DALLAS, Feb. 3, 2022 / PRNewswire/ – Hedera Hashgraph, the most used, sustainable, enterprise-grade public network for the decentralized economy, today announced a significant upgrade through the mainnet launch of Hedera Smart Contracts 2.0. The development will integrate the Hedera Smart Contract Service into the Hedera Token Service (HTS), along with other significant improvements.
Gehrig Kunz, Vice President of Product Marketing at Hedera Hashgraph, said, “The deployment of Smart Contracts 2.0 is a big step in the right direction for developers. Smart contracts play an important role in building the trust layer of the internet, and also, provides significant opportunities for the continued growth of DeFi and other aspects of our industry.The integration of Smart Contracts 2.0 with the Hedera Token Service makes life easier and more flexible for developers and their end user seeking tokenization and network asset transfer. “
Hedera Smart Contract Service is EVM (Ethereum Virtual Machine) compatible and runs Solidity, a programming language used by 30% of all Web3 developers. Hedera’s Smart Contracts 2.0 provides Solidity and EVM compatible smart contracts with the versatility of Hedera’s tokenization infrastructure by supporting native Hedera tokens and NFT in the Hedera Token Service. This creates greater flexibility for users, allowing developers to assess the usability of smart contracts and incorporate hashgraph-based tokenization capabilities into their programming.
Developers using Smart Contracts 2.0 are offered a low, predictable gas fee simplified by the hashgraph consensus algorithm. Hedera can process up to 15 million gases per second, similar to what Ethereum aims to achieve in an entire block. Transactions related to Smart Contracts 2.0 also benefit from Hedera’s high transaction speed and security standards. The Hedera network uses hashgraphs to achieve Asynchronous Byzantine Fault Tolerance (ABFT), which is the highest level of security possible for a distributed ledger and means that no one person or group can prevent the algorithm from reaching consensus.
Hedera Smart Contract Service is carbon negative, thanks to Hedera’s commitment to sustainability as a core value and advantage to the network at layer 1. Hedera’s proof-of-stake consensus mechanism has been proven to consume less energy per transaction than other protocols.
Hedera Smart Contracts 2.0 comes at a significant time for the organization, following the recent announcement of the move to open source hashgraph, to mark the Hedera codebase open source in its entirety. Once open source, any user or developer will be able to use or modify the underlying code and contribute to the network.
The Hedera network is the most used, sustainable, enterprise-grade public ledger for the decentralized economy. The platform is managed by a council of the world’s leading organizations, including Avery DennisonBoeing, Chainlink Labs, Dentons, Deutsche Telekom, DLA Piper, EDF (Electricité de France), eftpos, FIS (WorldPay), Google, IBM, the Indian Institute of Technology (IIT), LG Electronics, Magalu, Nomura Holdings, ServiceNow, Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.
For more information, visit www.hedera.comor follow us on Twitter at @hedera, Telegram at t.me/hederahashgraphor Discord to www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.
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