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Hedera Hashgraph (HBAR) Partnership With LG Exposed!!
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Mar 12, 2022
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View Video Transcript
0:00
today we'll discuss the breaking news
0:02
that hetero is slated to power lg
0:04
blotter a south korean news outlet
0:07
published a piece on the 10th of
0:08
february highlighting lg electronics
0:10
expansion of the blockchain ecosystem
0:13
lg electronics is using nft in both its
0:15
goods and management according to the
0:17
article
0:18
according to reports lg electronics is
0:20
likewise interested in the future
0:22
possibilities of nft and is attempting
0:24
to test it by applying it to its own
0:26
business
0:27
the article goes into further depth
0:28
about the advancements around the header
0:30
and networks used in efforts related to
0:32
the minting of nfts
0:34
lg electronics revealed that it issued
0:36
this nft certificate using hetero
0:38
hashgraph a distributed ledger
0:39
technology according to the article
0:42
header hashgraph is a blockchain
0:44
protocol known for its lightning quick
0:45
transaction processing
0:47
lg electronics is the first home
0:49
appliance firm to join the hetero
0:51
hashgraph steering committee and they're
0:52
looking at related technologies
0:55
lg is a worldwide famous company and
0:57
there is a developing trend in the
0:58
direct use of nfts in a variety of
1:00
applications
1:02
lg's direct use of the hetero network in
1:04
nft activities could be extremely
1:06
beneficial to the hetero network
1:08
lg may have chosen to use the hetero
1:10
network for nft minting because it is a
1:12
member of the header governing council
1:15
lg's participation as a member of the
1:17
hedera governing council entails the
1:18
company having direct control over a
1:20
head or a note
1:21
lg's possession of a heteronode entails
1:24
the company actively participating in
1:25
the provision of consensus for the
1:27
heteroconsensus service as a whole
1:29
furthermore hetero has a number of
1:31
inherent features that set it apart from
1:33
the great majority of dlt providers
1:35
particularly when it comes to token
1:37
minting via the heterotokenization
1:38
service hetero's tokenization solution
1:41
allows for more cost-effective actions
1:43
surrounding the minting of nfts
1:45
the hedera network on the other hand
1:48
offers low and consistent token minting
1:49
fees of one dollar
1:51
in contrast to the majority of dlt
1:53
providers on the market such as ethereum
1:56
this is not the case
1:57
the ethereum network on the other hand
2:00
sees token minting fees dictated by the
2:02
volume of traffic on the network at any
2:04
particular time
2:05
because of the predictive nature of nft
2:07
minting on the hetero network industries
2:09
and businesses will be able to keep
2:11
track of costs associated with minting
2:12
more efficiently and effectively
2:15
hedera has undergone an experienced
2:16
upgrades to its network offering
2:18
including the recent 0.22 heteroa
2:20
network update which is coupled with the
2:22
cost effectiveness surrounding the
2:24
minting of nfts
2:26
the 0.22 header and network update see
2:28
smart contract products directly
2:30
integrated into their frameworks
2:32
the hetero ledger will be scaled in the
2:34
upgrade accompanying the release of the
2:35
smart contract offering allowing
2:37
billions of entities to be included
2:39
without jeopardizing header as high tps
2:42
the virtualization of nfts is largely
2:44
aimed at the direct introduction of an
2:46
enabling of billions of entities through
2:47
the smart contract update the update's
2:50
virtualization of nfts will allow the
2:52
header and network to sustain hundreds
2:54
of millions or even billions of nfts
2:56
because of the scalable and
2:58
cost-effective nature of the hetero
2:59
tokenization service companies like lg
3:02
will be able to use the heteroa network
3:03
for nfts without generating lags in the
3:05
heteroconsensus and tokenization service
3:08
this aspect also means that the heteroa
3:10
network will be able to implement
3:11
measures related to nft minting without
3:14
incurring latency penalties allowing
3:16
hetero to remain the go-to platform for
3:18
enterprise utility
3:19
due to lg's direct use of the hetero
3:21
network for tokenization and nft
3:23
parameters hetero will witness
3:25
significant increases in transaction
3:27
validation on its network
3:29
a surge in token minting in this manner
3:31
could result in huge increases in the
3:33
amount of transaction validation that
3:34
occurs on the network at any given time
3:37
this factor will cause an inexorable
3:39
growth in demand for bar tokens which
3:41
may lead to price hikes and bar over
3:42
time
3:44
lg's utilization of header is asset
3:46
tokenization service as well as the
3:48
direct utility of nfts via the hetero
3:50
network brings the company closer to the
3:52
encompassing and wide scale asset
3:53
tokenization advocated by lehman baird
3:56
the originator and architect of the
3:57
hashgraph consensus algorithm the
4:00
following video explains baird's
4:02
viewpoint on tokenization parameters
4:04
with hetero focusing on tokenization
4:06
parameters in the network buying to be
4:08
the platform of choice for nfts and
4:10
token minting in general the network is
4:12
vying to be the platform of choice for
4:13
nfts and token minting in general
4:16
in the coming years hetero could become
4:18
a center for tokenization activities
4:21
the islander an australian news outlet
4:23
released a report on february 7th
4:25
announcing that hetero council member f
4:26
pose has launched homegrown digital
4:28
wallet rewards on bemid for australia
4:31
digital wallet and payment software
4:32
developed in australia beam it which is
4:34
part of the fpos group and is issued by
4:36
digital wallet proprietary limited is
4:38
unveiling a strong new rewards feature
4:40
to help small businesses to build
4:42
bespoke rewards and offers
4:44
beam rewards a new configurable debit
4:46
prizes feature will allow 1.5 million
4:49
bean customers to earn cashback on their
4:51
purchases as well as receive incentives
4:53
and rewards from small companies who
4:54
join the program hedera's involvement in
4:57
partnership with fpos was also mentioned
4:59
in the article with f pose being
5:01
recognized as the 17th member of
5:02
texas-based cryptocurrency corporation
5:04
hedera hashgraph's governing council and
5:06
as hetero's first network node operator
5:08
in australia users of the fpos beam at
5:11
wallet can receive and request money
5:13
from other wallet users and the money
5:14
should arrive in your account in seconds
5:17
furthermore qr codes on desired objects
5:20
can be scanned using the beam at wallet
5:22
which will result in fast payments to
5:24
cover such purchases thanks to the newly
5:26
established qr infrastructure
5:28
it's unclear whether hetero will
5:29
directly power fpo's beam at wallet
5:31
however the article's clear indication
5:33
of the payment provider's relationship
5:35
with hetero could indicate that the
5:36
payment provider is actively using the
5:38
header network in initiatives
5:40
surrounding the powering of fpo's beam
5:41
at wallet
5:42
the article went on to explain how
5:44
hedera could be useful in the beam at
5:46
wallet initiative which was discussed in
5:48
the article
5:49
hetero's powerful hashgraph cryptography
5:51
technology is noted for its speed and
5:53
scalability making it ideal for handling
5:55
the massive amounts of data generated by
5:57
what might be a country's entire payment
5:59
system
6:00
bar is the header of public networks
6:01
native energy efficient coin
6:04
bars are used to defend the network and
6:06
fuel decentralized apps
6:08
headers inherent characteristics such as
6:10
its fast tps near instantaneous finality
6:13
rates and low cost make it a suitable
6:15
platform for powering a statewide
6:17
payment system and economy such as
6:19
australia's
6:20
cases involving the heteroa network's
6:22
utility and projects relating to
6:24
australia's payment ecosystem might be
6:26
huge for both the heteroa network and
6:27
bar token holders
6:29
the demand for bar tokens will rise as a
6:31
result of transaction activity generated
6:33
by beam it which will then be certified
6:35
by the heteroconsensus service
6:38
increased transaction validation
6:39
activity particularly on a national
6:41
scale may encourage step function
6:43
activity which might lead to
6:44
considerable gains in the price of far
6:46
tokens particularly in the long run
6:49
hedera is also directly involved in
6:51
efforts relating to australia's payment
6:53
ecosystem
6:54
hedera's consensus service was also
6:56
directly used in f poses digital
6:58
identity pilot in australia
7:00
a number of stakeholders including fpos
7:03
an australian payment processing
7:04
behemoth and miko an australian fintech
7:07
firm announced the findings of an
7:09
australian first digital identification
7:11
trial
7:12
the research revealed significant
7:14
productivity gains that can be realized
7:15
across the australian economy as a
7:17
result of industry adoption of digital
7:19
id
7:20
the digital id protocol oversaw the
7:22
delivery of productivity compliance and
7:25
risk management benefits across any
7:26
industry that relies on verifying an
7:28
employee's skills and qualifications
7:30
such as health aged care manufacturing
7:33
transportation training and education
7:35
and all types of construction repair and
7:38
maintenance
7:39
the dlt project might benefit greatly
7:41
from a digital statewide id
7:43
infrastructure driven by the hetero
7:44
network
7:46
the possibility for a state-wide
7:47
australian i d infrastructure could see
7:49
over 25 million people using the hedera
7:52
network for id protocols across the
7:54
country
7:55
fpos may have chosen hetero for its id
7:57
infrastructure over other networks
7:59
because of heterosecurity protocols
8:01
namely the network's capacity to induce
8:03
the security parameter asynchronous
8:05
byzantine fault tolerance
8:07
finality of consensus and by extension
8:09
transaction validation will be achieved
8:11
with a 100 percent probability using
8:13
header is a synchronous byzantine fault
8:15
tolerance system if an attacker controls
8:17
less than 13 of the voting power
8:20
header is a synchronous byzantine fault
8:22
tolerance distinguishes it from other
8:23
dlts on the market particularly in terms
8:26
of security
8:27
the hedera network's military-grade
8:29
security will ensure that data sets
8:31
connected with personal id are secure
8:33
and not at risk of being stolen or
8:34
corrupted
8:35
this factor will instill complete trust
8:37
in stakeholders whether individuals or
8:39
businesses to actively use the network
8:42
and as the pilot has shown businesses
8:44
and individuals will profit from the
8:46
digital personal id infrastructure in a
8:48
variety of ways
8:49
the advantages of the header network
8:51
particularly in terms of scalability and
8:53
security parameters make it perfect for
8:55
efforts involving network utility for
8:57
use cases including infrastructure and
8:59
payment channel protocols
9:01
what are your feelings towards hetero
9:04
is hetera a good platform for business
9:06
applications