aBFT), which provides an improved model of DLT by catering solutions to established cryptocurrency platforms. It uses Gossip about Gossip   and virtual voting as a form of gaining network consensus. 

Blockchain does not depend on a single approach to consensus. Contingent on cryptography and currency, Blockchain uses numerous consensus algorithms, like Proof of Work, Proof-of-Elapsed Time, Practical Byzantine Fault Tolerance, Proof of Stake, and so on.

4. Speed-

Speed of blockchain varies according to the solution(platform, cryptocurrency, etc.). But it is slower than Hashgraphs. Hashgraph can reach a speed of 5,00,000 transactions per second. Blockchain solutions like ethereum, bitcoin are slow and can do 100 to 10,000 transactions per second. And the Hashgraph Gossip method is a reason behind its speed. With this, less information needs to be propagated across a network. 

5. Security-

Blockchain uses a different approach where they use cryptographic methods to ensure security. As we already know, blockchain is a series of blocks or records and that blocks are tamper-proof and no malicious actor can change the integrity of data.

To secure a network from malicious actor, Hashgraph uses an approach- Asynchronous Byzantine Fault Tolerance(aBFT).

Know more at- https://solaceinfotech.com/blog/hashgraph-vs-blockchain-top-7-differences-that-you-must-know/

How Blockchain Can Transform Lottery Industry?

Lottery is popular all over the world for many years. And it still growing at an alarming rate. It’s average growth rate is above 8%, and is almost three times that of the world economy.

Many people consider the lottery as a gaming product, but it is a high volume industry which can also be called a commodity. The lottery industry keeps a 29% share of the entire global gambling revenue. With modern technologies,  this field also comes with many developments such as lottery apps, online lottery etc. But with the growth of the digital economy, the industry faces challenges like the lack of transparency and fairness, geographical restrictions and so on. One of the most common demands is transparency and fairness with advanced technologies like blockchain.

Let’s discover the issues faced by the industry.

Problems With The Traditional Lottery Industry-

1. Lack of transparency-

It is one of the biggest issues faced by traditional lottery. Because of the centralization, lottery organizers have complete control over many factors like- What will happen to about the money got from ticket sales? How to configure RNG mechanism? How to generate winnings? Where will the list go? The overall trust in lottery tickets and their decency is diminishing, which has prompted the conviction that coordinators are the most profitable organizers.

There are many cases of fraud in national lotteries that should be cleared. Nearly, 50% of the total funds gained from lottery sales are utilised for jackpots. There are very low chance of winning big prizes(1 out of 14 million wins 6 out of 49 Powerball), which is not economically favorable to participate in the lottery. 

2. Geographical restrictions-

Domestic market is small for the lottery. If a user wants to participate in global lotteries, they have some restrictions. It is limited to the country in which it is conducted.  It restricts the prize pool and does not increase the chance of winning a prize. In any case, it might appear to be coherent that less participants mean a more noteworthy possibility of winning; the traditional lottery structure isn’t the situation. 

Much of the time, no one figured out how to win a few months, prompting further draws, which sometimes lengthened the process considerably. At the same time, the jackpot ratio reduces with each subsequent draw, which is profitable for lottery organizers. In some countries, lottery winnings are taxed.

3. Old approach –

Online lotteries allows you to participate from home but they have some disadvantages. They are not popular to the community and hence reduce the jackpot. Also they have low security which leads to the financial frauds. While offering a higher prize pool, national lotteries require you to buy old-fashioned lottery tickets. Users may lost tickets which can make your chances of getting prizes tumble to zero.

How could Blockchain Lottery Platform work?

1. Sign up –

In the first step, participants need to sign up to the platform and become a part of it with the basic information like name, wallet address, email id and phone number. A successful sign up prompts you to get regular alerts and notifications about ticked openings.

2. Ticket openings and deployment of the smart contracts-

Announcement of ticket openings is carried out by admins and notification is sent to the users. They also deploy smart contracts containing  pre-characterized rules for lottery games for fairness and transparency. Smart contract verifies the information shared to pattern in the system and gives security to the data.

3. RNG with blockchain-

The RNG algorithms are also predefined and made available to anyone, which makes it inconceivable for lottery coordinators (or any other individual, if an external attack occurs to control them for their own advantage. Blockchain can solve the problem of traditional lottery fraud.

4. Tracing the history of records of transactions-

Due to blockchain blockchain, players can follow back the history to know who has won the jackpot and if the commissions and wins are paid out as defined in the smart contracts.

How blockchain can improve lottery industry?

1. Smart contracts-

A smart contract is a digital agreement between the parties wherein computers enforce terms and bring transparency to any transaction. With an online blockchain lottery set up, rules which are clear to all  parties can never be changed. As no centralized authority is there to administer the game, there will be no concerns related to winnings. The player’s funds can legitimately go into the contract without the interference of intermediaries.

2. Privacy and Accessibility-

Use of cryptocurrency for lottery is a beneficial and popular solution for casinos. It helps users to gamble anonymously without need to submit copies of documents. Cryptocurrencies can make online gambling accessible because it offers a low entry barrier to new players and enables them to avoid gambling regulations applied to fiat currency.

3. Traceability-

As all of the records are stored on the blockchain, players can have a transparent and traceable view of the saved transactions. Because of the traceability, they can reach to the roots of disputes if any occurs in the future.

Final Words-

As the lottery concept is advancing towards online lottery, using Blockchain will be the great practice. You can also know the use of blochain for business at- A Complete Guide To Choose Blockchain Platform For Business Growth.

If you are also thinking of developing a lottery app/software by using blockchain, consult with solace experts. We are here to help you through consultation and development. We have dedicated blockchain developers to help you through effective software development. Connect with solace and get a free quote for effective lottery app development with blockchain. We will be happy to help you.

How Blockchain is important for App Developers?

With newer technologies being launched each day, the tendency to the adoption of such leading edge engineering methodologies has been boosting every industrial area. The present market situation is such, in the event that you have to remain in the opposition, you have to get the new components of innovation. In the present market, if you have to stay in the competition, you have to pick up the new elements of technology. With startups failing to implement them, mobile application experts are struggling to keep pace with such huge numbers of techs simultaneously, exploring the massive growth of the current industry seems like a needful task.

Over numerous years, block-chain has held its status as a progressive thought with positive perspectives for multiple industries. This digital ledger system became popular during the times of cryptocurrency, and since then, been praised for its secure and reliable approach. Block-chain includes features like peer-to-peer payment architecture, decentralization, and security which makes it fascinating for developers. In the field of mobile apps, block-chain serves as  a bountiful example, to build applications that are free from frauds, data leaks, and security threats. 

Given the circumstances, blockchain is a concept of developers, the practical applications of which are in the initial stages of development. However, once understood, it holds a tremendous capacity to  revolutionize the market. This game-changing technology is an important trend for the mobile app industry. 

What is Blockchain Technology?

The reliable system operates by transforming data across network steadily so that no participants in the system are able to hack or tamper the blocks distributed. The blocks formed with a cryptographically line that helps to prevent a reformed process from an unknown member.

This blockchain holds distinctive features of distributed ledger technology, which safely stores data over the peer-to-peer network. Blockchain ledgers can involve land documents, loans, integrity, assets, and inventory etc. that can be stored strongly, where everyone has permission to see yet can’t change the results shared.

How Does Blockchain Work?

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