Hedera Hashgraph LLC has contributed its entire Hedera blockchain network codebase to Linux Foundation’s newly launched Decentralized Trust initiative, signalling Hedera’s commitment to open-source development.
However, despite the significance of the announcement, Hedera’s native token, HBAR, continues to trend downwards hitting a low of $0.04929 earlier today.
Linux Foundation’s Decentralized Trust to use Hedera hashgraph consensus algorithm
Hedera’s decision to contribute its entire codebase, including the groundbreaking hashgraph consensus algorithm, to the Linux Foundation’s Decentralized Trust project underscores a major step toward decentralization and transparency.
According to the press release shared with media outlets, the source code provided by Hedera Hashgraph LLC will be maintained and overseen as Project “Hiero” under the management of LF Decentralized Trust.
This newly established Project “Hiero” will provide developers worldwide with access to Hedera’s core services, tools, and libraries, enabling collaboration under an open and inclusive framework.
This initiative aligns with Hedera’s longstanding mission to foster trust in decentralized technologies while empowering developers to build decentralized applications (dApps).
Project Hiero is designed to support the development of a wide range of applications, including wallets, decentralized exchanges, private ledgers, and cryptographic solutions tailored for the Hedera ecosystem.
By working under the Linux Foundation, Hedera ensures the network maintains its integrity and security while benefiting from the resources and community support of the open-source community.
Hedera’s leadership role within this initiative is further reinforced by the appointment of its President, Charles Adkins, to the Governing Board of LF Decentralized Trust.
He will join industry leaders from prominent organizations like Accenture, DTCC, and Hitachi, who are also premier members of the Linux Foundation.
The governance transition to the Linux Foundation marks a historic moment for Hedera, as it opens the door for global collaboration and innovation in decentralized systems.
Dr. Leemon Baird, Co-Founder of Hedera, has described this shift as a milestone for the open-source community, offering enhanced transparency, meritocracy, and long-term growth potential for the Hedera network.
HBAR token price reactions
Hedera’s native token, HBAR, continues to face a challenging market condition despite such a significant technological advancement.
At present, HBAR is trading at $0.05025, reflecting a 2.7% decline over the past month and a 2.8% drop today.
Even though the announcement of Hedera’s contribution to the Linux Foundation was anticipated to drive positive sentiment, the token’s price remains under pressure.
The RSI stands at 45.91, below the neutral level of 50, signalling a bear trend. The 9-Day MA has, however, crossed above the 21-Day MA signalling a possible short-term bullish trend.
Over the past year, HBAR has seen a 1.9% decrease, indicating that market forces and broader cryptocurrency trends are influencing its performance.
As with many cryptocurrencies, HBAR’s price is impacted by both internal developments and external factors such as market sentiment, global economic trends, and competition within the blockchain space.
However, despite the market challenges, HBAR continues to play a crucial role within the Hedera ecosystem, enabling efficient transactions and acting as a fundamental component for various decentralized applications.
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