One of the top 100 cryptocurrencies, Hedera Hashgraph is surging like crazy, up 112% in the past 24 hours. However, HBAR is down 22% since hitting $0.082 level. This cryptocurrency is up 337% in 2020 so far, trading at $0.0690.
This jump came on the back of a Google blog post similar to the one Chainlink (LINK) had last year. However, while it took two weeks for LINK to fly more than 200%, HBAR reacted much stronger which economist and trader Alex Kruger says is “Crypto undergoing a 2017esque bull-run on alts.”
“Today is a good day. HBAR shitcoin flying on a blogpost turned into a partnership. Only in crypto,” noted Kruger.
To further clear it out for Hedera enthusiasts Kruger explained, “I read the blog post, talked to people at Google about Hedera, bought that shitcoin, and got a lot of other people to buy it as well. Google is not part owner of Hedera.”
There isn’t a partnership and the crypto market might be blowing things out of proportion but as is the norm with space, the coin is flying on the news. With Google’s name attached in any form and having an alt season, HBAR is reaping the fruits of the bull market.
Google Joins the Governing Council
In Sept. 2019, Hedera Hashgraph officially launched its public network after raising $124 million in a token sale.
Last year, in August, IBM and Indian telecom company Tata Communications joined the governance council of the Hedera Hash graph (HBAR). At that time, Mance Harmon, CEO of Hedera had said, “Our goal is to create the most decentralized governing body of any of the major public platforms. We’re covering multiple industries … and we’re wanting global coverage.”
Now, Google has joined its governance council.
“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,” reads the announcement.
In its official announcement, Google shared that to address the challenges of delivering fast and inexpensive transactions in public and permissions decentralized ledger technology (DLT) like Bitcoin and Ethereum, Hedera has developed a DLT based on the hashgraph consensus algorithm.
Hedera is basically using Google Cloud as a preferred cloud provider for its public testnets and Hedera Consensus Service ecosystem.
“We initially turned to Google Cloud for its ease of use, networking advantages and overall platform performance,” said Atul Mahamuni, SVP of Products for Hedera. “The Google Cloud Platform was the perfect foundation to help us achieve our goals to bring enterprise-ready DLT adoption at scale.”
Hedera is using the premium network tier of the Google Cloud Platform (GCP) to help the developers who are building high throughput and low latency decentralized applications (dApps) on Hedera. “As we continue to evolve our infrastructure, we’re excited to expand our work with Google Cloud to now make DLT even more readily available for our community members, no matter their size or industry,” said Mahamuni. “This is about developing solutions that drive real business value.”