Blockchain ecosystem Hedera Hashgraph has made an exciting move by becoming a founding member of the Linux Foundation’s new umbrella project, LF Decentralized Trust. As part of this collaboration, Hedera Hashgraph has generously donated its complete source code, including its innovative hashgraph consensus algorithm and other essential tools and services, to the project. The Linux Foundation will manage this contribution under the newly formed Hiero project, which aims to promote open-source development.
The Hiero project will play a crucial role in supporting various applications and core features for the Hedera network. These include essential components like wallets, decentralized exchanges, explorers, bridges, SDKs, private ledgers, and advanced cryptographic solutions. By offering these resources, the project aims to foster the growth and development of the Hedera network.
To further strengthen its involvement, Hedera Hashgraph’s President, Charles Adkins, will join the governing board of LF Decentralized Trust. Adkins will work alongside other influential leaders from companies like Accenture, DTCC, and Hitachi, ensuring that Hedera’s voice is heard and considered in the project’s decision-making process.
In another significant development, Hedera Hashgraph recently joined the Decentralized Recovery Alliance as a founding member. This collaboration, which includes prominent names like Cardano developer Input Output, aims to create a platform that simplifies cryptocurrency recovery for web3 users, making it easier for individuals to regain access to their digital assets in case of loss or theft.
Despite these exciting developments, Hedera Hashgraph’s token, HBAR, has experienced a slight decline of 3% in value, currently trading at $0.05. However, it’s important to note that the governance of the Hedera network will remain under the Hedera Council’s control. This ensures the network’s integrity and security while also taking advantage of the extensive resources and community support provided by the Linux Foundation.
In another collaborative effort, Hedera Hashgraph and Algorand have joined forces to create a decentralized system for wallet recovery. This partnership aims to enhance the recovery process for individuals who may have lost access to their wallets, providing them with greater peace of mind and security.
Overall, Hedera Hashgraph’s involvement in these collaborations demonstrates its commitment to fostering innovation, collaboration, and community growth within the blockchain ecosystem. By joining forces with prominent organizations and making their source code available, Hedera Hashgraph is positioning itself as a key player in the development of decentralized technologies.