A blockchain-like public network for enterprises called Hedera Hashgraph, has added to its governing council, a U.S. financial giant.
FIS Global will become the ninth addition to its 39-member council as announced by Hedera on Thursday. They also announced that it's mainnet beta will be life on 16th of Sept.
According to the company which claims that its distributed ledger technology can facilitate micro payments and distributed file storage, support smart contracts and as well as allow private networks to plug into the public, by so doing, one can take advantage of its transaction ordering mechanism.
Hedera claims that it is capable of supporting up to 10,000 transactions per second including file services at 10 transactions per second, it claimed during it’s launch.
FIS Global now joins council members from multiple industries including Japan-based Nomura and four other continents, suchvas India’s Tata Communications and American tech giant IBM. It is the first U.S.-based financial services provider to join the group. Meanwhile, FIS declined to comment for now.
Leemon Baird, co-founder, chief scientist and inventor of the hashgraph consensus algorithm, stated that:
“We actually wanted to make sure that those initial members were diverse enough,”
“They’re on different continents, under different governments and in different industries as well..” He stated further.
Though the addition of FIS will decentralize Hedera’s governance more but the network is still looking to diversify its governing council geographically and by industrially.
“ There are more potentials we need to exploit which we are yet to tap up there, as we are still at the root“ for instance, we are yet to have someone in the energy sector or the automobile industry.” Mance Harmon, CEO of Hedera stated.
The distribution of Hedera’s HBAR tokens will begin and continue over the course of 15 years as soon as mainnet is launched. $124 million after three rounds of funding through simple agreements for future tokens (SAFTs) has so far been raised by the company.
Presently, approximately 1,000 participants in the SAFT rounds will be the first distribution of HBAR tokens.
With the intension to monopolize the nodes, Hedera is releasing HBAR in tranches over time. This is to avoid anyone from tampering or diverting the HBAR market,
The 10th governing member will be announced by Hedera and three of the 10 governing members running two nodes while 13 nodes will run the open system with them before the mainnet launch.
Hedera emphasised that 13 nodes are more secure than 10 nodes. All members will run one node in the future.
Credits: Nathan DiCamillo
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