Hedera Releases EVM Compatible Smart Contract 2.0, which has been a long time coming

Hedera is on track to meet Ethereum’s single-block objective.
No single person or organisation can stop the algorithm from reaching a consensus.

With the mainnet introduction of Hedera Smart Contracts 2.0, the enterprise-grade network available, Hedera Hashgraph’s decentralised public network has received a significant improvement. The Hedera Smart Contract Service (HSCS) will be merged with the Hedera Token Service (HTS) in this new release, along with other significant improvements.

Hedera Hashgraph Vice President of Product Marketing Gehrig Kunz said:

“The implementation of Smart Contracts 2.0 is a major step forward for developers.” Smart contracts play an important part in the internet’s trust layer, and they also provide enormous prospects for the evolution of DeFi and other aspects of our industry. “By integrating Smart Contracts 2.0 into the Hedera Token Service, developers and their end users wanting to tokenize and transfer assets on the network will have additional options and flexibility.”

Solidity, the programming language used by 30% of all Web3 developers, is compatible with the Hedera Smart Contract Service’s EVM (Ethereum Virtual Machine). Hedera’s Smart Contracts 2.0 allows native Hedera tokens and NFTs to be used with Solidity and EVM compatible smart contracts via the Hedera Token Service.

Gas Costs Are Less Expensive and More Secure

Developers may now evaluate the usability of smart contracts and include hashgraph-based tokenization features into their products, giving consumers more flexibility. Smart Contracts 2.0 developers now have access to low-cost, predictable gas prices thanks to the hashgraph consensus technique. Hedera is on par with Ethereum’s single block goal of 15 million gas per second.

Smart Contracts 2.0 transactions benefit from Hedera’s high transaction speeds and security requirements. Hedera’s network employs hashgraph to achieve Asynchronous Byzantine Fault Tolerance (ABFT), the highest level of security feasible for a distributed ledger, because no single individual or group can prevent the algorithm from obtaining agreement.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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