Google joins in with the Hedera Hashgraph Governing Council by allowing them to take full use of its cloud platform for the deployment of their public networks. They officially announced this on their blog post last February 11. At first, it appears as if they are just commending Hedera for their recent choices, but in fact, they revealed that they are taking a dynamic stake in the governance of the project.
They branded the Hedera Hashgraph as a disseminated ledger technology venture which has its feet deeply planted in the world of enterprise. Unlike a single chain, they allow varying branches of blocks by using a consensus algorithm that is hashgraph-based.
Notably, the Hedera Governing Council supervises the whole project. The Council is a group composed of some of the most prominent companies in the world. This includes IBM, Boeing, Deutsche Telekom, and many more. The mission of the Council is to direct the decision making of the whole network with utmost consistency and reliability.
Hedera also plans to utilize Google Cloud for the hosting of its public testnets and the Hedera Consensus Service ecosystem. Considering that they have the support of Google at their disposal, the developers of Hedera would surely benefit from the industry giant’s infrastructure and geographical coverage.
Google Cloud has been with the Hedera ever since the project’s inception. The platform has always been the one to host the running of Hedera’s ledger. However, now that Google has pledged full support for the network, and is now an official member of the Hedera Council, their future just became a bit brighter.
Google Cloud will now start operating using a Hedera network node. In addition, they would also provide full access to their ledger data within its public cloud datasets. This includes the block information for both Bitcoin and Ethereum.
Google Cloud’s ventures within the Blockchain industry
Google Cloud is no stranger to Blockchain. Just this last June 2019, the platform integrated the oracle middleware of Chainlink. This allowed their developers to take advantage of Ethereum’s smart contracts. This was at first interpreted as a budding partnership; however, that thought was immediately shut down as they clarified it to be as nothing more but a strict technical implementation.
Hedera’s official token, the HBAR, has since skyrocketed in value as a result of this breaking announcement. As of the moment, its trade value equates at $0.0321. To put it into perspective, it garnered a 74% increase just for that announcement alone.