This week, Hedera Hashgraph announced that Chainlink Labs will be the first crypto-native firm to join the Hedera Governing Council, composed of 21 top global enterprises and organizations including Google and IBM, which oversees distributed governance of the Hedera network. Hedera will also integrate Chainlink into the Hedera Token Service (HTS) and use Chainlink as its preferred oracle service.
Hedera is the only public distributed ledger utilizing the hashgraph consensus mechanism, which achieves superior speed, fairness, efficiency and security. Whereas a traditional proof-of-work (PoW) blockchain selects a single miner to choose the next block, Hedera’s hashgraph network of nodes reaches consensus and collectively adds transactions to the ledger.
Hedera will integrate Chainlink’s leading decentralized oracle solution in a series of initiatives designed to help centralized financial institutions harness the security and transparency of decentralized applications that meet accelerating user demand.
“We’re pleased to add Chainlink Labs to the blue chip roster of companies on the Hedera Governing Council,” Hedera’s CMO, Christian Hasker, told Chainlink Today. “As the first Web 3.0 member of the council, we look forward to working with them and other council members to explore the vast number of enterprise use cases that leverage Chainlink’s oracle capabilities at the speed, low cost, and energy efficiency that the Hedera network offers.”
Hedera’s enterprise-led governance structure is designed to reduce the risk of disputes between unknown groups of developers and miners that have impacted other public DLT platforms. Its unique technology and governance position Hedera to become the first public DLT platform to achieve mainstream adoption – now with Chainlink Price Feeds and VRF (Verifiable Random Function) enabling next-generation Web 3.0 applications.