THIS POST IS CONTINUED FROM PART 17, BELOW--
Both Ethereum and Bitcoin mining is very centralized, with the top four miners in Bitcoin and the top three miners in Ethereum controlling FAR FAR more than 51 % of the hash rate.
Indeed, the entire blockchain for both systems is determined by LESS than 18 KOSHER MAFIA mining entities
Here is a list of Top 5 MAFIA Bitcoin Mining Pools. The list is presented in descending order --
AntPool. ...
BTC.com. ...
BTC.TOP. ...
ViaBTC. ...
Slush.
For any one actor to manipulate the blockchain, they would have to change the data on a majority of individual nodes on the network at any given time, simultaneously. This is known as a 51% attack. Today, the vast majority of blocks are solved by miners participating pools.
In theory, if a single pool grew large enough (or a few large pools joined forces) to dominate 51% of the network’s hashrate, that group would be able to control which new blocks were added to the blockchain.
The mafia pool could spend their Bitcoin more than once, or “double spend.” The mafia pool performing the 51% attack could invalidate previously confirmed blocks by forking before those blocks and converging with a different chain.
For example, a person could buy a Lamborghini from a dealership and wait for the transaction to be added to the blockchain. Then, they could go back and start mining from the previous transaction. This would create two competing versions of the blockchain- one that includes their transaction and one that doesn’t.
With their 51% of the processing power, they can ensure that their preferred version of the blockchain is the one that is ultimately perpetuated. At that point, they can go back into the dealership and buy another Lamborghini with the same Bitcoin they used to buy the first one.
A distributed ledger technology (DLT) is a system where we share information and we don’t trust each other individually, but we trust the group as a whole. DLTs allow us to come up with a consensus on the order of transactions and timestamps.
Hashgraph is a DLT. However, hashgraph is not a blockchain in the sense that it’s not built on a chain of blocks. Hashgraph would be best characterized as a DAG — Directed Acyclic Graph.
Other DLT solutions might be secure, but they’re not particularly fast or fair. The following use-cases require fairness and speed:--
Matching buyers and sellers on a stock market
Dark Pools
Online Video Games
Auctions
Instances where it matters who filed first
Patents
Domain Names
Hashgraph fixes many of the failings that previous DLTs have faced: Hashgraph is incredibly fast, secure, and fair.
Hashgraph has a incredibly high throughput compared to other DLTs. It is able to achieve hundreds of thousands of transactions per second, even with only one shard. Furthermore, hashgraph has small latency — it takes only a few seconds for the transaction to be sent out.
Hashgraph achieves this speed through what’s called the “gossip protocol”
The consensus algorithm of hashgraph is asynchronous byzantine fault tolerant (asynchronous BFT). What this means is that if there are any two given transactions in a network, we as a community can come to an agreement as to what order those transactions came in. It also assumes that no more than ⅓ of people in the system are attempting to corrupt the system.
Asynchronous BFT is the strongest form of byzantine fault tolerance. With it, there is a moment when you know with 100% certainty that you have consensus. It uses a mathematical proof so that you can never be wrong about when you achieved consensus.
Asynchronous BFT allows for a network to survive malicious nodes, firewalls, and DDOS attacks. Asynchronous byzantine consensus algorithms are nothing new: they existed three decades ago. The problem with them, at the time, is that those algorithms were so slow you’d never use them. As stated above, hashgraph was able to solve the issue of speed through the gossip protocol.
Let’s contrast asynchronous BFT with some other consensus algorithms, such as distributed Proof of Stake where we take turns being leaders. The issue with that is the following: If the attacker can shut down one computer at a time, then they can shut down your entire network because all they need to do is shutdown the leader of the system. When a new computer becomes the leader, all that attackers need to do is to keep following the new leader and attacking them.
Hashgraph also provides fair ordering and fair timestamps. Let’s focus first on why fair ordering is important, using the stock market as an example. If I put in a bid for a share of X, and then you put in a bid for a share of X a second later, my bid should have priority over yours.
But if for some reason the network were to mess up, and your bid was prioritized over mine, that would be VERY bad. Ordering of transactions for stock markets is very important: Wall Street High Frequency Trading firms spend millions to shave a few milliseconds off the time it takes to put their bids in.
Fair timestamps are important as well, because it allows you to trust that the community as a whole timestamped something, and not just one miner. Let’s say there’s a payment dispute, and somebody claims you didn’t pay them on time. But you actually paid them before the deadline. Hashgraph solves this issue, as it uses cryptographic proof you can take to court.
Most important--
Hashgraph does NOT have a cryptocurrency.
Secondly, it does not have a public ledger. Instead, Hashgraph is a permissioned ledger.
In a public ledger, anybody can be a node in the network. Take Bitcoin, for example, the biggest public ledger in terms of market cap. Anybody can use Bitcoin’s cryptographic keys, anybody can join the network, and anybody can become a miner to be rewarded in helping the network function.
Anybody can see transactions on the network, and anybody can write a new block on the Bitcoin chain (as long as they follow the parameters of what constitutes a valid Bitcoin block).
Anybody can see transactions on the network, and anybody can write a new block on the Bitcoin chain (as long as they follow the parameters of what constitutes a valid Bitcoin block).
A permissioned ledger, on the other hand, requires permission (hence the name) to perform certain activities on or to the network. Permissioned ledgers can limit the people and groups who are able to transact on the blockchain, and limit the people and groups who can write new blocks onto the chain.
Owners of the permissioned ledger can determine who can be transaction validators on the network. In essence, a permissioned ledger requires that you have permission to run a full node.
Owners of the permissioned ledger can determine who can be transaction validators on the network. In essence, a permissioned ledger requires that you have permission to run a full node.
Permissioned ledgers are INCREDIBLY useful for industries where you care about keeping secrets. The financial industry is a great example of such an industry.
Dark pools (also known as black pools), private forums for trading securities and derivatives, would be one portion of the financial industry where permissioned would be wanted instead of public ledgers — you would want every node of a dark pool to be permissioned and communication between nodes to be encrypted.
Dark pools (also known as black pools), private forums for trading securities and derivatives, would be one portion of the financial industry where permissioned would be wanted instead of public ledgers — you would want every node of a dark pool to be permissioned and communication between nodes to be encrypted.
Swirlds aims to allow people to do all of this for free. This would remove the need for advertisers, because if a server is free to run then there is no need to run advertisements for nonexistent server costs. This has huge implications on the advertising industry; it would remove the industry based on spying on people’s behaviors for advertisements.
This new hashgraph consensus algorithm also has a peer-to-peer architecture, but it rectifies the genetic flaws of its older sibling blockchain, such as latency, energy wastage, expense, and proof-of-work.
Hashgraph offers “consensus time-stamping” while retaining the functionality of blockchain, making it a more reliable algorithm that can process upwards of 2,50,000 transactions per second. This is in stark contrast to blockchain, which is limited to around three to seven transactions per second.
Unlike blockchain, which is a data structure organised into a series of interconnected blocks, hashgraph comprises of a chain of events. A block consists of a timestamp, the transactions pertaining to it, the hash of the block, and its predecessor.
In hashgraphs, data is organised into events, with each instance containing the transactions associated with its timestamp, and the hash of both the parent events that created it.
Hashgraph uses a consensus protocol that uses gossip history to create a directed graph.Consensus does not require polling since each member node has a copy of the hashgraph. The order of the messages can be determined from the timestamp, enabling consensus.
In a blockchain, if two miners create two contesting blocks, the proof-of-work is scrutinised and one block is discarded. This can be compared to a tree whose branches are pruned and only the trunk advances upwards.
Fairness - In blockchain, the order of transactions is dependent on the order in which miners process information and add to the block. It is vulnerable to forking and delay depending on the whims of MAFIA miners who can manipulate the order in which transactions are added to the block. However, since hashgraph is based on consensus, it is faster and the ordering of transactions is chronological depending on the timestamp.
Speed - Hashgraphs are limited only by bandwidth. All member nodes are connected to the network and the distributed ledger is updated simultaneously. If the member with the slowest broadband connection can download information regarding 5,000 transactions per second, the system can process and validate transactions at that speed.
Provable - Once an event occurs, it is known to all members since it propagates through the network. Events created by other members can incorporate the effects of neighbouring events’ gossip regarding the order of transactions before accepting or repudiating it while moving to the next round.
As the graph progresses, only the outermost events hold transaction information, freeing up space from earlier events. It is estimated that the amount of storage required to maintain live ledgers for hashgraph would use less than a gigabyte (GB) of space, as compared to the 60GB required for running the blockchain software.
Byzantine - This term means that no single member can hold up the community from reaching a consensus. It also prohibits consensus from being disturbed. The biggest advantage that hashgraph has over blockchain is that it guarantees Byzantine agreement.
The blockchain architecture is organised in such a way that miners are pigeonholed into boxes, and the advancement of the block is dependent on the computing power of participating nodes. In such a scenario, miners can exploit their hardware superiority to guide or stall the progress of the block.
Non-permissioned - Both blockchain and hashgraph are open source, but only blockchain is open system. A non-permissioned system is one where only trusted members can participate. Hashgraph avoids the time and computing power required for proof-of-work by ensuring that only trusted members are allowed into the network.
While it is resistant to Denial of Service (DoS) attacks and other divergent behaviour on the part of participating members, hashgraph sacrifices on the openness front.
Gossip about Gossip: includes attaching some additional information to a pair of hashes containing the last two people talked to. Through this, a Hashgraph can be built and updated every time some additional information gossips on each node.
Virtual Voting: once a Hashgraph is ready, all members are aware of the information each node has and exactly when they were made aware of it. This makes it easy, and pretty straightforward, to know how a node would vote. This data can be used as an input to the voting algorithm and filter the transactions that have reached quick consensus.
Gossip is when one computer randomly tells two computers about a transaction it makes. Those two computers then tell four other computers (i.e. they gossip about the gossip) and this continues till all the computers in the network are made aware of a transaction.
Hashgraph has been built on asynchronous Byzantine Fault Tolerance (aBFT) which means it is at the highest level of security.
Verifiable: Transactions in Hashgraph can be verified since the transaction consensus takes only a couple of minutes to reach the entire network.
ACID Compliance: Each local database of the Hashgraph platform is Atomic, Consistent, Isolated, and Durable. And therefore the whole community has a distributed but single database with similar properties.
Cheap and Efficient: No block is ever discarded in Hashgraph which makes it efficient. And since no proof of work/stake is required, the platform is cheap.
Timestamped: Every transaction is time-stamped and digitally signed by the creator, therefore, making it authentic and safe.
A blockchain is like a tree that is continuously pruned as it grows—this pruning is necessary to keep the branches from growing out of control. In Hashgraph, rather than pruning new growth, it is woven back into the body.
Both the platforms allow any and every member to create a transaction which is eventually put into a container and spreads throughout the community. In blockchain, these containers are anticipated to form a single, long chain. If two blocks are created by two different miners simultaneously, the community will choose one and discard the other.
In Hashgraph, however, every container is utilised and not even a single one is discarded. All branches continue to exist and eventually grow back into the single whole.
Hashgraph works without any requirement of PoW and can potentially deliver a cost-efficient, high-performance level without a single point of failure.
Hashgraph also allows a fairer system of operations as it allows its miners to choose the order of transactions in a block. The transactions can also be delayed or stopped altogether. The platform employes time stamping and digital signature to prevent anyone from changing the consensus order of transaction.
Hashgraph makes use of Asynchronous Byzantine Fault Tolerance. This is a very secure version of Byzantine fault tolerance (BFT).
Hashgraph uses two unique techniques ‘Gossip about Gossip’ and ‘Virtual Voting’ to achieve a fast, secure, and fair consensus.
Hashgraph is the only DLT in use today that represents Asynchronous Byzantine Fault Tolerance.. This means that no single member (or small group of members) can prevent the community from reaching a consensus, nor can they change the consensus once it has been reached. Moreover, each member will eventually reach a point where they know for sure that they have reached consensus.
Other blockchains use a weaker version of Byzantine Fault Tolerance. When a ‘double spend’ occurs, you have to wait for the network to “bust” it. However, blockchain does not have a mathematical guarantee of a Byzantine agreement, leaving you behind with an ‘unconfirmed’ status, and possibly, the money you were paid may disappear as it will remain ‘unconfirmed’ for ever.
. Hashgraph is fair in that it serializes all transactions with cryptographic timestamping, unlike in a blockchain where miners determine the order at which transactions are placed within each block.
A Hashgraph is basically a history of how the nodes have talked to one another. This is an unusual concept, but it allows networks to reach consensus very quickly and with strong mathematical proofs.
I HAD THE MISFORTUNE OF WATCHING "RISING STAR"-- COLORS TV SINGING COMPETITION
There are three judges --
Diljit Dosanjh
Monali Thakur
Shankar Mahadevan
SHANKAR MAHADEVAN KNOWS MUSIC , HE IS A GOOD SINGER -- BUT ALAS --HIS VOICE REEKS OF POVERTY-- BILKUL GAREEB NAWAAZ...
MONALI BABY IS JUST A PRETTY FACE-- NOT FIT TO JUDGE
THE SARDARJEE DILJIT BABY IS A FOLK SINGER --NOT FIT TO JUDGE.
THESE JUDGES ARE GUILTY OF PRASING CHOOTIYA SINGERS-- WHO DONT KNOW THE BASICS OF SINGING OR MUSIC
BUT THE ORCHESTRA IS GOOD
The program format lets viewers vote for contestants live via the television channel's mobile app. This is the first reality television show in India which involves live audience voting
JUDGES ARE MORE INTERESTED IN SHINING .
INSTEAD OF JUDGING THEY BREAK INTO RIDICULOUS DANCES -- THEN THEY RUSH ON STAGE TO HUG CUNTS WHO CANT SING FOR NUTS
WE ASK CHILDREN-- DO NOT NEGLECT YOUR STUDIES .. DONT GET CARRIED AWAY BY FAALTHU PRAISES
IN BOLLYWOOD , TALENT DOES NOT MATTER..IF SO WE WONT BE HAVING THESE PATHETIC STAR KIDS
IN INDIA SINGERS FLUTTER THEIR VOICE BOX ( A CHOOTIYA FAD PUSHED BY SONU NIGAM ) -- RICH VOICED SINGERS DONT NEED TO DO THAT..
PAKISTANI ATIF ASLAM HAS TAKEN VOICE FLUTTERING TO A NEW LEVEL WITH ELECTRONIC SYNTHESIZERS .
FLUTTERING ( IF AT ALL DONE ) IS APPLICABLE ONLY AT THE END OF THE LINE-- NOT IN BETWEEN
ABHIJEET IS RIGHT ABOUT ZERO MARKS - MOHAMMAD RAFI DID NOT NEED TO QUIVER HIS FUCKIN' VOICE.
https://www.youtube.com/watch?v=K9w5_rniB8I
WHEN A SINGER HAS TO PURSE HIS THROAT LIKE A SOPRANO--THIS IS THE PITS ..
BELOW IS AN EXAMPLE OF PURSING THE VOICE BOX
https://www.youtube.com/watch?v=Wt5cClz1lYQ
BELOW IS A RICH VOICE -- THERE IS NO NEED FOR VOICE FLUTTERING OR HISTRIONICS-- NEIL DIAMOND HAS SOLD MORE THAN 100 MILLION RECCORDS
https://www.youtube.com/watch?v=LmEXbTHQwSw
AHBIJEET IS A GOOD SINGER..
https://www.youtube.com/watch?v=SSkF_wHrfTY
PAPON / AR RAHMAN DO NOT NEED TO FLUTTER THEIR VOICES-- THEY HAVE RICH VOICES..
JEW BOB DYLAN GOT THE NOBEL PRIZE FOR LITERATURE -- HE DESERVED IT
CAPT AJIT VADAKAYIL
..
WE ASK MODI AND ARUN JAITLEY.. WHAT THE HELL IS THIS ?
ARE YOU PLAYING DESH DROHI VOTE BANK POLITICS WITH BITCOIN MINING ?
IF NOT ARREST THE BASTARDS INVOLVED AND MAKE AN EXAMPLE OUT OF THEM.
AND HULLO NARENDRA DAMODARDAS MODI — WE INDIANS DON’T NEED ANYMORE JAANKAARI FROM YOU ABOUT GANDHI AND BR AMBEDKAR..
WE HAD ENOUGH …IT HAS CROSSED THE TRESHSHOLD OF PAIN..
BLOCKCHAIN POWERED BY BITCOIN IS SPONSORING CHILD PORNOGRAPHY.
WE THE PEOPLE WARN ARUN jAITLEY AND PM MODI—BE CAREFUL..
Capt ajit vadakayil
..