Hedera Hashgraph has announced a major upgrade on its blockchain. The network has released the mainnet launch of the Hedera Smart Contracts 2.0.
Smart contracts play a major role in the blockchain sector. They provide major opportunities for developers who want to advance in decentralized finance (DeFi) and other areas in the crypto industry.
Mainnet launch of Hedera Smart Contracts 2.0
Hedera will integrate the Hedera Smart Contract Service with the Hedera Token Service (HTS) through this development. Other significant improvements could also be launched on the way to boost functionality and efficiency.
In the press release, the Vice President of Product Marketing at Hedera Hashgraph, Greg Kunz, said, “Integrating Smart Contracts 2.0 onto the Hedera Token Service makes life easier and more flexible for developers and their end users seeking to tokenize and transfer assets on the network.”
The Hedera Smart Contract service is compatible with the Ethereum Virtual Machine (EVM), and it runs Solidity, a programming language used by around 30% of developers specializing in Web3. Native Hedera tokens and non-fungible tokens (NFTs) will also be supported through the Hedera Token Service.
This development will make the network flexible for users as developers can use smart contracts to grow the crypto ecosystem. The potential of Hashgraph technology will also be realized during programming.
Hedera adds that its smart contracts platform will charge low and predictable gas fees. This will be enabled by the Hashgraph consensus algorithm that also provides scalability to allow the blockchain to process up to 15 million gas per second. High transaction speeds and security also comprise the features of this network.
“The Hedera network utilizes Hashgraph to achieve Asynchronous Byzantine Fault Tolerance (ABFT), which is the highest grade of security possible for a distributed ledger and means that no single person or group can prevent the algorithm from reaching consensus,” the announcement adds.
The press release concluded that the Smart Contract Service would be carbon negative, as it would leverage Hedera’s proof-of-stake consensus that is less energy-intensive than proof-of-work models.
HBAR Foundation partners with Ubisoft
The HBAR Foundation has also partnered with Ubisoft, a leading video game developer, in an initiative seeking to integrate distributed ledger technology into the gaming sector. This will allow the development, growth and launch of the next generation of gaming on the Hedera network.
Ubisoft will join the Hedera Governing Council and operate a node on the Hedera network as part of this partnership deal. Together with the HBAR Foundation, Ubisoft will launch a track for the Ubisoft Entrepreneurs Lab that supports global startups in the entertainment sector. Ubisoft and the HBAR Foundation will identify projects with great potential and offer economic and developer support to aid their success.
“Ubisoft has been a pioneer in its engagement with distributed ledger technology, and the decision to directly integrate with THF to enhance the support it provides to entertainment and gaming innovators provides tremendous opportunities for developers, startups and users alike,” said Alex Russman of the HBAR Foundation.
These developments come at a crucial time for Hedera. Recently, the organization announced that it would transition into an open-source Hashgraph. The entire Hedera codebase will go open-source and allow users and developers to use and modify the code to contribute to the network’s development.
To learn more about this token visit our Investing in Hedera Hashgraph guide.
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