Will the future be written on the blockchain? Or will a competing technology become even more important? Leemon Baird, the computer scientist behind hashgraph, explains why his distributed ledger technology could serve as a superior alternative to blockchain. This clip is excerpted from a video published on Real Vision on February 7, 2018.
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Leemon Baird on Hashgraph: The Blockchain Killer?
/ realvisiontelevision
Transcript:
For the full transcript visit: rvtv.io/2Y3ZqEj
LEEMON BAIRD: Hashgraph is a way of making a distributed ledger work. In other words, it's a
way to have a bunch of computers come to an agreement on the order of our transactions of the
things that we're doing. And it also puts timestamps on them.
So we have an agreement that this transaction was first and this one with second, not the other
way around. And we have an agreement that this transaction happened at noon on Tuesday. And
the whole community is agreeing on this.
And that's what every deal team needs to do. Every distributed ledger comes to agreement on
ordering and timestamps. And that's what Hashgraph does. But it does it in a very strange way,
not the normal way of doing things.
It is not like proof of work. You do not have to buy a super-computer to run a node. In fact, we
have full nodes that are Raspberry Pis, you know these little tiny $30 computers. My small cell
phone, of course, is far more powerful than you would need to be a full node. A cell phone can
easily do it.
So we don't use proof of work. The obvious way of getting consensus is, well, let's just have a
King. I mean, that's the easiest way to make everyone agree on something. We'll have a King
and the King decides what we do. That's the simplest way to have agreement.
So a lot of old systems that were designed, and many of the new systems, are based on a leader.
In some systems, what you have, is one computer is the leader. Everybody sends it the
transactions. It puts them in order. And then it tells everybody the official order that it decided on.
That's how it works.
The problem is with a leader, you can do DDoS attacks, Distributed Denial of Service attacks.
What if there are a bunch of computers out on the internet that a hacker has taken control of, little
tiny computers, like the computers in printers, and in web cameras, and in DVRs.
And they've taken control of a whole bunch of these little computers. And they tell all the
computers at once to flood the leader with packets. That would shut down the leader, which
21 июн 2019