hashport is the enterprise-grade public utility that facilitates the movement of digital assets between distributed networks, extending their functionality in a quick, secure, and cost-effective way.
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Director of Business Development, Hashport
DeFi & NFT
hashport is the public utility that simplifies interoperability, making the movement of digital assets between distributed networks easy and secure. Users can quickly move their assets across these networks with confidence, unlocking the potential to explore exciting new opportunities within the DLT space.
The ability for hashport to solve the challenge of interoperability between distributed networks required an underlying distributed ledger that could quickly validate transaction requests submitted to the platform. Additionally, hashport wanted to maximize user confidence with a fast, secure, transparent, and cost-effective way to migrate digital assets between these networks.
hashport chose Hedera as the distributed ledger that underpins its interoperability solution due to its ability to quickly and cost effectively validate user submitted transaction requests. Specifically, hashport relies on the Hedera Consensus Service (HCS) and Hedera Token Service (HTS) to ensure that digital asset transfers/creations are authenticated at the native speeds of the Hedera public network.
The interoperable future
As digital asset markets continue to rapidly expand, interoperability between distributed networks is becoming of greater and greater importance. Both retail and enterprise users are increasingly looking to move their digital assets between networks to take part in new opportunities and spur innovation.
In order to truly unlock the potential of decentralized networks, an interoperability solution needs to deliver a fast, secure, and straightforward way of transacting across them.
The hashport solution: interoperability through trusted consensus and secure tokenization
hashport enables network interoperability by leveraging the Hedera Consensus Service (HCS) to record and track the movement of digital assets from an origin network to a destination network. Each transaction on hashport receives a consensus timestamp and is logged immutably on Hedera to confirm exactly when it took place; with 100% finality.
Once a transaction request is immutably logged on Hedera via HCS, a subsequent message is sent to the smart contract endpoint of the destination network so that representative tokens can be minted and deposited into the user’s destination network wallet. The entire porting process takes minutes to complete and the user is able to interact with the destination network immediately afterwards.
When assets from EVM networks such as Polygon or Ethereum are migrated to Hedera via hashport, the Hedera Token Service (HTS) is employed to create representative tokens on hedera. The representative HTS tokens are capable of harnessing all of Hederas performance benefits including: 10,000 transactions per second (currently throttled), settlement times with finality of 3 - 5 seconds, and fixed token transfer costs of $0.0001 USD, paid in HBAR.
By leveraging the Hedera public network, HCS, and HTS, hashport is able to support the interoperability needs of tomorrow for digital assets with fast transaction speeds, low network fees, and a high level of security.
As an interoperability primitive for the Hedera network, hashport supports the 1:1 creation of representative HBAR onto both the Polygon and Ethereum networks via the following smart contracts: Polygon HBAR[0x]
Hedera is not affiliated with, and does not sponsor or endorse this project.
BUILDING THE FUTURE TOGETHER