Hedera Hashgraph is a decentralized public network that enables users to create and execute secure, fast, and fair decentralized applications (dApps). 

Unlike traditional blockchain platforms, Hedera Hashgraph employs a Directed Acyclic Graph (DAG) consensus algorithm, known as the Hashgraph consensus algorithm, to achieve high throughput, low latency, and fair ordering of transactions. 

Consensus mechanism

The Hashgraph consensus algorithm employed by Hedera is based on a voting mechanism where nodes in the network come to an agreement on the order of transactions without the need for mining. This algorithm ensures fast finality and guarantees fairness by preventing certain participants from controlling the consensus process. It achieves consensus through a gossip protocol where nodes communicate asynchronously to share transaction information.

Protocols

Hedera offers various protocols to facilitate different functionalities within its ecosystem. The Hedera Token Service (HTS) allows users to create and manage fungible and non-fungible tokens on the Hedera network. This service enables developers to tokenize assets, create digital currencies, and implement token-based incentives within their applications. Additionally, the Hedera Consensus Service (HCS) provides a mechanism for applications to achieve distributed consensus on the order and timestamps of events. HCS can be used to build auditable and transparent systems such as supply chain tracking, voting systems, and decentralized finance (DeFi) applications.

EVM compatibility 

Hedera only recently released EVM compatibility, and existing HBAR wallet addresses need to port over to EVM-compatible wallet addresses for them to work.

Use cases 

Hedera Hashgraph is being utilized across a wide range of industries and use cases. In the realm of decentralized finance (DeFi), developers leverage the platform's high throughput and low fees to build scalable and efficient financial applications such as decentralized exchanges (DEXs), lending platforms, and stablecoins.

Hedera's ability to provide tamper-proof and transparent record-keeping makes it well-suited for supply chain management solutions, allowing businesses to track the provenance and movement of goods in real-time.

Additionally, Hedera's identity verification capabilities enable the development of secure and privacy-preserving identity management systems, facilitating secure access to services and resources while preserving user privacy.