A home-grown company is taking a stab at decoding the key problems in today’s blockchain projects, in a move it hopes can encourage greater adoption of the technology.
HeLa Labs, founded in February 2023 by developers Ting Shang Ping and Choo Kerching, is now focusing on the core components of the network’s ecosystem and will roll out the project in phases as soon as December.
In an exclusive interview with The Straits Times, they both noted that currently, a key limitation of blockchain technology is that it is inconvenient to use as gas fees are high and volatile. A gas fee refers to the cost of carrying out a transaction on the blockchain.
The fee is high as it tracks the price of a blockchain’s native token, which can be volatile, said Mr Choo, who is also HeLa’s chief technology officer.
For instance, at one of its peaks, the gas fee for using the Ethereum network went up to US$200 (S$265). It is now about US$5.
The two men said some networks’ gas fees are a few US cents, adding that the HeLa network will charge a gas fee of two US cents to four US cents.
The transparency of a public blockchain network is another issue that bugs people, given that the technology is essentially a digital ledger. This means one can see how much someone else holds in a wallet, for example.
Dr Ting, 43, said: “In Web2, data is controlled by a few parties like tech giants Facebook and Google.”
The HeLa Team bring their expertise and insights to this page. With a focus on advancing blockchain technology and fostering decentralized solutions, HeLa Team is dedicated to educating and engaging the crypto community.
