Hedera Council Earmarks $5 Billion In HBAR Tokens to Drive Platform Adoption

The alternating governing council of 23 institutions at Hedera Hashgraph has set aside just below 11 billion HBAR tokens (which are worth about $5 billion) to enhance network adoption. Hedera also recently announced that just over 5 billion tokens (worth $2.5 billion) would be donated to the newly formed HBAR Foundation. The remainder would be allocated to various programs targeted at bolstering the growth of Hedera&39s ecosystem.

For those who might be unaware, Hedera is a transactional distributed ledger that uses a novel consensus technique called hashgraph to handle a greater number of transactions at scale comparative to traditional PoS (Proof-of-Stake) and PoW (Proof-of-Work) networks. The gossip protocol, a method of transmitting and receiving messages between nodes influenced by human chatter, epidemics, as well as social networks, is used to reach consensus in the hashgraph. Leading worldwide businesses such as LSE (London School of Economics and Political Science), Tata Communications, Wipro and Boeing all oversee and govern the platform.

HBAR Foundation

The HBAR foundation, led by M&A industry and software expert Shayne Higdon , shall be an autonomous entity that has complete control over how the HBAR tokens it receives are deployed. The foundation intends to increase the Hedera network&rsquos usage in DeFi, NFTs, CBDCs, and other interesting areas such as that of gaming.

Shayne stated that the primary objective is to hence finance a future in which entrepreneurs build digitally native ecosystems and economies, as well as manage their own assets, markets, data, identities, and so much more. He added that his team is therefore thrilled to work with and assist anyone who shares this vision.

What To Expect Going Forward

According to Mance Harmon , Hedera Hashgraph&39s CEO, the Hedera network is currently the most energy-efficient, widely used, enterprise-grade public ledger that you can find on the market today, before also mentioning that future growth is largely dependent on bringing in more companies. He added that the Hedera Governing Council has thus pledged a major commitment towards accelerating the network&39s decentralized usage along with its growth.

Moreover, the foundation and certain other development projects will get the allotted HBAR tokens via Hedera Treasury accounts in the near future. At the Governing Council meeting which had taken place on July 14th, the general idea to dedicate 20% of the token supply to developmental projects was agreed upon and granted approval.

Additionally, the HBAR tokens will indeed be included in the released supply, but shall be distributed as grants to apps as well as ecosystem partners who will develop on and use the Hedera network for years to come.