DALLAS, Ene. 19, 2022 / PRNewswire/-The Hedera Governing Council has voted to purchase the intellectual property rights to the hashgraph consensus algorithm from Swirlds, Inc., the original creator of the hashgraph consensus algorithm and founding member of the Hedera Governing Council. Governing Council members further made a commitment to make the code open source under the Apache 2.0 license by 2022. Governing Council members voted to take this step to enable greater community participation. . In addition, Hedera believes that there are technical controls in place to ensure that the state of the Hedera network is not fragmented, so hashgraph patents are no longer needed to be used defensively to protect participants in the Hedera ecosystem. The open sourcing of the consensus layer will serve to further accelerate its development and expand the number of contributors. Council members also announced that the network code will be lost in beta in the next mainnet upgrade.
The members of the Governing Council are a diverse group of leading businesses and organizations that jointly promote the advancement of Hedera’s network technology and refer to the Hedera treasury allocation, as evidenced by the recent announcement of the allocation of 10.7 billion hbar (approximately -about 20% of the total supply) towards the expansion of the Hedera ecosystem and hbar economy. Management continues to grow from the original five members to the current 25, with diverse, distributed Council members participating in the operation of network nodes, network management, and recruiting new members. Council.
“The vision has always been for Hedera to be a council member-driven organization, enabling the most decentralized governance and therefore having the widest public network in the market,” he said. Scott Thiel, Partner of DLA Piper, one of the original members of the Governing Council. “We believe now is the time to enable the fastest possible adoption of the Hedera network, to maximize the growing demand for public DLT.”
As such, Council members have also made decisions that allow for greater market participation of both startups and businesses. The development and management teams and related personnel currently employed by Hedera Hashgraph, LLC will move to Swirlds. Mance Harmon, CEO of Hedera Hashgraph, and Drs. Leemon Baird, Chief Scientist of Hedera Hashgraph, will leave those positions, which are dissolved, and will continue to participate in the Hedera ecosystem as peer members of the Governing Council through Swirlds, of which they are CEO and CTO, respectively. In addition, Dr. Leemon Baird will continue to serve as Co-Chair of the Technical Steering & Product Committee of the Hedera Council, responsible for technical and roadmap decisions affecting the Hedera network, and Natalie Furman, who is resigning from the position of General Counsel at Hedera Hashgraph to lead legal efforts at Swirlds, will continue to participate as one of the member representatives on the Council’s Legal and Regulatory Committee. Tom Sylvester was promoted from Associate General Counsel to General Counsel at Hedera Hashgraph.
“From day one, I have had the vision to enable‘ Shared Worlds ’, where anyone can assemble, collaborate, conduct commerce, and control their own online footprint,” said Drs. Leemon Baird, CTO of Swirlds and Co-Chair of the Technical Steering & Product Committee of Hedera Council. “With the completion of V1 network code, open sourcing of the hashgraph algorithm, and a dedicated Council making important decisions about the future of the network, the foundation of that vision is complete. The next challenge is for the broader community to develop products and services beyond the Layer 1 protocol, to deliver products and services that allow others to use the power of the Layer 1 protocol to create value.Swirlds is the best place for us to do that is, while developing an ecosystem in which everyone can participate equally. ”
“Under high uncertainty and growing complex economies, knowledge and technology -intensive industries can sustain sustainable growth simply by promoting open models of highly interactive and collaborative, multidisciplinary and multidirectional innovation. .Innovation ecosystems are typically difficult to build because they are characterized by open non -linear dynamics, high acceptance of feedback loops, and constant structural change, ”said Prof. Paolo Tasca, Executive Director University College London, Center for Blockchain Technologies, was the first academic partner to join the Hedera Governing Council members. “I believe in non-hierarchical management models that allow self-flexibility to rapid change through multilateral cooperation between innovators, developers, industry and academia. Therefore, I commend the Hedera team. for their grand work towards expanding the Hedera innovation ecosystem through open consensus layer acquisition and further decentralization of management. ”
The Hedera Governing Council also entered into an agreement to outsource several essential services to Swirlds for the foreseeable future as the Council focused on core network governance, industry standards, public policy, and treasury management.
“Achieving Hedera’s network code V1 is an important milestone for the Council and community, providing a robust network for anyone, anywhere in the world to develop and deploy decentralized applications,” he said. Saiprasad Raut, Chief Technology Advisor, Crypto & Emerging Business for Worldpay from FIS, and Co-Chair of the Technical Steering and Product Committee of Hedera Council. “And the purchase and production of open source-based hashgraph algorithms will ensure that network development continues to be collaboratively produced, freely shared, clearly published, and developed for the benefit of the community. Ongoing collaboration between of Council members, including Swirlds, provide us with the best structure to accelerate the growth of the world’s most advanced public ledger infrastructure. ”
“The very high importance of trust and transparency has become more critical than ever because digital technologies are so well tying us all to each other and to our things,” he said. Pradeep Iyer, Ph.D, Research Fellow, Materials Group for Avery Dennison. “The recent significant organizational changes within Hedera have the promise to seamlessly measure and secure a public DLT platform, which is encouraging adoption everywhere. I see exciting ones. opportunity to provide trusted tethering between physical items and their digital identities, for example, to accurately measure and reduce environmental impact and help achieve ESG goals. ”
The Council is also pleased to announce that Brett McDowell was unanimously elected by the Board of Directors for a two -year term effective January 1, 2022, as the first Chairman of Hedera Hashgraph after serving ex officio in that capacity since the Council was established in February of 2019.
“It’s an honor to be entrusted with this responsibility,” McDowell said. “The Governing Council has made significant progress over the past three years, growing from the first five members, to now, twenty-five members in a variety of industries, and geographies. I am excited about the changes being made by Council at the beginning of the year, positioning the Hedera network for unprecedented growth in 2022. “
Dr. said. Leemon Baird, Mance Harmon, Saiprasad Raut, at Brett McDowell will host a webinar on Wednesday, January 26th sa 8am PT/11am ET for more detail the Shared Worlds vision to be made on the Hedera network. Participants can join: Hedera – YouTube.
About Hedera
The Hedera network is the most used, sustainable, enterprise-grade public ledger for the decentralized economy. The platform is managed by a council of the world’s leading organizations, including Avery Dennison, Boeing, Chainlink Labs, Dentons, Deutsche Telekom, DLA Piper, EDF (Electricité de France), eftpos, FIS (WorldPay), Google, IBM, the Indian Institute of Technology (IIT), LG Electronics, Magalu, Nomura Holdings, ServiceNow, Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.
For more information, visit www.hedera.com, or follow us on Twitter at @hedera, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.
Contact:
Zenobia Godschalk
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SOURCE Hedera
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