Hashgraph and Mingocoin

Mingo is an instant messenger aggregation app that supports Facebook, Twitter, Steam, Discord, Slack, Skype and IRC Cloud. MingoWallet will have full support for BTC, ETH and XRP.

Coming from a Forex trading background, I first started trading in crypto solely based upon technical analysis of charts provided on the exchange sites. My turning point came when I finally grasped the technology that powers it all, the blockchain.

I began to understand how coins are established and whether or not they create value. I started reading cryptocurrency white papers. Who are the founders? Who are the developers? What is the inspiration behind the coin? How does the coin stand apart from the thousands of other Alt-coins on the market?

I also came to learn some things about blockchain technology that dampened my spirits. It is not a magic wand that is going to fix all the world's problems with just a single swoosh. It is very slow and not very efficient by design. Mining uses a lot of electricity. This usage of mining power is how value is created. As transaction frequency increases, the cost of mining increases along with the fees to make transactions, and thus less optimal for micro-purchases. This creates scalability issues.

The solution to this is a technology called hashgraph.

Hashgraph has three very important features that blockchains don't have.

The first is called fairness of order.

This means transactions are executed in the order they are submitted. The other blockchains are dependent on which blocks the miners decide to mine first and they are generally the ones with the highest mining fees.

Fairness of order is essential to power apps for gaming and auctions.

The second is security.

Hashgraph achieves a security level called ABFT. This is Asynchronous Byzantine Fault Tolerance. This is bank-grade security, the highest level of security possible. Blockchain uses a weaker version of Byzantine Fault Tolerance. Blockchain does not have a mathematical guarantee of a Byzantine agreement, which can leave you with an ‘unconfirmed’ status, and possibly, your transaction could remain ‘unconfirmed’ forever.

Speed is the third advantage to hashgraph

Ethereum and Bitcoin Blockchains process up to 15 transactions per second (TPS). Credit cards can handle up to 24K TPS, Hashgraph achieves 250K TPS, making hashgraph transactions as fast and as simple as sending a text.

Mingocoin is a first implementer of hashgraph technology.

Mingocoin Airdrop is available until May31st.