Hedera Hashgraph: Decentralized Consensus, Governance, and Architecture
The provided text is an executive summary and in-depth explanation of Hedera Hashgraph, a distributed ledger technology aiming for widespread enterprise adoption. It identifies key obstacles hindering current DLT platforms, such as performance, security, governance, stability, and regulatory compliance, and argues how Hedera's hashgraph consensus algorithm and governing council are designed to overcome these challenges. The document details Hedera's high-throughput performance, asynchronous Byzantine Fault Tolerance (aBFT) security, decentralized governance model, mechanisms for platform stability, and features supporting regulatory compliance. Furthermore, it introduces the Hedera Consensus Service for fast and fair transaction ordering and discusses the cryptoeconomics of the platform, including staking and fee structures, alongside the architecture encompassing sharding and a mirror network. The included Swirlds tech report offers a deeper, more technical exploration of the hashgraph consensus algorithm, its core concepts like gossip about gossip and virtual voting, and provides a formal proof of its Byzantine fault tolerance and fairness.