The Hedera Governing Council, responsible for overseeing the open-source Hedera proof-of-stake public network, has announced the addition of a new member, bringing the total council membership to 30. COFRA, a 182-year-old family business employing over 60,000 people worldwide, has joined the council with the intention of developing innovative blockchain-based solutions on Hedera. The primary focus will be on tokenization and enhancing supply chain transparency within the organization.
COFRA predominantly caters to end-users and is expected to utilize Hedera’s proprietary Token Service (HTC) to issue or tokenize real-world assets. Simon Olson, the Co-Chair of Hedera’s Membership Committee, expressed optimism about the collaboration, noting COFRA’s long and successful history of building coalitions to tackle complex problems.
As the Hedera ecosystem continues to grow, various projects and businesses across multiple sectors have joined the network. These organizations take advantage of core services like the Hedera Token Service (HTS) and the Hedera Smart Contract Service (HSCS) to eliminate the need for intermediaries and benefit from lower transaction fees. Among the 30-member Governing Council are prominent companies such as IBM, Dell, LG, and Boeing.
While some might argue that the addition of new members and increased usage of Hedera’s services fuel optimism for the future of the blockchain, skeptics might question the long-term sustainability and scalability of the platform given the continuous influx of diverse projects. The true extent of Hedera’s ability to accommodate such a varied range of applications has yet to be seen, but it is essential for ensuring a thriving ecosystem.
The addition of COFRA, as well as Dell‘s recent inclusion, has led to speculation over the potential impact on HBAR’s price, with some crypto enthusiasts believing that the token could experience exponential growth if the broader market turns bullish. Currently, Hedera is trading at $0.0527, representing a gain of 0.11% over the past hour while experiencing a drop of 0.87% over the last 24 hours.
Although bullish onlookers might celebrate the Governing Council’s expansion, taking into account multiple influential companies, it is vital to exercise caution and conduct thorough research before investing in cryptocurrencies, given market uncertainties. Hedera’s success in establishing a diverse and meaningful network will be the real determinant of its potential impact on HBAR’s value and the broader digital asset landscape.
Source: Coingape
