HeLa Labs and A*STAR’s IHPC Team Up to Build Next Gen Layer One Blockchain
03 Oct 2023
HeLa Labs, a high-tech company, is partnering with A*STAR’s Institute of High Performance Computing (IHPC) to develop a next-generation Layer 1 blockchain network with confidentiality-enhancing and consensus protocols, enabling new use cases and
broader real-world adoption in the realm of Web 3.0.
The IHPC team is developing a modular blockchain architecture that segregates the consensus, execution, and storage layers. The team is also implementing cutting-edge confidentiality protection technologies, decentralised digital identity, stablecoin-based
transaction fees, EVM-compatible wallet, user-friendly blockchain scanner, and tokenomics mechanism to stimulate the pertinent ecosystems.
Through meticulous design and implementation of this innovative Layer 1 blockchain, users can expect significant improvements in transaction speed, enabling rapid and near-instantaneous transfer of digital assets. This accelerated pace not only saves
valuable time but also optimises transaction efficiency, which is especially beneficial for AI and Fintech applications. Additionally, the blockchain incorporates a confidentiality mechanism, strengthening trust throughout the network.
In alignment with Singapore’s Research, Innovation and Enterprise (RIE) 2025 strategic plan, the successful development of this next-generation Layer 1 blockchain network has the potential to create new job opportunities, stimulate economic growth,
and promote the advancement of other cutting-edge technologies, facilitating the adoption of blockchain technology across various sectors such as finance, healthcare, and sustainability.