<s>
Hashgraph	B-Operating_System
is	O
a	O
distributed	O
ledger	O
technology	O
that	O
has	O
been	O
described	O
as	O
an	O
alternative	O
to	O
blockchains	B-Application
.	O
</s>
<s>
The	O
hashgraph	B-Operating_System
technology	O
is	O
currently	O
patented	O
,	O
is	O
used	O
by	O
the	O
public	O
ledger	O
Hedera	O
,	O
and	O
there	O
is	O
a	O
grant	O
to	O
implement	O
the	O
patent	O
as	O
a	O
result	O
of	O
the	O
Apache	O
2.0	O
'	O
s	O
Grant	O
of	O
Patent	O
License	O
(	O
provision	O
#3	O
)	O
so	O
long	O
as	O
the	O
implementation	O
conforms	O
to	O
the	O
terms	O
of	O
the	O
Apache	B-Application
license	I-Application
.	O
</s>
<s>
The	O
native	O
cryptocurrency	O
of	O
the	O
Hedera	B-Operating_System
Hashgraph	I-Operating_System
system	O
is	O
HBAR	O
.	O
</s>
<s>
Unlike	O
blockchains	B-Application
,	O
hashgraphs	B-Operating_System
do	O
not	O
bundle	O
data	O
into	O
blocks	O
or	O
use	O
miners	O
to	O
validate	O
transactions	O
.	O
</s>
<s>
Instead	O
,	O
hashgraphs	B-Operating_System
use	O
a	O
"	O
gossip	O
about	O
gossip	O
"	O
protocol	O
where	O
the	O
individual	O
nodes	O
on	O
the	O
network	O
"	O
gossip	O
"	O
about	O
transactions	O
to	O
create	O
directed	O
acyclic	O
graphs	O
that	O
time-sequence	O
transactions	O
.	O
</s>
<s>
Each	O
"	O
gossip	O
"	O
message	O
contains	O
one	O
or	O
more	O
transactions	O
plus	O
a	O
timestamp	O
,	O
a	O
digital	O
signature	O
,	O
and	O
cryptographic	B-Algorithm
hashes	I-Algorithm
of	O
two	O
earlier	O
events	O
.	O
</s>
<s>
This	O
makes	O
Hashgraph	B-Operating_System
form	O
an	O
asynchronous	O
Byzantine	O
Fault-Tolerant	O
(	O
aBFT	O
)	O
consensus	B-Operating_System
algorithm	I-Operating_System
.	O
</s>
<s>
Hashgraph	B-Operating_System
was	O
invented	O
in	O
the	O
mid-2010s	O
by	O
the	O
American	O
computer	O
scientist	O
Leemon	O
Baird	O
.	O
</s>
<s>
Baird	O
is	O
the	O
co-founder	O
and	O
chief	O
technical	O
officer	O
of	O
Swirlds	O
,	O
a	O
company	O
that	O
holds	O
patents	O
covering	O
the	O
hashgraph	B-Operating_System
algorithm	O
.	O
</s>
<s>
Hashgraph	B-Operating_System
has	O
been	O
described	O
as	O
a	O
continuation	O
or	O
successor	O
to	O
the	O
blockchain	B-Application
concept	O
,	O
which	O
provides	O
increased	O
speed	O
,	O
fairness	O
,	O
low	O
cost	O
,	O
and	O
security	O
constraints	O
.	O
</s>
<s>
The	O
Hedera	O
white	O
paper	O
co-authored	O
by	O
Baird	O
explained	O
that	O
"	O
at	O
the	O
end	O
of	O
each	O
round	O
,	O
each	O
node	O
calculates	O
the	O
shared	O
state	O
after	O
processing	O
all	O
transactions	O
that	O
were	O
received	O
in	O
that	O
round	O
and	O
before	O
,	O
"	O
and	O
it	O
"	O
digitally	O
signs	O
a	O
hash	B-Algorithm
of	O
that	O
shared	O
state	O
,	O
puts	O
it	O
in	O
a	O
transaction	O
,	O
and	O
gossips	O
it	O
out	O
to	O
the	O
community.	O
"	O
</s>
<s>
Hedera	B-Operating_System
Hashgraph	I-Operating_System
is	O
the	O
only	O
public	O
distributed	O
ledger	O
based	O
on	O
the	O
Hashgraph	B-Operating_System
algorithm	O
.	O
</s>
<s>
Hedera	B-Operating_System
Hashgraph	I-Operating_System
is	O
developed	O
by	O
a	O
company	O
of	O
the	O
same	O
name	O
,	O
Hedera	O
,	O
based	O
in	O
Dallas	O
,	O
Texas	O
.	O
</s>
<s>
Hedera	O
was	O
founded	O
by	O
Hashgraph	B-Operating_System
inventor	O
Leemon	O
Baird	O
and	O
his	O
business	O
partner	O
Mance	O
Harmon	O
,	O
and	O
previously	O
had	O
an	O
exclusive	O
license	O
to	O
the	O
Hashgraph	B-Operating_System
patents	O
held	O
by	O
their	O
company	O
,	O
Swirlds	O
.	O
</s>
<s>
The	O
Hedera	O
Governing	O
Council	O
voted	O
to	O
purchase	O
the	O
patent	O
rights	O
to	O
Hashgraph	B-Operating_System
and	O
make	O
the	O
algorithm	O
open	B-License
source	I-License
under	O
the	O
Apache	B-Application
License	I-Application
in	O
2022	O
.	O
</s>
<s>
The	O
council	O
's	O
members	O
include	O
Swirlds	O
,	O
as	O
well	O
as	O
Google	B-Application
,	O
Boeing	O
,	O
IBM	O
,	O
Deutsche	O
Telekom	O
,	O
LG	O
,	O
Tata	O
Communications	O
,	O
Électricité	O
de	O
France	O
,	O
FIS	O
,	O
University	O
College	O
London	O
,	O
the	O
London	O
School	O
of	O
Economics	O
,	O
DLA	O
Piper	O
,	O
Shinhan	O
Bank	O
,	O
Standard	O
Bank	O
,	O
ServiceNow	B-General_Concept
,	O
Ubisoft	O
,	O
Abrdn	O
,	O
DBS	O
Bank	O
,	O
Dell	O
,	O
and	O
several	O
others	O
.	O
</s>
<s>
It	O
has	O
been	O
claimed	O
that	O
hashgraphs	B-Operating_System
are	O
less	O
technically	O
constrained	O
than	O
blockchains	B-Application
proper	O
.	O
</s>
<s>
Cornell	O
Professor	O
Emin	O
Gün	O
Sirer	O
notes	O
that	O
"	O
The	O
correctness	O
of	O
the	O
entire	O
Hashgraph	B-Operating_System
protocol	O
seems	O
to	O
hinge	O
on	O
every	O
participant	O
knowing	O
and	O
agreeing	O
upon	O
N	O
,	O
the	O
total	O
number	O
of	O
participants	O
in	O
the	O
system	O
,	O
"	O
which	O
is	O
"	O
a	O
difficult	O
number	O
to	O
determine	O
in	O
an	O
open	O
distributed	O
system.	O
"	O
</s>
<s>
A	O
hashgraph	B-Operating_System
developer	O
at	O
the	O
time	O
noted	O
that	O
"	O
a	O
...	O
node	O
joining	O
the	O
network	O
is	O
a	O
transaction	O
like	O
any	O
other	O
-	O
it	O
gets	O
assigned	O
a	O
consensus	O
timestamp	O
,	O
after	O
which	O
point	O
all	O
nodes	O
now	O
include	O
it	O
in	O
consensus.	O
"	O
</s>
