COMPARISON BETWEEN BLOCKCHAINS AND HASHGRAPHS
In the world of crypto and Web3, blockchains are a well-known concept, while Hashgraph technology is still relatively unknown, except for those familiar with the Hedera ecosystem. Both blockchains and Hashgraphs are distributed ledger technologies (DLTs). DLTs are a consensus of replicated, shared, and synchronized digital data spread across multiple sites, countries, or institutions, making data available to anyone who wants to access it and updating itself whenever there’s a change.
Hashgraph, invented in the mid-2010s by Leemon Baird, is an alternative to blockchain technology and fills the lapses the blockchain has. Unlike blockchain technology, which is open for everyone and anyone that wants to build anything that uses it, hashgraph technology is patented by a company Leemon Baird co-founded, The Swirlds Cooperation. Hedera Hashgraph is the only public distributed ledger based on the Hashgraph algorithm.
Although hashgraphs and blockchains function in very different ways, they both achieve the same aim of providing a public record that updates itself whenever a transaction is made.
Unlike the blockchain, which bundles and stores information in blocks, Hedera Hashgraph information is saved as hashes that record specific events that have occurred. Hashgraphs employ a "gossip about gossip" protocol to share information about transactions between nodes, while the blockchain uses validators or miners to validate transactions and update the ledger. The hashgraph algorithm validates transactions in two steps: the "gossip about gossip" phase and the virtual voting phase, which serves as a consensus method to validate transactions. The hashgraph technique does not require any votes to be communicated across the network at this stage to determine the votes of each member.
In summary, blockchains and hashgraphs are both distributed ledger technologies that provide a public record that updates itself whenever a transaction is made. However, hashgraphs and blockchains differ in the way they store and validate transactions. Hashgraphs use a patented technology and employ a gossip protocol to share information about transactions, while blockchains are open-source and use validators or miners to validate transactions and update the ledger