Hedera Hashgraph: LG Electronics NFT Platform

The Hedera Hashgraph (HBAR) network will bring NFTs to TV screens along with LG Electronics, the South Korean tech giant. In addition, it appears that LG Electronics is also testing a brand new crypto wallet.

Specifically, the Hedera Hashgraph is a decentralized distributed network that is structurally very different from blockchains like Bitcoin and Ethereum, but performs similar functions.

In fact, it relies on security and validation algorithms that, according to the platform itself, are more efficient than those used by other blockchain networks, which is why LG Electronics may have chosen this very platform for launch.

How the platform launched by LG looks with Hedera Hashgraph

LG has released its NFT marketplace called LG Art Lab, available in the US on the company’s TVs running the webOS 5.0 operating system or later versions.

The company said that NFT platform allows users buy, sell and display their Hedera Hashgraph based NFTs directly from their screens.

In addition, LG Electronics said:

“The platform includes the LG Art Lab Drops feature, which tracks artist profiles and previews new works coming to the platform.”

In this way, the real-time “Live Drops” countdown allows users to anticipate the minting date and be able to acquire NFTs as soon as they are released.

The announcement comes about eight months after LG Electronics said the TV giant aims to incorporate NFTs into its smart TVs in an effort to redefine the display and user experience.

In addition, LG says it will continue to add artists’ NFTs on a monthly basis to the LG Art Lab app, just as Samsung does with its Samsung NFT platform. Because of this, included models will be able to display works even when the TV is on standby, turning it into a painting.

Specifically, it has been possible, as of September 22nd, to access new releases of NFTs made by LG in the hands of Barry X Ball, a well-known artist in the field. To purchase these NFTs, it will be necessary for the user to purchase USD Coins (USDC), a cryptocurrency pegged to the value of the dollar.

Why the crypto wallet is important to LG

As previously expected, LG Electronics also seems to be running a beta test for developers with the aim of a new crypto wallet app called Wallypto.

Although the company is still working on the details of the wallet’s functionality, it noted that it will also be based on Hedera. Wallypto, as LG reports, is also likely to be compatible with NFTs, hence the importance.

In addition, the LG company may also look to integrate the wallet with ThinQ, its fast-growing Internet of Things (IoT) platform.

According to News1 and Shina Ilbo sources, the company has registered the app’s name and logo with domestic and foreign patent offices and hopes to make an official launch before the end of the year.

Samsung expects LG to launch NFT in smart TVs

Even before LG was active in the NFT sector with smart TVs through Hedera Hashgraph, the other tech giant Samsung was already doing so.

In fact, as early as January 2022, Samsung announced that it would provide a way for NFTs to be shown on the TVs.

Samsung is currently partnering with the well-known Non Fungible Token marketplace Nifty Gateway to develop the first smart TV platform dedicated to this new content.

The collaboration between the two was unveiled at the Unbox and Discover event, which showcased Samsung’s new Neo QLED 8K and the advancement of the user experience for smart TV users.

Specifically, in the Ambient mode of Samsung’s QLED and Neo QLED TVs, which enables the display of personal photos and images, it will soon also be possible to display NFTs purchased on the Nifty Gateway, leveraging a integration of the Samsung TV’s Smart Hub with the NFT marketplace.

Thus, there will also be an app specifically for Nifty’s Non-Fungible Tokens that will also be available for The Frame and Micro LED series and will allow people to not only view their NFTs but also buy others and even trade them .

The idea behind this integration is certainly to expand the NFT market by associating it with a device as common and used as a TV, while allowing “visual” NFTs to have an environment where there is ease of viewing and convenience .

Hedera Hashgraph: the blockchain in detail

Why is Hedera Hashgraph different from other blockchains? Why did LG, for such an important launch, specifically choose to trust this blockchain?

As expected earlier, Hedera has functions and qualities that in some ways make it perform better than other platforms with the same functions. Let’s look at some of them in detail.

First of all, it is important to note that Hedera Hashgraph is a publicly licensed Proof-of-Stake (PoS) blockchain network. It is governed by 26 global bodies, known as the Hedera Governing Council, with community input through Hedera Improvement Proposals (HIPs).

The members of the steering council manage Hedera’s validation nodes, while the network switches to host nodes without authorization. Hedera offers developers basic services, known as Hedera Network Services, to create decentralized applications.

The network is powered by the hashgraph consensus algorithm, which offers high efficient speed, fair ordering, and low-latency consensus.

Additionally, hashgraph technology does not involve mining, so the environmental impact of the technology is drastically reduced. Transaction costs are also potentially lower.

A hashgraph can implement an open ledger with the same security and anonymity features as a blockchain-based ledger, with additional benefits such as better performance and higher capacity.

Today, the only open ledger based on hashgraph technology is the Hedera Hashgraph. The only hashgraph based currency is HBAR. Hedera provides detailed instructions and source code examples for API calls that allow developers to create their own tokens on the Hedera Hashgraph network.