Hedera Hashgraph (HBAR) Network brings NFTs to TV screens with South Korean tech giant LG Electronics. Additionally, LG Electronics appears to be testing a new crypto wallet as well.
Specifically, Hedera Hashgraph is a decentralized decentralized network that is structurally very different from blockchains such as Bitcoin and Ethereum, but performs comparable functions.
In fact, according to the platform itself, LG Electronics may have chosen this very platform to launch, as it relies on more efficient security and verification algorithms than those used by other blockchain networks.
What LG’s Launched Platform Looks Like With Hedera Hashgraph
LG has released an NFT marketplace called LG Art Lab. It’s available in the US on the company’s TVs running the webOS 5.0 operating system or later.
The company NFT platform allow user Buy, sell, and showcase Hedera Hashgraph-based NFTs directly from the screen.
Additionally, LG Electronics said:
“The platform includes an LG Art Lab Drops feature that tracks artist profiles and previews new work coming to the platform.”
Thus, a real-time ‘Live Drops’ countdown allows users to predict and retrieve minting dates. NFTs as soon as they are released.
The announcement comes nearly eight months after TV giant LG Electronics said it aimed to incorporate NFTs into smart TVs to redefine displays and user experiences.
Additionally, LG says it will continue to add artist NFTs to the LG Art Lab app every month, much like Samsung is doing with its Samsung NFT platform. This allows the attached model to display your work even when the TV is in standby, making it look like a painting.
Specifically, as of September 22nd, it is now possible to access the new release of NFT created by LG in the hands of Barry X Ball, a well-known artist in the field. Purchasing these NFTs requires users to purchase USD Coins (USDC), a cryptocurrency pegged to the dollar value.
Why Crypto Wallets Matter to LG
The company is still working out the details of the wallet’s functionality, but it should be noted that it will also be based on Hedera. Therefore, it has its importance.
Additionally, LG’s company may also consider integrating the wallet with ThinQ, a rapidly growing Internet of Things (IoT) platform.
According to sources at News1 and Shina Ilbo, the company has registered the app’s name and logo with national and international patent offices and hopes to officially launch it by the end of the year.
Samsung expects LG to launch NFTs on smart TVs.
Even before LG was active in the NFT sector with smart TVs through Hedera Hashgraph, another tech giant, Samsung, was already active.
In fact, as early as January 2022, Samsung announced that would provide a path to NFT displayed on TV.
Samsung is currently working with Nifty Gateway, a well-known Non Fungible Token marketplace, to develop the first smart TV platform dedicated to this new content.
The two collaborations were announced at the Unbox and Discover event, showcasing Samsung’s new Neo QLED 8K and user experience advancements for smart TV users.
Specifically, Ambient Mode on Samsung’s QLED and Neo QLED TVs can display personal photos and photos, while leveraging the Samsung TV’s Smart Hub and NFT integration to instantly display NFTs purchased on Nifty Gateway. can also be displayed in market.
So there is also an app dedicated to Nifty’s Non-Fungible Tokens, also available in The Frame and Micro LED range, where people can not only see their own NFTs, but also buy and exchange other NFTs. I can do it.
The idea behind this integration is to expand the NFT market by associating NFTs with commonly used devices like televisions, while at the same time providing an easier viewing environment for “visual” NFTs. I have. and convenience.
Hedera Hashgraph: Blockchain Details
Why is Hedera Hashgraph different from other blockchains? Why did LG choose to trust it specifically for such an important launch? this blockchain?
As expected earlier, Hedera has features and qualities that make it perform better than other platforms with the same features. Let’s take a closer look at some of them.
First, it is important to note that Hedera Hashgraph is a publicly licensed Proof of Stake (PoS) blockchain network. It is governed by 26 global companies known as the Hedera Stewardship Council, with input from the community through Hedera Improvement Proposals (HIP).
Members of the Governing Council manage Hedera’s validating nodes, but the network switches to hosting nodes without approval. Hedera provides developers with basic services known as Hedera Network Services to create distributed applications.
The network is powered by a hashgraph consensus algorithm that provides high effective speed, fair ordering and low-latency consensus.
Also, since hash graph technology does not involve mining, The environmental impact of technology is significantly reducedTransaction costs are also potentially lower.
Hashgraph can implement open ledgers with the same security and anonymity features as blockchain-based ledgers, with benefits such as improved performance and increased capacity.
Currently, the only public ledger based on hashgraph technology is Hedera Hashgraph. The only Hashgraph-based currency is HBAR. Hedera provides detailed instructions and source code examples of API calls that allow developers to create their own tokens on his Hedera Hashgraph network.