Hedera Solidity Smart Contracts Bring Tokenization To A New Level Of Programmability
Hedera Solidity Smart Contracts Bring Tokenization to a New Level of Programmability
It was announced today that Hedera Hashgraph has upgraded its Smart Contract Service, allowing developers to combine the speed and scalability of the Hedera Token Service (HTS) for fungible and non-fungible tokens with the flexibility of fast, low-cost, and industry-standard Solidity smart contracts. The Hedera Token Service (HTS) is the most widely used, sustainable, and enterprise-grade public network for the decentralized economy, and it has been in use since 2013.
Implementing the Hyperledger Besu EVM and a unique virtual-merkle data structure to more efficiently manage state changes on the Hedera network will be among the upgrades. A new and highly performant database for state storage will also be created as part of the upgrade. These advancements make it possible to implement new use cases that were previously too slow and expensive to be viable on existing smart contract-based platforms.
"Smart contract-driven applications are currently powering an ecosystem of users, capital, and applications, resulting in the creation of trillions of dollars in economic activity. It is estimated that Ethereum will settle $2.5 trillion in transactions in the second quarter of 2021[1], but this is likely only the tip of the iceberg in terms of the amount of commerce that can be pushed through EVM-based contracts if they can be made orders of magnitude faster and more scalable "Hedera's SVP of Products, Atul Mahamuni, shared his thoughts. We are enabling the large and growing ecosystem of hundreds of thousands of Solidity and Vyper developers to create EVM contracts that are extremely fast and highly scalable as a result of these enhancements.
Because of its widespread use in applications utilizing both fungible and non-fungible tokens since its launch in February 2021, the Hedera Token Service (HTS) has seen widespread adoption (NFTs). HTS provides users with the ability to issue and configure tokens on the Hedera platform, allowing them to take full advantage of the native performance, security, stability, and governance of the Hedera Hashgraph, as well as the ability to scale to thousands of transactions per second. HTS is currently in beta.
By using Hedera's Smart Contract service - which will be scalable to hundreds of transactions per second with finality in seconds and low, predictable fees - developers will now be able to program those tokens, which will enable DeFi and other applications that require payments based on certain actions being taken or conditions being met to be implemented more easily. Smart contracts are only called when they are required, rather than during routine transfers, allowing them to take advantage of the native speed of HTS while also providing the most flexible method of achieving programmability.
"At DOVU, we are developing proof-of-carbon, which will serve as a trusted audit trail for the full verification, minting, and ongoing audit of carbon credits, which will be used to fund our carbon-neutral assets. We chose to use the Hedera network because it is unrivaled in terms of cost and time to completion, and it also has proven green credentials to boot "DOVU's Chief Technology Officer, Matt Smithies, shared his thoughts. "Ultimately, the new enhancements to Hedera's Smart Contract service will enable DOVU to realize its vision of evolving into a complete, non-custodial solution for our farmers and land managers in order to demonstrate the ongoing storage of carbon. As a result, DOVU may be able to track decades worth of carbon changes for a single project while leveraging the security and native speed of Hedera Hashgraph and avoiding the need for any layer 2 network."
About Hedera
Hedera Hashgraph is the most widely used, most reliable, and most enterprise-grade public network for the decentralized economy. It is also the most secure. It is governed by a council of leading organizations from around the world, including Avery Dennison, Boeing, Chainlink Labs, Dentons, Deutsche Telekom, DLA Piper, EDF (Électricité de France), eftpos, FIS (WorldPay), Google, IBM, the Indian Institute of Technology (IIT), LG Electronics, the London School of Economics and Political Science (LSE), Magalu, Nomura Holdings, Shinhan Bank, Standard Bank, and the United Nations
