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- Hedera has become a founding Premier Member of the newly launched LF Decentralized Trust, donating its full source code, including the hashgraph consensus algorithm, to the open-source foundation.
- The potential adoption of Hedera’s network through the open-source “Hiero” project could drive enterprise and developer interest.
On September 16, 2024, Hedera took a significant step in its commitment to decentralization as it became a founding Premier Member of the newly launched LF Decentralized Trust. Charles Adkins, President of Hedera, made the announcement in a public address.
Adkins also outlined the company’s role in contributing the entire source code to the foundation. Additionally, this move is likely to have potential implications for the price of Hedera’s native token, HBAR. As of press time, Hedera’s native token HBAR is trading 2.42% down at $0.05014 with a market cap of $1.8 billion and trading volumes shooting up by 48%.
HBAR Price Impact
With Hiero, the Linux Foundation now has access to the full suite of Hedera’s core network software, including wallets, decentralized exchanges (DEXes), SDKs, and cryptographic solutions. This could attract more developers and enterprises to the Hedera network.
Moreover, it could potentially increase the adoption and strengthen the use cases for the HBAR token. Adkins noted, “Hiero will foster a rich ecosystem of developers, innovators, and enterprises, driving forward critical applications for the Hedera network.”
The potential impact on HBAR price is noteworthy. With more developers and enterprises entering the Hedera ecosystem through the open-source Hiero project, demand for HBAR tokens could increase. This could lead to higher liquidity and trading volume, possibly pushing the token’s value upward.
However, the token’s price will also depend on market sentiment and broader crypto market conditions. Nonetheless, it’s important to note that Hedera’s donation to the LF Decentralized Trust could also attract institutional interest.
Also, Hiero’s open-source nature could lower the barriers to enterprise adoption. This may enhance further integration of Hedera’s technology in sectors like finance, supply chain management, and data security. Thus, this increased utility of the network could, in turn, support long-term value growth for HBAR.