Ethereum’s competitor Hedera signs partnership with Google – Price gains 120%

  • Google LLC joins the Governing Council of the Hedera network, Hedera Hashgraph.
  • The global corporation will be able to decide the direction and strategies that Hedera will take from now on. 

Technology giant Google LLC announced that it will join the board of directors of the decentralized network Hedera (HBAR). As a member of the council, called Hedera Hashgraph, Google will be involved in the decision-making, design and implementation of strategies that will ensure “the stability and reliability” of the Hedera network.

Google LLC also announced that it will operate a node of the Hedera network through the Google cloud. The node’s data will be available for analysis along with public data from Hedera’s Distributed Ledger. According to the announcement Hedera will be:

[…] reinforcing the position of GCP (Google Cloud Platform) as the preferred cloud provider for DLT networks and decentralized applications (dApps).

The collaboration between Hedera and Google dates back to last year, when the Hedera network used the Google Cloud Platform (GCP). The collaboration enabled Hedera to focus on improving its developer community and its ability to develop dApps in the Hedera network. Atul Mahamuni, SVP of Products for Hedera, said the following about the partnership:

The Google Cloud platform was the perfect foundation to help us achieve our goals of bringing enterprise-ready DLT adoption to scale.

In addition, Hedera selected Google Cloud as the selected provider to run its public testnet and consensus protocol. In this way, Hedera was able to ensure global network access for its dApps developer network, Mahamuni added:

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As we continue to evolve our infrastructure, we’re excited to expand our work with the Google Cloud so that the DLT is now even more available to members of our community, regardless of size or industry. It’s all about developing solutions that drive real business value.

Google LLC and Hedera cooperation seeks to surpass Ethereum and Bitcoin

The announcement states that the development of Distributed Ledger technologies is currently slow because of the development in public communities and networks, such as Ethereum and Bitcoin. As a result, Hedera says that scalability and network speed are still a problem. This prevents large companies that need high performance from adopting the technology.

Hedera’s consensus algorithm, the Hashgraph, allows access to a public network without losing the technical capabilities, as Hedera claims. In this way, Hedera’s network can deliver large transaction volumes at high speed for a fraction of the rate used by Ethereum.

The price of HBAR has profited greatly from the news and has gain 123.44% since 11 February, when the announcement was made. At the time of writing the price is at $0.045 USD.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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