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In a historic move, Hedera, a decentralized public network, recently announced its new position as a founding premier member of the Linux Foundation’s freshly introduced decentralized trust initiative.
This move showcases Hedera’s commitment to advancing trust and collaboration within the decentralized ecosystem. It sets a new standard for industry participation and innovation.
A Start of a New Dawn in the Web3 World
Hiero is a new project launched by Hedera in collaboration with the Linux Foundation’s Decentralized Trust initiative. This project marks a significant milestone as Hedera has contributed its entire codebase, including the hashgraph consensus algorithm and core services, to the Linux Foundation.
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Hiero aims to foster a collaborative and inclusive environment for developers, innovators, and enterprises by providing a robust open-source distributed ledger technology. This move is unprecedented, as it is the first time a public blockchain has donated its full codebase to an independent foundation.
The project is designed to support critical applications for the Hedera network, such as wallets, decentralized exchanges, SDKs, and advanced cryptographic solutions. This initiative underscores Hedera’s commitment to decentralization, transparency, and security, setting a new precedent for other blockchain ecosystems.
Hedera’s Significance to Hiero
A blog post disclosed that the Hedera network aims to provide a secure, transparent, and collaborative environment for decentralized technologies. Under Hedera’s leadership, Hiero will play a key role in decentralized applications and welcomes global developer contributions.
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Hedera emphasized that its collaboration with the Linux Foundation extends beyond LF Decentralized Trust. In addition to this partnership, Hedera will actively participate on the Governing Board alongside key industry leaders like Accenture, DTCC, and Hitachi. Together, they aim to influence the direction of decentralized systems and guarantee their sustained success in transforming various industries.
The Linux Foundation launched its OpenWallet Foundation (OWF) in 2022. This initiative was designed to foster open-source software development and boost digital wallet interoperability for cryptocurrencies.
Hedera’s Impactful Strides in the Web3 Space
Hedera has been committed to shaping the future of decentralized systems and blockchain technology, making significant strides in transforming various industries. Recently, Hedera joined efforts with Cardano and Ripples to form a Decentralized Recovery (DeRec) Alliance. This partnership aims to simplify the recovery of digital assets through an open-source protocol.
