Hedera Hashgraph is a public ledger using the Hashgraph consensus algorithm. Unlike traditional blockchain consensus mechanisms, Hashgraph uses the asynchronous Byzantine Fault Tolerance (aBFT) algorithm. This design aims to achieve fast, fair and secure consensus without the energy-intensive mining processes associated with some other blockchains.
Hedera Hashgraph was developed by Leemon Baird, Hedera's co-founder and chief scientist.
as a fast and scalable blockchain alternative. It has high transaction throughput and low latency transactions, making it well suited for applications ranging from simple transactions to complex enterprise solutions.
Difference from blockchain consensus
The platform emphasizes robust security by using Hashgraph's aBFT algorithm. This prevents various attacks, including Sybil attacks and distributed denial of service (DDoS) attacks. Consensus is achieved even in the presence of malicious nodes. Unlike other blockchains, such as the Bitcoin network, a 51% attack is a possible exploit mechanism.
Another important difference is the governance model of the Hedera Hashgraph. Hedera's governing council consists of 39 multinational companies committed to maintaining and improving the network's innovation, stability, and continued decentralization. However, this unique governance model has been criticized for not being truly decentralized and in line with the blockchain ethos.
