Google Cloud Joins Hedera Hashgraph’s Governing Council To Instill Protocol Reliability

Google Cloud is now a member of the distributed ledger firm Hedera Hashgraph’s governing body, as an announcement from Tuesday says. This is from a blog post from the cloud-focused business unit reads:

“As part of our council membership, Google Cloud will operate a Hedera network node, and make the ledger data available for analytics alongside GCP’s other public DLT datasets, bolstering GCP’s position as the cloud provider of choice for DLT networks and decentralized applications.”

Hedera Turned to Google Cloud for Several Good Reasons

Atul Mahamuni, the SVP of Products at Hedera had this to say about his company’s decisions to turn to Google Cloud:

“We initially turned to Google Cloud for its ease of use, networking advantages and overall platform performance. The Google Cloud Platform was the perfect foundation to help us achieve our goals to bring enterprise-ready DLT adoption at scale.”

Meanwhile here is what the Google Cloud developer advocate Allen Day wrote about Hedera in the released blog post:

“We’re inspired by what Hedera has accomplished to date, and look forward to providing the infrastructure and technologies to support what’s possible with distributed ledger technology.”

According to Hedera, the move is only meant to deepen an already existing relationship.

The Governing Council Includes Many Other Big Names

A few of the other big names in the Hedera Hashgraph Governing Council are Deutsche Telekom, IBM, Boeing, Tata Communications and Nomura. According to CoinMarketCap, the network’s HBAR token’s price spiked over 60% in the day of the announcement about Google Cloud.

Ever since it started trading in September 2019, the HBAR’s price fallen quite rapidly, so efforts to increase its value had to be made. Hedera even asked its simple agreement for future tokens (SAFT) holders to wait until their tokens are unlocked and not go for additional tokens. The firm managed to raise $125 million from 3 different token sales, reports are saying.

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Author: Oana Ularu

40% Of Hedera Hashgraph Council Nodes Drops Offline, HBAR Price Down 54% In Last 30 Days

  • 4 of Hedera Hashgraph’s nodes have gone offline without any warning, indicating the network is perhaps more centralized than it was believed to be.

The closing of 4 nodes out of a total of 10 allows Sybill attacks to happen in an open network. Hedera Hashgraph is known to run public nodes, yet the Council Nodes are the ones that decide resources and software updates for the network. Hedera Hashgraph’s nodes should be run by the project’s largest platforms, like Boeing, IBM, Deutsche Telekom, and others.

Hedera Hashgraph Was the Big Sensation of 2019

Since it was a sensation in 2019, Hedera Hashgraph got immediately listed on Binance. Its CEO and co-founder, Mance Harmon, presented the project’s traditional business structure and organized a token sale that gained a lot of hype and many important buyers in the pre-sale periods.

The HBAR Token Failed

Soon after the exchange’s launch, the HBAR token began to unravel itself. The news on the node shutdown has caused the asset to go down by 9% once more, reaching the $0.011 value, after the initial $0.40 trading levels. HBAR has been made available for early buyers, last time on December 31, making retail token holders become reluctant bagholders.

Hedera Hashgraph had an attempt to manage the price slide of the token by offering ICO buyers who haven’t invested too much in HBAR future rewards if they held onto their pre-launch tokens and gave up on getting active HBAR. This is how the HBAR price is expected to change in 2020, according to distribution:

Every distribution almost coincides with immediate selling and causes the price to go down without any hope of stopping. Binance is the main liquidity source as it liquidates HBAR:

hedera-hashgraph hbar charts

hedera-hashgraph hbar charts

hedera-hashgraph hbar charts

Hedera Hashgraph Among the Biggest ICO’s in 2019

Hedera Hashgraph is a project that became one of the biggest ICOs in 2019. It has raised an impressive sum of $100 million in spite of having its token sales mostly frozen. However, its community soon discovered the technology behind it is not enough, also that misleading tokenomics were presented to insider buyers, which lead to crypto players who were enthusiastic about the project to suffer losses.

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Author: Oana Ularu