Hedera Governing Council to buy hashgraph IP, and open-sourc | NFT / BTC / DEFI News 📣
Hedera Governing Council to buy hashgraph IP, and open-source projects code.
Distributed ledger service Hedera Hashgraph is expected to deploy a panoply of upgrades in 2022 in line with their long-term pursuit of decentralization.
The Hedera Governing Council has officially voted to purchase the intellectual property rights to the hashgraph consensus algorithm from founding architect and inaugural member of the council, Swirlds Inc, for an undisclosed fee.
A Wednesday announcement also details plans to transition their code to an open-source model this year under Apache 2.0 license, in addition to transferring core team members such as CEO Mance Harmon and chief scientist Leemon Baird from Hedera to Swirlds Inc. as the CEO and chief technology officer, respectively, and deploying community staking and node opportunities, among other updates.
Hedera Hashgraph is an enterprise-grade distributed ledger technology designed to create decentralized applications in the Web3 sphere.
It's governing council is composed of 25 corporations, including Google, IBM, Tata Communications and Boeing, who each support the project's decentralized ambitions through the establishment and operation of blockchain nodes, and participating in governance voting, among other duties.
Hedera’s evolution to an open-source technology differs from their current model of open-review, in which the code appears as publicly visible, but is not accessible for editing or developmental purposes by the global community.
The decision to enact this change came about following conclusive technical assessments that the probability of a network split within the Hedera ecosystem is highly unlikely, and therefore the patent upholding legislative exclusivity to the technology can be safely distributed into the public domain, with assurances that it will not serve as an advantageous tool for market competitors but rather a mechanism to foster internal growth.
