Enterprise-grade distributed public ledger, Hedera hashgraph, announced its Hedera Token Service (HTS) launch. This new Hedera network offering allows users to issue and configure tokens on the Hedera platform.
This gives its users the freedom to take full advantage of the hashgraph's native performance, security, stability, and governance.
Faster Than Smart Contracts
Hedera Hashgraph's HTS gives a faster and more efficient alternative to smart contract token creation. It is based on InterWork Alliance's emerging industry-standard Token Taxonomy Framework. Hedera CEO Mance Harmon believes that tokenization will provide the gateway for enterprises to use distributed ledger technology in routine business transactions, driving up adoption.
"Today, digital tokens are being designed for all kinds of economic activities. Tokenization of a huge range of assets will make traditional financing operations and interacting in marketplaces faster and less costly, fundamentally changing the existing processes for purchase order financing, obtaining loans for working capital, buying insurance, securing inventory financing, and invoice factoring."
Hedera Token Service To Make Token Management Easier
The HTS simplifies token management for developers with scalable performance and predictable cost. HTS makes it simple to issue native, multi-signature tokens with scalable performance, native compliance features, native token swap capabilities, and predictable costs. All this happens on a reliable network that's governed by a council made of large, global, trusted organizations.
Dr. Leemon Baird, Chief Scientist and co-founder of Hedera Hashgraph, said about HTS:
"Enterprises are realizing that they can leverage distributed ledger technology for the decentralization of the financial layer of their businesses, making processes more efficient, reducing costs, and unlocking new revenue streams. In order to see significant benefit from this technology, they must abstract assets onto a platform that is faster, more efficient, and more secure than legacy supply chain and financing systems. This can include monetizing an organization's assets, improving settlement efficiency, or accessing a new and growing market of utility tokens. We're thrilled to see the enthusiasm for this functionality already today."
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.