Hedera Hashgraph, an enterprise-grade distributed public ledger, today announced the public availability of the Hedera Token Service (HTS), a new Hedera network service that offers users the ability to issue and configure tokens on the Hedera platform.
HTS takes full advantage of Hedera Hashgraph’s native performance, security, stability, and governance. HTS offers a fast and efficient alternative to smart contract token creation, and is based on the emerging industry-standard Token Taxonomy Framework from the InterWork Alliance.
The HTS has launched at scale into an ecosystem of over 60 initial supporting partners. The numerous applications and partners already adopting HTS include wallets supporting any token created on HTS; custody providers enabling custody for any token created on Hedera; exchanges integrating with HTS; applications which have already begun issuing HTS-enabled tokens; and members of the Hedera Governing Council, the association responsible for running nodes on the Hedera network.
“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. Tokenization will provide the foundation for enterprises to use distributed ledger technology (DLT) in routine business transactions, thus driving significant acceleration in enterprise adoption.”
– Mance Harmon, Co-Founder, and CEO of Hedera
The Hedera Token Service makes it easy for developers to manage tokens with scalable performance and predictable cost. Many public and private blockchains that offer tokenization carry the burden of expensive fees or upfront infrastructure costs, slow transaction speeds, complexity in managing governance, and regulatory obstacles. HTS makes it simple to issue native, multi-signature tokens with scalable performance, native compliance features, native token swap capabilities, and predictable costs — all on a reliable network governed by a council made up of large, global, trusted organizations.
“The Hedera Token Service (HTS) strives to bring better performance, configurable compliance, and low fees to a new generation of cryptocurrencies and stablecoins. Bittrex Global believes that supporting assets tokenized on Hedera has numerous upsides, and we can’t wait to see what the future holds for this growing ecosystem.”
– Tom Albright, CEO of Bittrex Global, an exchange integrating with the HTS