Hedera Hashgraph, a enterprise-grade blockchain alternative, is adding FIS Global as the ninth addition to its 39-member council .
Hedera Hashgraph raised $124 million last year through simple agreements for future tokens (SAFTs)., and plans to grant open access to its mainnet beta on September 16 as part of a new milestone for its fast and secure public ledger technology. The first distribution of HBAR tokens will be to the approximately 1,000 participants in the SAFT rounds.
The company claims its distributed ledger technology can facilitate micropayments and distributed file storage; support smart contracts; and will allow private networks to plug into the public one to take advantage of its transaction ordering mechanism. At launch, Hedera claims it can support up to 10,000 transactions per second and file services at 10 transactions per second.
When the mainnet is launched, it will allow any developer from the general public to create an account and build decentralized applications (dApps) on the Hedera Hashgraph platform. In order to reach its goal, Hedera Hashgraph is taking a strategic approach with a long-term, 15-year coin distribution schedule of its total coin supply. The aim of this distribution schedule is to prevent malicious actors from cornering the market on coins, which would enable them to monopolize ownership of nodes, in turn damaging network security.
Hedera announced in August that it has open-sourced its mirror node code so that anyone who wants to run a mirror node can do so. Mirror nodes on the Hedera network provide access to all consensus decisions and the state of the ledger. While they do not participate in consensus, mirror nodes can provide a public record of transactions and the state. In addition, mirror nodes offer flexibility for the owner to choose what to store and for how long.
“With Open Access, we are excited to welcome any and all to join the hundreds of third-party developers already building distributed applications on our platform,” said Hedera Hashgraph CEO Mance Harmon in a statement. “Open Access also marks the next step in our journey to become the industry’s most decentralized, permissionless, public network. At the same time that our mirror nodes are becoming open source and accessible to all, we’re also beginning a careful, responsible token distribution process.”
“The creation of the trust layer of the internet requires a measured, long-term rollout with responsible stewards, empowered individuals, and a slow token distribution,” said Leemon Baird, the company’s cofounder and chief scientist. “Hedera Hashgraph is taking a thoughtful approach to this deployment, and we see interest in our protocol by both enterprises and developers as a strong endorsement of our strategy.”
Hedera’s whitepaper can be found on their site, it explains in further detail the role the cryptocurrency plays in securing the network, and how it will be distributed.