Hedera Hashgraph, an enterprise-level public network for a decentralized economy, today announced an upgrade of its smart contract service, which will soon allow developers to take advantage of the speed and scalability of the network Hedera Token Service (HTS) Suitable for fungible and non-fungible tokens with fast, low fees and industry standard Solidity smart contract flexibility.
The upgrade will include the integration of Hyperledger Besu EVM and a unique virtual Merkle data structure to more effectively manage state changes on the Hedera network and the creation of a new high-performance database for state storage. These innovations enable new use cases that are too slow and costly to run on existing smart contract-based platforms.
“Today, smart contract-driven applications are powering the ecosystem of users, capital, and applications, driving trillions of dollars in economic activity. In the second quarter of 2021, Ethereum completed 2.5 trillion dollars in transactions. But this is only the tip of the iceberg of the number of businesses that Solidity-based contracts can promote, provided that they can be faster and more scalable. With these enhancements, we are supporting a large and large group of hundreds of thousands of Solidity and Vyper developers. The growing ecosystem makes Solidity contracts extremely fast and highly scalable.”
– Atul Mahamuni, Senior Vice President of Products, Hedera
Because of its Launched in February 2021, Hedera Token Service (HTS) has been widely used in applications that utilize fungible and non-fungible tokens (NFT). HTS provides users with the ability to issue and configure tokens on the Hedera platform. Using Hedera Hashgraph’s native performance, security, stability, and governance capabilities, it can scale to thousands of transactions per second.
With the enhancement of Hedera’s smart contract service-it can scale to hundreds of transactions per second and complete in a few seconds and reduce predictable fees-developers will also be able to enable the programmability of these tokens, To enable DeFi and other applications, these applications require payment based on certain actions being taken or meeting conditions. Smart contracts only need to be called when needed, rather than in the normal transmission process, so as to utilize the native speed of HTS and provide the most flexible way to achieve programmability.