The Hashgraph Protocol: Efficient Asynchronous BFT for High-Throughput Distributed Ledgers To appear in IEEE COINS 2020 Leemon Baird Swirlds Inc. and Hedera Hashgraph Dallas, Texas, USA Email: leemon@hedera.com Atul Luykx Swirlds Inc. San Francisco, California, USA Email: atul.luykx@swirlds.com Abstract—Atomic broadcast protocols are increasingly used to build distributed ledgers. The most robust protocols achieve byzantine fault tolerance (BFT) and operate in asynchronous networks. Recent proposals such as HoneyBadgerBFT (ACM CCS ‘16) and BEAT (ACM CCS ‘18) achieve optimal communication complexity, growing linearly as a function of the number of nodes present. Although asymptotically optimal, their practical performance precludes their use in demanding applications. Further performance im

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