- Hedera is on par with Ethereum’s goal for a single block.
- No one individual or group can prevent the algorithm from achieving agreement.
A significant upgrade to Hedera Hashgraph’s decentralized public network has been announced with the mainnet launch of Hedera Smart Contracts 2.0, the enterprise-grade network available. Along with other important upgrades, the Hedera Smart Contract Service (HSCS) will be integrated with the Hedera Token Service (HTS) in this new release.
“@Hedera today announced the launch of its Smart Contracts 2.0 service. Hedera's Smart Contract Service will integrate with Hedera Token Service (HTS), along with introducing
— Hedera (@hedera) February 5, 2022
other significant updates to the network.” https://t.co/5bnTAKq2Hw
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.”
Solidity, the programming language utilized by 30% of all Web3 developers, is compatible with the EVM (Ethereum Virtual Machine) running on the Hedera Smart Contract Service. Hedera’s Smart Contracts 2.0 enables native Hedera tokens and NFTs with the Hedera Token Service to be used with Solidity and EVM compatible smart contracts.
More Secure and Less Expensive Gas Cost
This allows developers to test the usability of smart contracts and include the hashgraph-based tokenization features into their programs, providing more flexibility for users. The hashgraph consensus technique makes inexpensive, predictable gas prices available to developers using Smart Contracts 2.0. At 15 million gas per second, Hedera is on par with Ethereum’s goal for a single block.
Hedera’s high transaction speeds and security requirements assist Smart Contracts 2.0 transactions. Since no one individual or group can prevent the algorithm from achieving agreement, Hedera’s network uses hashgraph to achieve Asynchronous Byzantine Fault Tolerance (ABFT), the greatest level of security attainable for a distributed ledger.
