Bitcoin Killer: Is this end of Bitcoin Era?

First of all, what is all the buzz about "Bitcoin"?

Bitcoin is the world's first decentralized digital currency invented by an unknown person or group of people under the name Satoshi Nakamoto in 2009.It is based on SHA-256 Algorithm and Proof-of-Work concept. It is globally established payment system which requires no intermediatory for fund transfer. Its Network is peer to peer meaning transaction takes place between users only.

Bitcoins are created as a reward for the process incorporated commonly known as "mining" They can be exchanged for other currency, service or product.

At this stage, when crypto markets are flourishing at maximum pace, we tend to see a real competitor to the blockchain, bitcoin and all cryptocurrencies solely backed by the blockchain technology.

Blockchain technology is the backbone of the crypto realm. Bitcoin is the first decentralized digital currency, as the system works without a single administrator or a central bank. The network is peer to peer and transactions take place between users directly without any intermediate.

As Bitcoin is most dominant cryptocurrency in the market, its difficulty has inflated abnormally, meaning that we need more computing power to mine bitcoin. Currently, bitcoin mining all alone uses more power than 159 countries collectively. We are not plunging into bitcoin transaction fees as of now. Considering all Alt-Coins and Bitcoins collectively that follow blockchain mechanism have reached an alarming rate of electricity consumption. Bitcoins and Alt-Coins finally lead to a heavy carbon footprint meaning its future consequences will be critical.
 

The all-new breakthrough in the crypto kingdom is considered to be crafted by Hashgraph, a Texas-based company. According to Hashgraph Website and their research papers,

Hashgraph is data structure and consensus algorithm that is:

Fast: With a very high throughput and low consensus latency
Secure: Asynchronous Byzantine fault tolerant
Fair: Fairness of access, ordering, and timestamps

A cursory read of these three properties suggests that Hashgraph may indeed be a game changer with more transactions/second than blockchain. It could also solve the scalability issue faced by blockchain based coins today.

What exactly is Hashgraph?

Hashgraph is a new consensus alternative to the blockchain. It uses a gossip protocol that works in the following manner: Every node in Hashgraph can spread signed information (called events) on newly-created transactions and transactions received from others to its randomly chosen neighbors. These neighbors will aggregate received events with information received from other nodes into a new event, and then send it on to other randomly chosen neighbors. This process continues until all the nodes are aware of the information created or received at the beginning. Due to the rapid convergence property of the gossip protocol, every piece of new information can reach each node in the network in a fast manner.

So, if Hashgraph tends to reach faster transaction rate/second, lesser transaction fees and a distributed consensus system meaning that there would be no need for high-end mining equipment that consumes a lot of electricity. Considering Hashgraph to resolve Scalability issues equally when its network grows exponentially with the time that blockchain is facing currently, it could really be a game changer.

P.S. Future is really interesting.