Hedera Moves: March 2024 Bi-Weekly Update

Stay ahead of the curve with our bi-weekly Hedera network updates! We’ll keep you informed about all the groundbreaking developments happening on the Hedera platform. From empowering developers with cutting-edge tools to fostering the tokenization of real-world assets (RWAs), Hedera is forging key collaborations that are shaping the future of Web3. Dive into these updates to discover the latest advancements in DeFi, mobile integration, and more!

Pyth Price Feeds

On March 14, the HBAR Foundation released a Twitter thread regarding the benefits of Pyth Data Association’s price feeds, which launched in February. Pyth’s launch on Hedera provides over 400 real-time price feeds for DeFi developers, enabling secure and faster transactions with reliable data on assets like currencies and equities. 

Moreover, this vital infrastructure fosters trust and stability for innovative financial applications built on the Hedera network. Hedera further empowered developers by also providing in-depth resources for Pyth, Solidity, and Java, with the aim of attracting the creation of innovative applications on the Hedera network.

Fliggs Mobile Launch

Hedera announced that Fliggs Mobile will make its grand entrance in May of 2024! First announced in Q3 of 2023, the mobile service provider (MVNO) is launching a mobile app with a built-in non-custodial wallet. Subsequently, this wallet will allow users to access Decentralized ID (DID), Web3 services, and financial technology features, including cryptocurrency payments. They’ve partnered with T-Mobile, The Hashgraph Association, and Moflix Group to make this possible.

This integration positions Fliggs as a leader in combining telecom services with blockchain technology. They aim to make Web3 adoption easier by providing a secure and user-friendly way to access Web3 features through the network of the leading US 5G provider, T-Mobile.

Hedera snap update

The Hedera Wallet acts as a plug-in for MetaMask, enabling any app to interact with Hedera features directly within MetaMask. Notably, this eliminates the need for the Hedera JSON-RPC Relay, essentially transforming MetaMask into a native Hedera wallet.

On March 15, the Hedera network let the community know that the snap was updated to v0.2.5 and that Hedera NFTs can now be sent on Pulse! You can access the platform here and watch a recent instructional video here. 

Karate Combat joins Consensus 2024

Karate Combat ($KARATE) utilizes the Hedera Token Service (HTS) to create and manage their fan engagement tool, the Karate Token. HTS offers a streamlined system for Karate Combat, making token creation, distribution, and overall management efficient. From May 29 – May 31, Karate Combat will be at Consensus 2024!

Launched in 2018, Karate Combat is a professional league featuring over 100 fighters in fast-paced, full-contact matches. Unlike the UFC’s focus on ground fighting, Karate Combat prioritizes knockouts with shorter rounds and no wrestling, aiming for a more exciting spectator experience. Additionally, they draw in younger fans with innovative production, including 3D VFX backgrounds and a mobile app with cryptocurrency rewards, keeping you engaged and fostering league growth.

Hedera focuses on RWA tokenization & consumer loyalty

The tokenization of real-world assets (RWAs) is acting as a revolutionary force in traditional finance. By transforming physical assets like real estate, artwork, or even intellectual property into digital tokens on a blockchain, tokenization unlocks a wave of benefits that were previously unavailable.

Over the years, companies like Abrdn PLC have collaborated with the Hedera network as a trusted resource for the tokenization of their assets. Investment giant Abrdn, with £508 billion under management, previously joined the Hedera Governing Council to explore tokenizing investment funds using Hedera’s secure and efficient blockchain technology. This collaboration aims to streamline the fund management industry by leveraging Hedera’s strengths in governance, efficiency, and sustainability. Abrdn plans to tokenize funds and list them on digital exchanges, while also working with service providers to create a fully digital experience for investors on the Hedera network.

Notably, Abrdn is just one company utilizing Hedera for tokenizing RWA, and you can read more regarding Hedera’s ongoing developments with other clients here. 

Additionally, the Hedera network is empowering both established companies and individual creators to leverage the power of Web3 for deeper community engagement.

Hedera enables building better customer loyalty and rewards programs. Businesses can easily issue real-time NFTs and reward tokens, fostering trust through a secure, programmable system with instant settlements and minimal fees.

Hedera joined the UK Cryptoasset Business Council

On March 21, Hedera announced that they joined the UKCBC, a business council that educates policymakers, promotes collaboration within the industry, and advocates for clear regulations. Notably, their three-pronged approach aims to protect users and investors, foster responsible business growth, and ultimately shape a sustainable future for cryptocurrency in the UK.

Hedera is poised to play a key role in the UK’s decentralized future, alongside leading companies like Ripple, Galaxy, and Coinbase.

DIDs

Decentralized identifiers (DIDs) are unique and verifiable online IDs stored on blockchains, acting as the cornerstone of Web3 identity. DIDs empower you to control your information online, similar to a secure digital driver’s license. Web3 apps can verify your identity using DIDs, granting you more control over your data and its accessibility. Significantly, this allows DIDs to be used across various Web3 platforms like marketplaces and social networks for secure identity verification.

The Hedera network’s Brett McDowell, Chair, and Nilmini Rubin, Chief of Policy, both contributed to the World Economic Forum’s “Defining and Building the Metaverse Initiative” and the subsequent ‘Metaverse Identity’ report, which can be viewed here. 

Hedera Council meeting

The Hedera Council met on March 8 and discussed reports from various committees. Here’s a summary of the key decisions:

• Treasury Management & Coin Economics: The council reviewed the token economics model and staking program. They added a new category to reports to clarify the “illiquid supply” of coins. Per the meeting notes, they defined this segment as, “The portion of released supply that is controlled by a member of the public but is known by Hedera to have contractual or self-imposed limitations on ownership transfer.” Notably, this category has always been included in the report’s narrative but will now be highlighted for clarity.
• Technical Steering & Product: They approved a proposal for dynamic NFTs and acknowledged reaching 5 billion transactions processed on the Hedera network!
• Membership: The council discussed the criteria for prospective council members and identified high-quality candidates.
• Corporate Utilization: Significantly, they remain focused on innovative solutions in the ESG and sustainability space, with the next meeting dedicated to digital identity.
• Legal & Regulatory (now Regulatory & Policy): The team notably emphasized increased engagement and discussed a charter amendment reflecting a more proactive approach to shaping regulations.
• Marketing Committee Proposal: A proposal to revive the Marketing Committee to advise on marketing programs was presented. The Council will also vote on its revival in a future meeting.

Other developments

• The HBAR Foundation is sponsoring a DLT Climate Hackathon with a chance for winning $100K in prizes! You can read more about this here. 
• With gaming bringing many people into crypto for the first time, the Hedera network is also focused on GameFi, built on Hedera, to help attract more individuals to Web3. 
• The HashPack Wallet announced that HashConnect is transitioning to the open-source community. They are collaborating with KabilaApp to enhance the WalletConnect library and meet ecosystem standards.

Stay tuned to the Genfinity website for more information coming from the Hedera network!

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