Hedera Hashgraph is a newly designed blockchain platform that applies distributed ledger technology with distributed consensus. Hedera creates a fast, fair, and secure system to execute dApps. What makes Hedera Hashgraph a unique blockchain is that Proof of Work computation is not needed here, and the transactions are verified by implying the Virtual Voting & Gossip About Gossip technique.

There are three main properties of the Hedera Hashgraph platform:

• Fast:-Hedera Hashgraph has the capacity to manage thousands of transactions while verifying millions of transactions in a second.
• Fair:-The Hedera Hashgraph is observed to be fairer than other platforms as it uses a time-stamping technique which is better than other algorithms.
• Secure:- The Hedera platform can keep the network secure due to the Byzantine Fault Tolerant System that ensures the community reaches the consensus and can neither be stopped nor changed.

The primary attribute of the Hedera platform is the Hashgraph which is exclusively linked only to the Hedera network. Hashgraph is a swift and secure system that fulfills a similar objective as a blockchain consensus and quickly verifies the transactions while keeping the system safe from attacks.

There are two main elements of Hedera Hashgraph

• Gossip About Gossip

  Gossiping means spreading a set of news content from one person to another.  This is one of the simplest rules on which Hashgraph works. The nodes in the Hashgraph contain information, so they form a new transaction by expanding the details with a randomly chosen node. Now, these random nodes add fresh information to the received transaction, which ultimately generates a new event. Finally, a new random node is selected to share the information, and the process gets repeated until all the nodes carry the same info.

• Virtual Voting

  Virtual Voting is, in a way, the process of verification of transactions, and the transaction is termed as valid if it attains 2/3 of the total votes. Voting is a long-term process, and because Hashgraph uses Byzantine Fault Tolerant Technique, it is always ensured that the functions will be continuously performed.

The Hedera Consensus Service has the essential purpose of enabling the apps to fetch the basic properties of the Hashgraph, which are speed, safety, and fair means of the Hashgraph consensus algorithm. The Hedera public ledger is capable of receiving notifications from the clients in an encrypted format to keep the privacy regarding time-stamping & orders.

The notifications or messages are critical as they may contain details regarding finances or money transactions, agreements, supply chain tracking, etc. Such notifications reach the mirror nodes or its clients to be processed, and here is where Hedera Hashgraph provides a verified & unaltered system of the transaction, which can be viewed in real-time into app events.

Fundamentally, Hedera Hashgraph works on distributed ledger technology which is safe & efficient in its performance. Here are some of the Hedera platform’s use cases.

• Tokenization: The Hedera Hashgraph provides token service over its platform, which is highly capable in its working capacity. It is easy to manage NFTs and identical tokens over Hedera without Smart Contracts. Whether regulated security or governance tokens, everything can be tokenized.
• Payment Settlement: It becomes easy to settle down payments and allow liquid money in the fresh market with the help of Hedera tokens. It confers disruption of the public ledger with complete safety. The charges are negligible, and hbars along with Hedera tokens work efficiently, especially for commercial purposes.
• Fraud Checks: The Hedera Hashgraph serves to create trust among the participants during online transactions while reducing the overall costs. The purpose is to provide a system to secure the authenticity in the business apps while enabling a real-time view of transactions to keep a check on the fraud activities.
• Data Regulation:The Hedera Hashgraph creates a system to idealize the data compliance and auditing process to establish trust among the customers.

Hedera Hashgraph offers multiple functionalities for an application’s successful, efficient performance, and our blockchain developers are well-versed in utilizing the tool for optimum usage.

• Transaction Scheduling: While using this service, the Hedera enables more than one authority to schedule & run transactions that are smooth, inexpensive, and native. The transactions are scheduled at a specific time after signature verification.
• Multi-Signature Transactions: Once the multi-key signature requirements are fulfilled, the transactions are executed in real-time.
• Atomic Swaps: The Hedera Token Service or HTS can be used for swapping native tokens between two accounts or bars.
• Token-level KYC: With the help of Hedera Token Service, there is an option for issuers to enable compulsion of getting KYC verified, and until then, they can pause the token receiving & sending facility.
• File Service: The File Service enables the distribution of small & critical files among the nodes in the network.