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Hedera (HBAR) up 5% After Unveiling Smart Contract Update: Details

Tue, 06/13/2023 - 14:00
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Godfrey Benjamin
Hedera introduced upgraded version of its smart contract, sending price up 5%
Hedera (HBAR) up 5% After Unveiling Smart Contract Update: Details
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Hedera (HBAR) has joined the altcoin uptrend for today as the broader digital currency ecosystem pushed for a sustained price recovery. The HBAR token is trading at a spot price of $0.04653, up by 5.20% over the past 24 hours in a frantic effort to pare off the losses it has accrued in the trailing seven-day period.

Hedera is a legacy protocol with unique fundamentals that is backed by a robust network of giants in the industry. The current bullish uptick was stirred as a result of the news bordering on the security upgrade on its smart contract service. Dubbed the Hedera Smart Contract Service (HSCS) Security Model v2, the protocol said additional protection and greater clarity have been introduced for everyone's benefit.

According to the insights shared, the security of the smart contracts it floated has been under intense research since 2016, and with the new upgrade, it is positioning itself for massive adoption by both developers and users by preventing the incidence of exploits, as it recorded earlier this year.

Hedera has been well shielded as an utility token, and this has guided its steady price action since the start of the year. Unsurprisingly, HBAR was exempted as an investment contract by the U.S. SEC when it cracked down on the Binance and Coinbase exchanges last week.

Hedera (HBAR) Ecosystem to Get $5 Billion Push

Hedera still landmark innovator

Hedera has been building steadily since its inception, and a review of its ecosystem activities has shown that it is unrelenting in bringing advanced functionalities to its users.

The protocol was also named by the United States government for its pledged role in the development and advancement of human rights. As reported by U.Today at the time, Hedera had the goal of using blockchain technology to drive democratic change in America.

One strategy the firm plans to adopt to achieve this is to convene a roundtable of thought leaders that can help proffer options to drive sustainable development across the board.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.