Hedera Hashgraph’s Governing Council

⏳Keep it brief

Governing Councils are imperative for a successful technology deployment

This task has been mostly overlooked by the main crypto players which puts them at risk of disruptions

Who controls the platform?

What’s going on?

Blockchain systems are engineered to ensure the trustworthy transition of information and transactions. In order to ensure that this trust is upheld, it must first be defined. Consequently, before this trust can be preserved and pursued, a set of guidelines and best practices are essential. What Hedera Hashgraph has asked is central to the future development of their network: by whom and for whom should the parameters of this trust be established? In order to eliminate ambiguity, unequal application, and sectoral exclusion from these guidelines and best practice expectations, Hedera has assembled the Governing Council.

What does this mean?

The Governing Council is a diversified, elected body of innovative organizations that are dedicated to the growth and development of Hedera’s public network. Modeled after what has since become VISA’s governing council, a set of term limits as well as protection against monopolistic control by one individual or organization has been built into the Council. All members will receive an equal vote and are responsible for the setup and continued maintenance of the first set of public network nodes.

Why it’s important?

The wide array of production sectors, interests, and concerns represented within the Hedera Governing Council has enabled the development of guidelines and ideal practices which span more than simply one sector. As a result, the Council will not impose guidelines which would constrain technology development, accessibility, and applicability to one specific service or manner of production. This will allow companies and organizations to utilize Hashgraph to its fullest potential within their operations landscape. In addition, this definition of trust — translated into key guidelines and best practices — will provide a standardization of expectations, efficiency, and security for Hashgraph users.

Why Should I Care?

Without these regulations, the elements of trust built into Hashgraph’s system would not be available. In addition, the guidelines created by the Governing Council will also inform governmental approaches to this technology as well as future legislative measures. For these reasons, it is vital that the Council has been structured to incorporate an array of perspectives and approaches because this variety will serve to highlight the broader, cross-sector application of this technology. This usage flexibility can then be expressed and utilized to form legislature that will benefit all. Steps such as this will help to create a digitized future that is trustworthy and fair; a future that is being developed with the help of this diverse Council that is aimed toward carrying public networks safely and securely into the next decade.

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