[DALLAS] Asset tokenization promises to be the biggest revolution to the world economy. Tokenized assets offer a new way to create and manage value. With fungible and non-fungible assets businesses can make processes more efficient, reduce costs, and unlock new revenue streams. Lina Tran, Senior Manager of Events and Community Marketing at Hedera Hashgraph, interviewed by Korea IT Times, explained Explained why developers get excited about the Hedera token service.
Q: What was the aim of the Hedera 21 Hackathon? What challenges were set out for participants?
The aim of the Hedera21 hackathon was to get developers building on our latest service we just launched, the Hedera Token Service (HTS). The main challenge called on participants to build applications or developer tools that use the Hedera Token Service (HTS) and promote active Hedera account creation and tokenization of digital or physical assets.
There were also side challenges as well that were sponsored by members of our ecosystem like BitGo as well as some of our council members like Google Cloud, DLA Piper, and UCL.
Q: How many participants did you have and who were the judges/partners?
We had 639 participants and 8 judges for the overall challenge. Our judges included: Artiona Bogo – Sales Engineer at Google Cloud, Helen Disney – CEO of Unblocked, Jonathan Padilla – Blockchain Strategy at Paypal, Joshua Q. Israel Satten – Partner, Blockchain North America at Wipro Limited, Dr. Leemon Baird – Co-founder and Chief Scientist at Hedera Hashgraph, Michael Ku – VP of Global Clinical Supply, Worldwide Research, Development and medical at Pfizer, Samuel Byungsun Park – Blockchain Business Task Leader at LG Electronics and lastly, Spencer Dinwiddie – Founder of Calaxy and Professional Athlete.
Q: Who stands out most for building a truly innovative solution on the Hedera Token Service and why?
Our first-place winner Gossip Squirrel stood out the most. Gossip Squirrel demonstrated a unique solution to authentication and access management. Through the usage of a chrome browser extension, websites can leverage Gossip Squirrel to display unique content based on the quantity and type of tokens issued via the Hedera Token Service that they’re holding. This also has the opportunity to disrupt traditional SaaS models due to the ability to tokenize subscription services and freely exchange them, rather than being locked into specific time-based subscriptions.
Q: Why should developers get excited about the Hedera Token Service? What’s unique about it?
Developers should get excited about the Hedera Token Service because it makes it easy to issue native tokens with scalable performance, configurability, and predictable costs — all on a reliable network governed by the world’s leading organizations. You can also use it with the programming languages you are already familiar with like Java, JavaScript, and Go. There is no need to learn a new language like Solidity.
Q: Will any of the solutions developed in the hackathon be brought to market?
Definitely. Many of the teams are now formulating plans for the next phase of their projects, figuring out funding and other things needed to turn their projects into a business.
Q: What will be the next steps for the finalists and winners of the Hedera Hackathon?
Over the next few weeks, we will be working with the finalists and the winners to highlight their work through various marketing opportunities. They’ll be sharing the inspiration for their projects, how they built them, what tools they used and what’s next for their project so stay tuned to find out more.
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