Hashgraphs

Hashgraph is a distributed ledger technology that aims to provide a secure and efficient way to record transactions. Unlike traditional blockchains which organize transactions into blocks, hashgraph uses a directed acyclic graph (DAG) structure. In this structure, each transaction is linked to multiple previous transactions, forming a graph of interconnected events.

The consensus mechanism of hashgraph is known as "gossip about gossip." Participants in the network randomly choose another participant and share all the information they have about transactions and events. This process of information dissemination, akin to a "gossip" protocol, allows the network to reach consensus on the order of transactions without requiring miners or validators to solve complex computational puzzles. This approach is designed to achieve high transaction throughput and low latency.

Hashgraph technology is developed by Swirlds, Inc., and its implementation is primarily associated with the Hedera Hashgraph public network. The stated benefits of hashgraph include fairness, security, and speed. It claims to achieve a high degree of finality, meaning once a transaction is confirmed, it is extremely difficult to alter. The technology is intended for a wide range of applications, including digital payments, supply chain management, and decentralized applications.