en.cryptonomist.ch
Hedera, a well-known blockchain project, has just announced that it has become a member of the Linux Foundation Decentralized Trust by contributing the entire source code.
Thus, the consensus algorithm, tools, and libraries of Hedera become public domain, supporting an open-source decentralization process called “Hiero”.
Web3 developers can only be grateful for the advantages introduced with this code change.
Let’s see all the details below.
Summary
Hedera becomes a member of the Linux Foundation contributing to the decentralization of the code
The Hedera blockchain network has joined today the “Linux Foundation Decentralized Trust”, offering its source code as a contribution. This organization has been recently launched by a long series of cryptographic experts, with Hedera becoming a founding Premier member.
According to what is described in the roadmap “Hiero” which lays the foundation for the decentralization of the Proof-of-Stake network code, the main software becomes open source. This includes Hedera’s consensus algorithm, various tools and libraries, with all services transitioning to the Linux Foundation.
The developers are now free to collaborate on fiduciary technologies globally with an inclusive perspective.
1/3 📢 @hedera is now a founding premier member of @linuxfoundation's new @lfdecentralized and has contributed its entire source code—including the hashgraph consensus algorithm and core services—as project Hiero. #OpenSource #HelloHiero
— Hedera (@hedera) September 16, 2024
Read more: https://t.co/1I9qPoxF6C pic.twitter.com/MVjvbW3Fp0
The announcement from Hedera highlights how the governance of the source code has been transferred to the Linux Foundation, while the operational governance remains internal to its own blockchain council. This means that while the code becomes free and accessible to everyone, the decisions about the future of Hedera remain arbitrarily anchored to the network’s founders.
At the same time, Charles Adkins, President of Hedera Hashgraph, will join the board of directors of LF Decentralized Trust.
As stated in the press release of the project:
“This ensures that the network maintains its integrity, security, and commitment to decentralization while benefiting from the extensive resources and support of the Linux Foundation community.”
Other members of the decentralized entity include actors such as Banco Central do Brasil, Dhiway, Dfns, Exponential Science Foundation, Ownera, Polygon, and others.
In total the ecosystem expands to 17 projects that have provided their code to the base.
Regarding the news, Daniela Barbosa, GM of decentralized technologies at the Linux Foundation and executive director of LF Decentralized Trust, stated the following:
“At LF Decentralized Trust, we believe that open source, combined with open development and open governance as part of a neutral foundation, is the future of decentralized technologies that will be adopted among enterprises, governments, and app ecosystems.”
The advantage of open source code and decentralization with Linux Foundation
The entry of Hedera into the Linux Foundation Decentralized Trust council with the transfer of the governance of the code implies several advantages for the community.
As explained by President Charles Adkins, the move allows developers from various ecosystems to engage more easily with Hedera’s technology.
The transition to open source supports the acceleration towards innovation and mainstream adoption, while thousands of web3 experts are drawing on to participate in code development.
As explained by the Linux Foundation itself, the migration to the public dimension allows for improved collaboration under the umbrella of Decentralized Trust. Furthermore, the neutral governance model ensures that no single entity exerts undue influence on the direction of the project.
It is worth noting how the sharing of code resources simplifies efforts in integrating new technical improvements, saving significant economic resources.
Precisely regarding these topics, in the latest blog post by Hedera, Adkins expressed his utmost optimism:
“This contribution represents a historic moment in the evolution of decentralized networks and is setting a precedent for transparency and collaboration in the blockchain sector.[…] We look forward to providing developers with unparalleled access to tools and resources, creating an environment where decentralized applications can truly thrive.”
The partnership between Hedera and Linux Foundation comes just a few days after the integration of DeRec Alliance, which has promoted the factor of blockchain interoperability.
More specifically, the organization Input Output (IOHK), the development arm of Hedera and Cardano, has established its entry as a founding member of the “Decentralized Recovery Alliance”.
This latest one acts as a Technical Oversight Committee with a contribution regarding the definition of policies and standards that simplify the user experience.
Graphical analysis of the Hedera token (HBAR)
The news of the decentralization of Hedera’s code with the transition to the Linux Foundation has not positively impacted the price action of the HBAR token in the short term. The cryptocurrency network’s coin has recorded a drop of 3.11% in the last 24 hours, following the drop of Bitcoin and Ethereum in the market.
Even by broadening the horizons, we do not see a good graphical outlook with prices traveling downward since the advent of the bear market of 2022.
Only between October 2023 and March 2024, in the midst of the market recovery, HBAR recorded positive performance.
At the moment the token has canceled all the gains of the previous months, losing about 65% from the top of March.
If we take the data from November 2021 instead, the drawdown increases up to 90%, reflecting the strong devaluation of HBAR over time.
Despite a particularly negative trend, the currency is positioned at ranking #41 on CoinMarketCap, with a capitalization of 1.6 billion dollars.
In the coming months, there will certainly be room for an attempt to recover cryptocurrency prices, with the first target set at 0.1 dollars.
In a context of bull market and altseason we could even see the crypto near the level of 0.30 dollars, which if broken would push another leg up.
The return to new highs is not, however, at all guaranteed, yet the work of the developers on the Hedera code could bring a wave of new optimism.
The presence of the Linux Foundation in code governance provides the basis for an improvement in technology, which is reflected in the performance of the token in the long term.