Hashport has launched an interoperability protocol revolutionising interactions between the Hedera Hashgraph network and Ethereum blockchain.
The Hashport portal will also enable connection with the Ethereum layer-2 solution Polygon (MATIC).
Digital assets will move freely between the decentralised networks, enabling collectibles such as NFTs to be transferred to the high-speed Hedera network.
This could be beneficial as Hedera has the lowest environmental impact of any proof-of-stake blockchain.
Nigel Clark, Senior Vice President at Hedera Hashgraph, explained why interoperability was a crucial area of development.
“Interoperability has driven the exponential growth of the majority of industry-leading software platforms over the last few decades,” explained Clark.
“And the distributed ledger technology industry is no exception. We are pleased to see hashport help lead the way in our industry’s next phase of growth.”
How will Hashport interoperate Hedera Hashgraph (HBAR)?
Hashport eliminates the need for a native network token. Instead, it operates as a decentralised public utility using the Hedera Consensus Service (HCS), which provides a decentralised blanket trust layer over the underlying blockchains.
But the interoperability portal is also contingent on its validator swarm that secure the Hashport.
Among those participating in the Hashport validator swarm is WorldPay – a payment company in the Fortune 500.
Other validators in the swarm include the HBAR Foundation, Polygon, Stablenode, Limechain and Hex Trust.
Polygon‘s Vice-President of Growth – Arjun Kasly – praised the interoperable portal.
“We are excited to see Hashport go live as it will bring the HBAR community closer to the extended blockchain community and will spur growth across different networks,” he said.
And Alessio Quaglini, the CEO and Co-Founder of Hex Trust, explained the rationale behind the firm’s participation in Hashport’s validator swarm.
“At Hex Trust we are convinced advocates of cross-chain connectivity as a way to extract the full potential of multiple blockchain protocols and create an integrated framework that can adjust, upgrade and support an infinite number of use cases,” he said.
Read more: HBAR works through multi-decade long roadmap.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.