Chainlink Labs’ Becomes A Member Of Hedera Governing Council
Chainlink Labs is the twenty-first member of Hedera’s governing council, which large corporations control.
Hedera is a decentralized public network that allows everyone to create applications, but only governing council members can write to the distributed ledger.
The majority of the current council members are multinational corporations, including IBM, Google, Boeing, and Nomura. Chainlink, on the other hand, is a web3 startup.
It serves as the primary oracle for several high-profile public blockchain ventures.
Computer systems in a centralized environment often use external feeds for data such as exchange rates or stock prices. Blockchains use oracles, which are equivalent to feeds in the decentralized world.
Chainlink provides decentralized oracles with a twist. Most of them depend on multiple sources or nodes to ensure durability rather than a single data source. If a compromised feed is used for an entirely self-contained smart contract, it could have a huge financial effect.
“As enterprise acceptance of distributed ledger technology grows, decentralized oracle solutions are becoming vital for every vertical – from Defi and insurance to gaming and NFTs, and more,” said David Post, Chainlink Labs’ Managing Director of Business Development and Strategy.
“Joining the Hedera Governing Council and working with the leading enterprise-grade public network and their other Council members to make Chainlink the default oracle provider for enterprise applications is a very normal progression for us.”
Chainlink is the 13th most valuable cryptocurrency, with a market capitalization of nearly $13 billion, indicating its success in the public blockchain environment.
This follows a 28% drop in the last seven days due to the cryptocurrency market sell-off. With a market capitalization of $2.1 billion, Hedera is ranked 58th.
University College London (UCL) and Swirlds, which holds the intellectual property rights to the technology underpinning Hedera Hashgraph, are the only council members who are not large corporations or infrastructures. Rather than being a blockchain, the network is a hashgraph.
Most of the recent additions to the governing council have a payment-related orientation. FIS, the creator of Worldpay, has been a member of the council for quite some time.
South Africa’s Standard Bank, Australia’s EFTPOS payments infrastructure, and Korea’s Shinhan Bank are newcomers. Shinhan aspires to be a member of a potential digital currency issued by a central bank.
Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, EDF, Eftpos, FIS, Google, IBM, LG, Magalu, Nomura, Shinhan Bank, Standard Bank, Swirlds, Tata Communications, WIPRO, and Zain are among the existing council members.