Hedera announced it had joined the Linux Foundation Decentralized Trust project as a founding member.
The initiative includes contributing its entire source code to the LF Decentralized Trust.
HBAR price traded largely lower amid the news, although it was signalling a potential uptick.
Hedera has joined the Linux Foundation’s newly launched Decentralized Trust project as a founding premier member, according to a news release published on Sept. 16.
But Hedera hasn’t just become a member of the LF Decentralized Trust.
Per the details shared in the company blog, the blockchain platform has taken a bigger step in promoting decentralization in the blockchain and crypto space. That’s by contributing its entire source code, including the Hashgraph consensus algorithm and its network’s core services, to the Linux Foundation.
The Hiero initiaive
Charles Adkins, the president of Hedera, said that this new direction for the blockchain ecosystem will evolve via a new project named Hiero.
The new project begins the next innovation chapter for Hedera and the broader ecosystem, driving key applications such as wallets, cryptographic solutions, decentralized exchanges and software development kit, or SDK.
As well as contributing code, Hedera joins LF Decentralized Trust’s governing board, which also comprises Accenture, DTCC, and Hitachi.
What next for Hedera?
According to Adkins, the Hedera Council will continue to handle the network’s governance.
“Our commitment to the Hedera ecosystem remains unwavering. While Hedera’s code now benefits from the stewardship and vast resources of the Linux Foundation, the operational governance of the Hedera network remains with the Hedera Council,” Adkins wrote.
Benefits of the transition include security, integrity and decentralization. It also provides for a robust ecosystem for developers.
Hedera’s contribution to the Linux Foundation, adds to the platform’s participation in the Decentralized Recovery Alliance. Hedera joined DeRec Alliance alongside Cardano’s IOHK in early September.
HBAR, the native token of the Hedera ecosystem, traded around $0.05 at the time of writing. The altcoin’s value was down 2.8% in the past 24 hours.
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