Singapore’s home-grown HeLa Labs, co-founded by Ting Shang Ping and Choo Kerching, is making significant strides in addressing the fundamental challenges of blockchain technology. In a recent exclusive interview with The Straits Times, the founders discussed their innovative approach to revolutionize the blockchain ecosystem.
Key Innovations and Developments
Reducing Gas Fees: Acknowledging the high and volatile gas fees as a major impediment to blockchain usability, HeLa Labs plans to implement fees as low as two to four US cents. This move aims to make blockchain transactions more affordable and stable.
Enhancing Privacy and Security: To address transparency concerns in public blockchains, HeLa Labs has introduced elements of confidentiality, allowing users greater control over their data. This includes secure ways to access data for regulatory compliance without compromising privacy.
Modular Network Design: The HeLa network is designed in a modular fashion, facilitating direct asset transfers between enterprises on the blockchain. This approach enhances security and eliminates the need for intermediary bridges.
Decentralized Identification Feature: The integration with Singpass allows third parties to securely verify a user’s identity, bridging the gap between blockchain technology and practical applications.
Broadening Blockchain Application: Beyond financial use, HeLa Labs envisions the application of blockchain across various sectors, including healthcare and sustainability. The OpenCerts platform is an example of blockchain’s practical use in the education sector.
Partnership with A*STAR IHPC
The collaboration with A*Star’s Institute of High Performance Computing has been pivotal in developing a next-generation Layer 1 blockchain network. This partnership has opened avenues for exploring new use cases and tapping into a pool of talented individuals.
Looking Ahead:
HeLa Labs is on the verge of launching the HeLa network, with several decentralized applications in development and many more awaiting integration. Despite challenges like security risks and a limited talent pool, HeLa Labs is committed to fostering the adoption and practical application of blockchain technology in Southeast Asia and beyond.
Read the full article here: https://www.straitstimes.com/business/singapore-tech-firm-hela-labs-tries-to-tackle-key-blockchain-issues-in-new-project
Hi, I'm Carina, and I've been captivated by the world of web3 for as long as I can remember. Ever since I first dipped my toes into this innovative technology, I've found myself drawn to exploring and understanding its infinite potential. The complexities of layer 1 solutions particularly intrigue me, as they form the foundation of decentralized networks and pave the way for a more transparent and efficient digital landscape.
