Hedera Hashgraph Blockchain to Launch, Release Coins on Sept. 16

Hedera Hashgraph is adding the first American financial services provider, FIS Global, to its governing council just weeks before a planned mainnet launch.

AccessTimeIconAug 29, 2019 at 12:00 p.m. UTC
Updated Aug 18, 2021 at 11:40 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Hedera Hashgraph, a blockchain-like public network for enterprises, is adding a U.S. financial giant to its governing council.

Hedera announced Thursday that FIS Global will become the ninth addition to its 39-member council. Hedera also announced that it intends to launch its mainnet in beta on Sept. 16.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • 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.

    FIS joins council members from multiple industries and four continents, including Japan-based Nomura Holdings, India's Tata Communications and American tech giant IBM. It is the first U.S.-based financial services provider to join the group.

    FIS declined to comment.

    "We wanted to make sure that those initial members were diverse enough," Leemon Baird, co-founder, chief scientist and inventor of the hashgraph consensus algorithm, told CoinDesk. "They’re on different continents, under different governments and in different industries."

    Greater reach

    While the addition of FIS will further decentralize Hedera’s governance, the network is still looking to diversify its governing council – both by geography and by industry.

    "We started with what we think are the low-hanging fruit, but there’s a large swath of the market we have not begun to touch," said Mance Harmon, CEO of Hedera. "For instance, we don’t have anyone in the energy sector or the automobile industry."

    When the mainnet is launched, the distribution of Hedera’s HBAR tokens will begin and continue over the course of 15 years. So far, the company has raised $124 million after three rounds of funding through simple agreements for future tokens (SAFTs). The first distribution of HBAR tokens will be to the approximately 1,000 participants in the SAFT rounds.

    Hedera is releasing HBAR in tranches over time to avoid anyone cornering the HBAR market, which would allow them to monopolize the nodes as well.

    Before the mainnet launch, Hedera will announce a 10th governing member, and 13 nodes will run the open system with three of the 10 governing members running two nodes. (Hedera says that 13 nodes are more secure than 10 nodes. In the future all members will run one node.)

    Hedera Hashgraph image via CoinDesk archives

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.