Whilst you may be familiar with the term Blockchain, which is the which is the data storage mechanism used by Proof-of-Work networks such as Bitcoin and Ethereum, Blockchain is just one type of Distributed Ledger Technology.
Yamgo uses a distributed ledger called Hedera Hashgraph to power the service, as it uses a a different type of consensus mechanism called Hashgraph (which is a type of directed acyclic graph).
The benefits of the Hashgraph consensus algorithm over some other consensus mechanisms is that Hashgraph is:
- Fast (supporting 10,000+ TPS with the possibility to scale further)
- Fair (all transactions are treated fairly and need to be seen by the whole network, preventing any leader-based interference)
- Final (transactions are certain to reach finality meaning that they cannot be rolled back)
- Secure (asynchronous Byzantine Fault Tolerance prevents malicious users taking over the network)
- Cheap (transactions cost a small fraction of a cent meaning more rewards are passed on to users)
- Efficient (Proof-of-Stake virtual voting means that the energy used is a tiny fraction of that used by some Proof-of-Work networks)
For more information on Hedera Hashgraph and how it works, please visit their website.