Hedera Hashgraph (HBAR) is a platform that bills itself as a faster and more secure alternative to blockchain platforms. Hedera Hashgraph is not a blockchain, instead it uses a unique new technology, Directed Acyclic Graph (DAG).
This DAG technology enables the network to process huge amounts of transactions. It should ensure that in the long run as many as 100,000 transactions per second can be processed.
At the helm of Hedera Hashgraph is the Hedera Governing Council. This is a board consisting of a large number of parties. Among those parties are a few big names from the corporate world including: Google, IBM, Boeing and LG. This council is responsible for managing the network.
Stimulate development
Recently this council announcedt that they are going to set up a huge fund to boost the development of the Hedera Hashgraph ecosystem. This fund will consist of 10.7 billion HBAR with a market value of $4.5 billion.
Remarkably enough, this amount of tokens is at least 20% of the total circulation. In addition, the plans for the fund were already made in July when the price of these tokens was less than half of what they are worth now. When the plans were recently approved by the council, the value of the fund had increased from about $2 billion to the current $4.5 billion.
The fund aims to attract developers to Hedera Hashgraph. Developers and start-ups can receive an amount from the fund to contribute to the progress of the ecosystem. Especially an expansion to sectors with great potential such as decentralized finance (DeFi) and non-fungible tokens (NFT) is very important for the platform.
One of the main goals of Hedera Hashgraph is to promote a decentralized economy around the world. Hedera Hashgraph CEO Mance Harmon had this to say about the council’s approval of the fund:
“In our mission to make the Hedera network the de facto standard for the decentralized economy, it is now time to add additional organizations to accelerate network adoption.”