The hashgraph consensus mechanism is an updated version of the technology behind the blockchain consensus mechanism. A hashgraph uses a protocol of node communication instead of the computational power of large networks to verify transactions. 

When a user carries out a transaction, it is put in a block which is then spread throughout the blockchain. Both hashgraph and blockchain use this procedure to execute transactions. The main difference between the two technologies is that a hashgraph is much more efficient than a blockchain as it does not discard any block. It integrates blocks into the ledger, which then continue to exist forever as they are woven together.

One main advantage of the hashgraph consensus mechanism is that it does not require the pruning of potential “forks”. This is because hashgraph incorporates each block of transactions into the ledger, unlike blockchain. Therefore, it is more efficient, faster and fairer.

Hashgraph vs Blockchain

There are numerous differentiating features between hashgraph and blockchain but one of the most prominent advantages of hashgraph is the transaction speed. It can process up to 500,000 transactions per second while blockchain can process about 100-1,000 transactions per second depending on the type of protocol. Another major advantage of hashgraph is that it can maintain greater control over transactions as it allows several commands. Using it, miners can control the order of transactions, delay them and even prevent them from entering a block. 

Since hashgraph consensus is still being tested on public networks, it is not plausible to rule out the limitations that may be found later on.

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ConsenSys, a blockchain tech company, has challenged the SEC’s plan to redefine what counts as a securities “exchange”. The company’s lawyer, Bill Hughes, tweeted their objections today.

The company claims that the SEC’s proposed changes are illegal and would affect blockchain protocols unfairly. They say that the SEC is wrong to use the term “exchange” for these protocols, and that it is trying to force them to register as broker-dealers.

Hughes also said that the SEC does not understand how blockchain technology and its ecosystem work. He asked the SEC to withdraw the proposal completely.

ConsenSys argues that the SEC cannot make these changes legally. They say that blockchain-based systems are not exchanges under the law, and that the SEC should not try to regulate them. They also point out that the SEC’s authority over blockchain is unclear, and that Congress is working on a new regulatory framework for this sector.

Hughes warned that the SEC could harm this growing industry with bad and rushed regulations based on a questionable claim of power.

#SEC #consensys

Consensys is a blockchain software company that is better known for creating the MetaMask self-custodial wallet, a household name in the crypto industry.  

Established in 2014 by the co-founder of Ethereum Joseph Lubin, Consensys is focused on developing the Ethereum network ecosystem through its blockchain incubator and venture studio. 

In addition, Consensys also provides consultancy services to global companies such as Microsoft and Shell, assisting them to successfully implement blockchain solutions in their respective industries.   

To date, Consensys has raised USD $726M through multiple funding rounds from VCs and global investors such as Microsoft, SoftBank and Temasek among others. It is currently has a valuation of USD $7bn. 

#crypto2023 #eth2.0 #metamask #rajeevanand #consensys