HBAR is not created on Blockchain infrastructure like other smart contract platforms, but Hedera is created on Hashgraph, which is designed by Dr. Leemon Baird.
Like Blockchain and DAG (Directed Acyclic Graph), Hashgraph is also a public ledger infrastructure and is hailed as the successor to blockchain technology due to its ability to solve blockchain’s problems such as scalability, higher speed, and predictable gas fees.
Dr. Leemon Baird has explained the core concept of Hashgraph which has an interesting function called “Gossip about Gossip”. Basically, the gossip mentioned here is the information held by each node such as transaction value, time, and events. These data are not usually included in the blockchain’s consensus system. But for Hashgraph, these data will be passed on to random nodes and then that node will also pass it on to the others, just like how gossip travel in word of mouth manner.
Using this concept, each node in Hashgraph now holds the information about the other node. Then, Hashgraph also has another function called “Virtual Voting” which is basically the voting system where there is no need to call for a vote. Because the nodes already have information about other nodes, they are able to predict the outcome and come to consensus at breakneck speed. As of now, Hedera claims that their platform is able to reach the transaction speed of 10,000 transactions per second.
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