Hedera continues to push boundaries in the blockchain space. This update explores Hedera Network’s recent advancements, including a surge in network usage, the Hedera Guardian platform’s contributions to sustainability initiatives, enhanced security features, and collaborative efforts to empower the next generation of blockchain leaders.
Dive deeper into these exciting developments and more — stay tuned for the latest from Hedera!
Genfinity interviews Leemon Baird
In a recent podcast conversation hosted by Genfinity, esteemed figures in the blockchain realm, John Woods and Leemon Baird, embarked on a comprehensive exploration of blockchain’s dynamic evolution. Their dialogue navigated through the intricate pathways of blockchain’s growth and its symbiotic relationship with burgeoning technologies like artificial intelligence and quantum computing. Moreover, they emphasized the pivotal role of collaborative endeavors such as the DeRec Alliance in shaping the trajectory of the industry, stressing its significance in fostering innovation and progress.
Dr. Leemon Baird, renowned as the Chief Scientist at Swirlds Labs, finds joy in the application of theoretical mathematics to tangible challenges, particularly within cryptography. He stands as a pivotal figure behind the development of the hashgraph algorithm and as a co-founder of the Hedera Network. Notably, his illustrious career spans over two decades, marked by significant contributions in academia and the startup landscape. Through his entrepreneurial spirit, he has co-founded multiple ventures, with a notable focus on identity solutions. Notably, Dr. Baird’s expertise, coupled with his academic background and entrepreneurial endeavors, positions him as a leading voice in the realm of blockchain and distributed ledger technologies.
Transitioning to the discourse on the DeRec Alliance, John Woods highlighted the critical issue of managing private keys within the blockchain ecosystem. He underscored the challenge posed by traditional recovery methods and advocated for innovative solutions like those proposed by the DeRec Alliance. Furthermore, Leemon’s proposal to enhance the recovery process by securely distributing the private key among trusted entities garnered attention for its potential to address the pressing security concerns prevalent in the crypto space. Through collaborative initiatives like the DeRec Alliance, both Woods and Baird envision a future where the blockchain ecosystem operates seamlessly. They envision security and accessibility for all users, thus fostering widespread adoption and innovation.
Hedera Network’s substantial growth
Hedera Network continued its impressive growth trajectory in Q1 2024, solidifying its position as a major player in the blockchain space. Daily transaction volume reached an average of 120 million, reflecting a significant increase and building on previous quarters’ strong performance. This surge wasn’t limited to transactions – the user base also exploded, with a staggering 350% growth in average daily users compared to Q4 2023. Subsequently, this upswing indicates a rising interest in Hedera’s capabilities for various applications.
Beyond core network usage, the DeFi sector on Hedera saw a significant boost. The total value locked (TVL) jumped 52% thanks in part to the launch of DeFi platforms like Pangolin DEX. This growth signifies a maturing ecosystem that fosters complex financial applications built on Hedera’s infrastructure.
Hedera Guardian
During Earth Week, Hedera showcased sustainability and ReFi use cases enabled by their network. Notably, Hedera Guardian, an innovative open-source platform, harnesses the power of the Hedera Network’s public distributed ledger network to facilitate the creation of methodologies and the realization of Digital Measurement, Reporting, and Verification processes. By serving as a custodian for rulesets governing carbon markets, emissions, accounting, and biodiversity, the Hedera Guardian delivers transparent, traceable, and reproducible records. Moreover, these elements are crucial for documenting the lifecycle of environmental assets and mitigating fraud in sustainability markets.
Environmental markets face many challenges, such as the lack of auditability, reliance on analog systems, project audit friction, and pricing opacity. Subsequently, the Hedera Guardian emerges as a solution championing transparency and accessibility. This is a crucial step for fostering a regenerative economy and ensuring the integrity of sustainability efforts.
A sample of use cases
There are many real-world asset (RWA) applications on the Hedera Guardian, and we have highlighted a few use cases below for you!
EDF
Électricité de France (EDF), a major global electricity producer and the largest renewable energy producer in Europe, has collaborated with REDEX and Rekursive Labs to revolutionize the management of renewable energy certificates (RECs) using Hedera’s distributed ledger technology. Leveraging Hedera’s DLT and the Guardian platform, this partnership aims to automate the issuance and redemption of RECs. Notably, this collaboration will foster efficiency and transparency in the renewable energy market. Overall, the collaboration seeks to drive positive change by streamlining renewable energy adoption and also ensuring transparency in energy consumption.
DOVU
DOVU operates as a key player in advancing climate finance on the Hedera Guardian network, aiming to streamline carbon credit creation and support ecological projects efficiently. Leveraging Hedera’s secure and transparent infrastructure, DovuOS provides tools and features to simplify the onboarding of ecological initiatives and accelerate the verification and certification of carbon credits. By integrating with Hedera Guardian, DOVU ensures every step of the process is meticulously recorded on a public ledger, enhancing transparency and building trust within the climate finance community.
Evercity
Evercity, a Berlin-based green debt and carbon origination platform, is partnering with Hedera Network to innovate sustainable finance. By leveraging the Guardian framework, Hedera accelerates the development of green debt and carbon markets, making sustainable finance more accessible worldwide. Notably, despite the significant growth of debt issuance for financing sustainable development goals, it remains largely untapped by SMEs. This gap highlights the need for solutions to address complexity, liquidity, and profitability issues.
Furthermore, Evercity’s Software-as-a-Service (SaaS) tool simplifies sustainable finance, enhancing transparency and reducing risks. By combining distributed ledger and monitoring technologies, Evercity connects green assets with crypto-investors, facilitating the issuance of green and sustainability-linked debt instruments. Essentially, the collaboration’s focus is on creating infrastructure for ESG assets. Through the Guardian and open-source tooling the collaboration aims to enhance auditability, discoverability, and liquidity in environmental markets.
Diamond Standard chooses Hedera
Diamond Standard Co.’s transition to Hedera Network heralds a new era of diamond tokenization, marked by enhanced security and environmental sustainability. This strategic shift also underscores Diamond Standard’s commitment to revolutionizing diamond investment through improved accessibility, security, and transparency facilitated by Hedera’s advanced blockchain technology. Notably, by embracing Hedera’s ecosystem, Diamond Standard aims to democratize access to diamond trading, addressing historical barriers while aligning with broader environmental, social, and governance (ESG) principles.
Significantly, by leveraging advanced technologies such as AI and machine learning, Diamond Standard ensures the quality and integrity of its commodities while embedding wireless computer chips to enable real-time auditing on the blockchain. As Diamond Standard continues to innovate on the Hedera platform, the potential for eco-friendly asset tokenization in traditionally exclusive markets looks promising, setting new standards for the industry’s future sustainability and growth.
Hedera Wallet Snap
Hedera introduced the newest enhancement to the Hedera Wallet Snap, now available for MetaMask! Discover the seamless integration of Hedera Token Service and Atomic Swaps, enriching your MetaMask experience.
MetaMask Snaps is an open-source framework designed to extend the capabilities of the popular Ethereum wallet and browser extension. The Hedera Wallet Snap allows your direct interaction with the Hedera network. Additionally, it offers native functionalities like sending HBAR and retrieving account information. Furthermore, snaps enable you to interact with new blockchains, protocols, and decentralized applications (dApps) beyond MetaMask’s native support, fostering innovation and collaboration within the blockchain ecosystem.
HashPack Wallet
HashPack has further safeguarded your wallet and has bolstered trust within the community through significant investments. Notably, there are updates within brand security, fraud prevention, and intellectual property protection. Partnering with ZeroFox, a renowned cybersecurity platform, HashPack actively combats fraudulent sites, phishing links, and scammers impersonating the brand. With over 200 reported instances and 70 active takedowns underway, ZeroFox continuously monitors and safeguards your HashPack wallet against scams.
Additionally, HashPack has secured trademark registration, granting the brand greater authority to combat illegitimate use. Moreover, the recent acquisition of the hashpack.com domain enhances HashPack’s authenticity and expands its organic reach. Security stands as a central pillar of HashPack’s priorities, integral to the brand’s core philosophy. You can read more about their robust security measures on the HashPack website.
Hedera Attends Consensus: Exciting Updates
Hedera is partnering with the Blockchain Acceleration Foundation (BAF) for the BAF University Summit at Consensus 2024, fostering collaboration between academia and industry through events, research, and educational initiatives. BAF aims to elevate blockchain education by addressing the existing lack of awareness and limited educational resources for university students interested in the subject. By inspiring and educating the next generation of leaders and users, BAF contributes to overcoming the obstacles to widespread blockchain adoption.
Throughout Consensus 2024, from May 29 to May 31, Karate Combat will showcase their innovative approach to professional martial arts, offering a thrilling spectacle focused on fast-paced, full-contact matches, emphasizing knockouts and delivering an electrifying experience for spectators. Karate Combat, utilizing the Hedera Token Service, leverages the Karate Token for enhanced fan engagement. Notably, the organization benefits from streamlined token creation, distribution, and management. The event occurs on May 30, and you can buy tickets here.
Looking ahead
Hedera Network’s commitment to innovation is undeniable. From fostering a thriving ecosystem for sustainable finance to prioritizing user security and education, Hedera is pushing boundaries across the blockchain landscape. Stay tuned for even more exciting developments from Hedera as they continue to redefine the future of distributed ledger technology.
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