There’s a thing called Hashgraph which is like a blockchain but it’s a directed acyclic graph:
There’s an interview with the creator where he hypes it up pretty well.
So I have some thoughts on it.
- I’m willing to assume, for now, that the mathematical proof of how great it is is valid, within the assumptions the author has made. Some of these assumptions are spelled out in the paper, but there are others that are not. He has a credit union use case which colors the way it is presented.
- There are also some things that need to be added, in order to create a cryptocurrency or distributed virtual machine. His algorithm focuses on consensus of what message (transaction) was sent and when. But as the basis for a ledger it’s solid.
- The “voting” algorithm is explained in an odd and overcomplicated way. I think it can be refined to the following:
A block is “accepted” when it is an ancestor of the majority of the current generation blocks.
Obviously, this leads to a question of what a majority is. A majority of nodes, or blocks, or addresses, or stake? I am explaining this a bit differently from the creator because I’m trying to apply it.
- Sounds like IOTA, really. Also the idea occurred to me. A directed acyclic graph is the most obvious improvement over a linked list.
- I also think Cardano’s slot functionality allows some of the simultaneous block creation as Hashgraph, but not to the same degree. I may be wrong, as I’m still reading papers. So if you take Hashgraph and hammer out the details for our scenario, it may look a lot like Cardano in practice.
Has anyone else looked at this?