Well, as I mentioned in the previous post, my impressions (from an outsider perspective) are that this is going to replace blockchain in the coming years, because it seems to work faster and in a more secure way.
As good as it is for the use we give it today, the blockchain only allows a rate of 7 transactions per second. In the case of Faircoin it doesn't seem to be a very big problem (now), because not so many people use faircoin for transactions in their everyday lifes (paying for a coffe, a taxi, etc)...but imagine that faircoin (or any other crypto for the same purpose) gets popular and is adopted at some point by more and more people... there would be problems in the time required to process the codification of the blocks. There would be very long delays in the confirmation of the transactions, which would do it unviable and unsafe, and then difficult to adopt for everyday use.
Apart from this,the blockchain only gives you a probability that your transaction has been coded…as new blocks are added to the chain every 10 minutes , the probability that your transaction was coded gets higher, but it is only a probability that increases with time. It is not sure from the first moment. I think hashgraph solves this.
(This has to do with how the codification gets into the packages by mining, from the pool. If you code you should be familiarised with this. Sorry if it seems too obvious for you, I have no experience in this area and am trying to make sense)
This is one of the main problems of the blockchain nowadays.
In order to be viable in our everyday lifes, we would need something with the capacity of todays visa , which is hundreds of thousands transactions per second…And which hashgraph can handle, according to the info I have read.
Another thing that hasgraph solves is that it requires very little energy, since it uses the “gossip to gossip protocol” (please, go through this video where the founder talks about it better than I can do in here https://youtu.be/pcToFASnyrc)
It is better at security too, but right now I dont have the expertise to be able to talk about it. I have to watch more videos and study the matter deeper.
I hope this encourages you to dig into this new technology or protocol. Comments would be great. As I mentioned above, it is not that the blockchain doesn’t work for today….but if we want something really usable in the real world and escalable, a new protocol is needed, and maybe hashgraph could be it.
cheers!
Adrián
