Hedera adds tech giant as council member: What does it mean for HBAR?

On 7 February, Hedera HBAR confirmed that it secured tech giant Dell as its newest addition to its governing council. The latter already contains other industry heavyweights such as FIS and Google, among others.

Timeline of Hedera

The tech giant Dell Technologies Inc. will be joining the governing council of the distributed ledger company Hedera Hashgraph LLC.  Dell Exploring DLT According to the team at Hedera, tech giant Dell is going to step into the company's governing council in order to gain access to distributed ledger and Web3 technologies.

Dell Technologies has become the latest member of the Hedera Hashgraph (HBAR) governing council to enable the former to explore distributed ledger technology (DLT) use cases and more.

Amid the recent uncertainty in the crypto market, the Hedera coin experienced a brief period of consolidation where it revealed the formation of a double bottom pattern. This pattern is one of the famous bullish reversal patterns where double bounced back from the same level indicating the strong accumulation of buyers.

Key Points: Dell will join Google, FIS, and Abrdn on the board of directors of the corporate network Hedera, a distributed ledger system that leverages a hashgraph consensus method. Dell will run a consensus node as part of the governing council, which will determine transaction sequencing.

The price of Hedera [HBAR] had its most significant upward swing since the cryptocurrency's uptrend started. Its market capitalization increased by more than threefold in the last day.

Amid the recent recovery in the crypto market, the Hedera coin rebounded from the $0.037 mark and witnessed a parabolic recovery. Moreover, this V-shaped recovery surged the coin to its current price of $0.071, registering a 93% gain since January 1st.

Hedera is a strong competitor in the DeFi space as it boasts some of the best metrics in the industry. According to recent analysis, the ecosystem hit 5,500 transactions per second.

The Hedera blockchain describes itself as the cleanest blockchain in terms of energy consumption. We saw a deep push for efficiency in 2022 and this trend is likely to continue, which is why HBAR enthusiasts should take note of the latest updates regarding the network.

This week has been quite an interesting one for the markets, but a mixed bag for Hedera [HBAR]. This is mostly because the network reported its first technical challenge of 2023, which disrupted some aspects of its network.

Hedera is a public network and governing body that functions utilizing the hashgraph technology. The term “hashgraph” refers to a consensus process that, in addition to providing a data structure that is quick, safe, and fair, does it in an efficient and novel manner.