Upgrade to Hedera Smart Contract Service includes Solidity smart contract integration with the Hedera Token Service, along with increased flexibility, performance, and scalability
Dallas, TX – Feb 3, 2022 – Hedera Hashgraph, the most used, sustainable, enterprise-grade public network for the decentralized economy, today announced a significant upgrade through the mainnet launch of the Hedera Smart Contracts 2.0. The development will integrate the Hedera Smart Contract Service with 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 huge step in the right direction for developers. Smart contracts play an integral role in building the trust layer of the internet, and similarly, provide significant opportunities for the continued advancement of DeFi and other facets of our industry. 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 EVM (Ethereum Virtual Machine) compatible and runs Solidity, a programming language used by 30% of all Web3 developers. Hedera’s Smart Contracts 2.0 equips Solidity and EVM compatible smart contracts with the versatility of Hedera’s tokenization infrastructure by supporting native Hedera tokens and NFTs with the Hedera Token Service. This creates heightened flexibility for users, allowing developers to assess the usability of smart contracts and incorporate the capabilities of hashgraph-based tokenization to their programming.
Developers utilizing Smart Contracts 2.0 are offered low, predictable gas fees facilitated by the hashgraph consensus algorithm. Hedera can process up to 15 million gas per second, the same as what Ethereum aims to achieve in an entire block. Transactions associated with Smart Contracts 2.0 also benefit from Hedera’s high transaction speeds and security standards. 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 Hedera Smart Contract Service is carbon negative, thanks to Hedera’s commitment to sustainability as a core value and network advantage at layer 1. Hedera’s proof-of-stake consensus mechanism has been proven to consume vastly 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 governed by a council of the world’s leading organizations, 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, 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.com, or follow us on Twitter at @hedera, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.