That's cool, I hadn't come across hashify before, but I'm not sure about "better" overall - depends how you're using it...
...itsy bitsy site's demo page gives a couple of nice additions
* I use markdown a Lot, but the inclusion of codepen.io makes it simple to compose richer docs, including svg's in a page etc. (I haven't read the hashify code - I'm assuming it does support full HTML, not just MD, but the demo doesn't make that clear)
* QR code link - is just using a 3rd party zXing tool, but, nice touch for the demo
* Compression - hashify URLs seem to be longer than the content (that might mean lower effective limits on content lent), relying on 3rd party lookups for shortening, meaning accessingv the content offline looks harder to achieve (afaict itty bitty just needs the JS to decode the url)
And you can use it here: http://hashify.me/IyBUaXRsZQ==