Hedera Token Service
With a wide choice in a significant public cryptocurrency network, tokenization pushes issuers to cooperate with unstable and rising costs and low transaction speeds. With the invention of the Hedera Token Service (HTS), Hedera makes it possible to issue tokens on a network that spreads around the world without risking performance.
What is the Hedera Token Service?
Hashgraph allows you to configure and manage the launch of new Native Fungible Tokens and Non-Fungible Tokens (NFT) on the Hedera network without the need to deploy a smart contract. Tokenization will be native and will not require a smart contract to create it. Public and private blockchains offering tokenization come with the burden of expensive upfront fees or infrastructure costs, slow transaction speeds, management complexity and regulatory hurdles.
In addition, it offers high performance, proprietary matching configurations and in-chain programming capabilities, such as atomic swaps, without the need to deploy costly and potentially faulty smart contracts . It also offers the ability to accept the breach of public DLTs for payments in a secure, compliant and performant manner, where secure payments can be enabled in real time.
Technical potential of the Hedera Token Service
HTS, provided with a public API set, ensures that anyone can access Stablecoins, security tokens, management and other tokens issued on Hedera’s core network through a Hedera account. Users can easily transfer tokens between themselves without a significant cost leap that interferes with their commerce or dependence on an intermediary.
Hedera Token Service was created based on the existing and current needs of token issuers, businesses and enterprises. Needs were agreed upon with the Hedera Governing Board, token issuers, ecosystem members and security experts. The Hedera API (HAPI) is embedded with protocol buffers (protobufs) and explains how users can dabble in network services and functions. These APIs are open to a number of use cases and enterprises. HTS initiates already existing network primitives to define and use tokens as their own network object.
The innovative aspect of the Hedera Token Service
Hedera Hashgraph uses a public network with share validation that uses the hashgraph consensus. High processing power has been achieved. By issuing tokens using Hedera, we can expect the new Hedera token service to reduce fees and costs and enable fast transactions.
Hedera Token Service Available Features
The Hedera Token Service makes it easy to issue your own tokens with scalable performance, customizability and predictable costs - all on a robust network managed by the world’s leading organizations.
- Scalable tokens: token transfers reach speeds of 10,000 transactions per second, settled in seconds, with predictably low commissions - say goodbye to congestion and high gas fees!
- Proprietary tokens: no need for slow and expensive smart contracts - tokens issued with HTS are native to Hedera; they have the same performance, security and efficiency as hbar.
- Customizable compliance: key and token configurations that provide the flexibility to meet compliance requirements, including KYC account verification and freezing, token delivery management, and transfer.
- Enterprise governance: Hedera’s decentralized governing body of global organizations ensures network stability, decentralized decision-making, and assurance of no forks.