Some of the largest global companies worldwide are grouping together to establish a governance council for the public distributed ledger, called Hedera Hashgraph.
Mance Harmon, Hedera’s CEO, recently stated that the group is intentionally comprised of “world-class” brands from different industries and geographies to guarantee “continued decentralization.” The group’s governance council will oversee varies issues, such as software changes that are managed by the platform’s millions of distributed nodes.
The distributed ledger is valued at around $100 million and it runs on a proof of stake model. It seems that the ledger is gaining in popularity as well, as many companies are adopting it due its secure and enterprise-ready system.
The platform may be able to provide companies with a transaction network maybe better than Ethereum’s low throughput chain. There are also 40 different dApps that are scheduled to launch on the platform.
Scott Thiel, a member of the counsel and a partner at law firm DLA Piper, stated that his firm has been working in blockchain projects for years and is hoping that Hedera will be able to address some issues that have been preventing widespread adoption.
He also stated,
“Legal uncertainty is an area we’ve seen a lot of nervousness . . . We’ve seen a piecemeal approach from regulators across the world. The exciting bit from my perspective is to bring innovative solutions to old challenges.” Moreover, “There is a lack of diversity of contributions to governance. There is also a lack of diversity of contributions to governance. There is power in diversity of opinions.”
The governance model has elements that are also similar to VISA company and “is designed in a way that ensures the governing council can be trusted to do what’s in the best interest of the Hedera network, that no single company has control, and that the Council cannot be unduly influenced by individual members or node operators.”