Hedera, the public distributed ledger network, is experiencing a surge of activity across various sectors. This update dives into recent developments from the Hedera network itself and projects leveraging its secure and scalable platform. The focus on security, scalability, and innovation is attracting a growing number of developers and enterprises looking to build powerful and efficient decentralized applications. As a result, Hedera is poised to play a major role in shaping the future of distributed ledger technology.
Emtech: Pioneering Modern Central Banking and Financial Inclusion
Emtech, a company founded in 2019 by a former IBM Blockchain executive, is making waves in the financial sector with its innovative central banking infrastructure solutions. Their focus is on financial inclusion, particularly in emerging markets, and they achieve this by using cutting-edge technology. Furthermore, Emtech offers a variety of tools, including API-first platforms for managing currencies and regulatory sandbox environments. These tools empower central banks to test and integrate new financial technologies in a secure way. Their impact has been recognized globally, and the organization has made a significant difference in Africa and the Caribbean by partnering with central banks to modernize their financial systems.
Welcome to Emtech’s CBDC Innovation Kit, a ground-breaking tool designed to revolutionize the way digital currencies are integrated into the financial landscape. The kit is built on the Hedera network, a secure and scalable platform. It also includes features like a simulated currency and developer-friendly APIs. This allows FinTech companies to easily explore and build applications for CBDCs.
Notably, success has already been had with the Bank of Ghana where the Innovation Kit was used in a hackathon to create financial solutions for the underbanked population. Significantly, this project demonstrates the potential of CBDCs to improve financial inclusion and efficiency.
AID:Tech — Merging DID + Payments on Hedera
AID:Tech is a company founded in 2015 with a mission to empower people through digital identity and financial inclusion. They use blockchain technology to improve transparency and traceability in global aid efforts. Specifically, AID:Tech combines digital identity with payments on the Hedera Network. This is where Decentralized Identities (DIDs) come in.
DIDs are unique identifiers that individuals control, rather than relying on a central authority. Think of them as usernames for the decentralized web. This allows people to manage their own data and receive aid directly. AID:Tech is leveraging DIDs to give people back control of their information and also streamline the delivery of assistance.
DeFiSpring: An HBAR Initiative to Boost DeFi on Hedera
The HBAR Foundation launched DeFiSpring, a major initiative to propel decentralized finance on the Hedera network. This ambitious plan aims to enhance accessibility and scalability through a combination of incentives and technological advancements. DeFiSpring offers grants and liquidity rewards to foster the development of decentralized exchanges and other DeFi solutions. Notably, Stader Labs is leveraging these funds to create liquid staking infrastructure on Hedera. This will allow users to earn staking rewards on their HBAR tokens while simultaneously using them for DeFi activities.
Furthermore, DeFiSpring capitalizes on Hedera’s recent technological breakthroughs, such as Ethereum Virtual Machine (EVM) compatibility. This compatibility allows Solidity developers to build smart contracts on Hedera, enabling faster and cheaper transactions compared to other blockchain networks. This strategic move is expected to attract more DeFi projects to the Hedera ecosystem, bolstering its overall efficiency and robustness.
Stablecoin Studio Updates
Stablecoin Studio, a collection of open-source tools for building and managing stablecoins on Hedera, just got a major update. It now supports Blade Wallet alongside existing options like HashPackApp and MetaMask. This expands the range of wallets users can choose from. Additionally, Stablecoin Studio now integrates with the DFNS key custody provider, making it easier for organizations to manage digital assets and onboard users. Finally, the update introduces native multi-sig functionality, allowing for more secure and collaborative control over Hedera accounts.
SKUx Partners with Visa
SKUx, a digital payments company built on the Hedera network, has partnered with Visa to help select merchants and consumer packaged goods companies modernize their payment systems using SKUx’s solutions. This partnership will revolutionize digital payments for merchants and CPG (consumer packaged goods) companies. Significantly, it combines SKUx’s innovative payment solutions, designed for efficiency and reduced fraud, with Visa’s massive digital payment infrastructure. This will allow businesses to streamline promotions, rebates, and customer payments.
This collaboration is a major step forward for the digital payments industry. By leveraging each other’s strengths, SKUx and Visa can offer merchants and CPG companies a powerful suite of tools. These tools will enhance customer engagement, improve operational efficiency, and provide valuable real-time data for businesses. Ultimately, this partnership aims to redefine the way businesses interact with their customers in the digital age.
Furthermore, SKUx integrates with Hedera, a distributed ledger technology, to guarantee the security and transparency of their payment tracking system. This is crucial because SKUx specializes in item-level payments, which require a high degree of accuracy and fraud prevention. Hedera’s secure consensus mechanism ensures all transactions are tamper-proof, while the network’s transparency allows for real-time tracking of payments, giving both SKUx and its clients peace of mind.
Fliggs Mobile Launch
Fliggs Mobile is a new mobile service launched by Moflix in collaboration with The Hashgraph Association. It is the world’s first wireless carrier to provide a decentralized identity (DID), facilitating universal access to Web3 and FinTech services. The integrated digital wallet supports cryptocurrency payments, cashback loyalty programs, and charitable donations.
This launch is a significant milestone in Web3 adoption. Fliggs Mobile disrupts traditional telecom models with its all-digital approach and Web3 integration. It also offers a transparent and easy-to-use digital app, simplifying the onboarding process and enhancing customer engagement. Furthermore, by focusing on data privacy and security, Fliggs Mobile addresses growing consumer concerns. This innovative service sets a new standard for digital services in the telecom industry.
Hedera Supports the FIT21 Act
Hedera joined fellow industry leaders in strongly supporting the upcoming floor vote for H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21). Reported on yesterday by Forbes, The FIT21 Act aims to establish clear federal regulations for the digital asset market in the US. This will provide much-needed clarity for businesses and consumers involved in cryptocurrencies. Notably, the Act defines key terms like “digital asset” and “blockchain” to avoid confusion.
Moreover, it also assigns responsibility to the SEC and CFTC to create further regulations and exemptions for different digital asset types. Importantly, the Act also looks to improve consumer protection by requiring enhanced disclosures about digital assets and their associated systems. Finally, the FIT21 Act acknowledges the importance of technological innovation in the crypto space and encourages the creation of internal hubs within the SEC and CFTC to study emerging technologies.
With the House of Representatives’ approval, the FIT21 Act now moves to the U.S. Senate for further deliberation. The strong bipartisan support in the House, with a vote of 208-136, suggests a good chance of the bill passing the Senate as well. This could bring much-needed regulatory clarity to the American digital asset market in the near future.
Neuron World is Bringing DePIN on Hedera
Neuron, a company that pioneered a decentralized drone tracking network, is leveraging its expertise to revolutionize service management. Their secret weapon? A decentralized service network (DSN) infrastructure built on Web3 technologies. Unlike traditional service platforms that rely on centralized control, Neuron’s DSN connects service providers directly with consumers. This DePIN eliminates unnecessary intermediaries, fostering a more efficient and cost-effective environment. Additionally, by leveraging distributed ledger technology and smart contracts, Neuron ensures a secure, transparent, and user-centric service ecosystem.
However, building a robust DSN requires a powerful foundation. That’s why Neuron chose Hedera as its distributed ledger technology partner. Hedera’s high-throughput, low-latency network is ideal for supporting the ever-growing demands of a DSN. This ensures real-time data exchange, crucial for applications like food delivery or video streaming.
Furthermore, Hedera’s unwavering focus on security aligns perfectly with Neuron’s core principles. The network’s robust consensus mechanism guarantees the immutability of transaction data, fostering trust within the decentralized landscape. Finally, Hedera’s predictable fee structure provides cost certainty for service providers, allowing them to build sustainable business models on Neuron’s DSN.
Hedera software update
In May 2024, Hedera released a major software update (v0.49) that significantly refactored the core code running its consensus nodes. This update, under development for over a year, focused on modularizing the codebase.
This modularization simplifies the code, making it easier for developers, especially those new to Hedera, to understand and contribute to. The new structure separates different functionalities within the code, improving manageability and allowing for faster development of new services.
Another key benefit is increased flexibility. The modular code allows for easier service creation and modification. For instance, it paves the way for features like synchronous mode operation, making Hedera more familiar for developers used to other blockchain environments. Moreover, the update enhances stability by eliminating potential issues and improving network robustness.
Bottom Line
In conclusion, Hedera’s recent developments showcase a network brimming with innovation. From fostering financial inclusion through projects like AID:Tech and Emtech to powering next-generation mobile experiences with Fliggs Mobile, Hedera’s reach extends far and wide. Driving financial inclusion is a key promise of Web3, offering underserved communities access to traditional financial services.
Hedera, a standout network in this domain, enhances financial efficiency with increased transaction speeds, reduced costs, and transparency. By empowering developers and enterprises to build secure and scalable decentralized applications, Hedera Network is well-positioned to shape the future of Web3 and transform industries for the better.
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