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The Hedera Governing Council has officially voted to purchase the intellectual property for the Hashgraph consensus algorithm from Founding Architect and Council Founding Member Swirlds Inc, for an undisclosed fee.
Wednesday’s announcement also detailed plans to convert their code to an open source model under the Apache 2.0 license this year, in addition to transferring core team members such as CEO Mance Harmon and Chief Scientist Leemon Baird from Hedera to Swirlds Inc. as CEO and CTO, and deploy 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 space.
Its governing board is made up of 25 companies including Google, IBM, Tata Communications and Boeing, each of which supports the project’s decentralization ambitions through duties such as building and operating blockchain nodes, participating in governance voting, and more.
Hedera’s evolution to open source technology differs from their current public review model, where code appears to be publicly visible, but not accessible to the global community for editorial or development purposes.
The decision to make this change comes after a decisive technical assessment that the likelihood of network fragmentation within the Hedera ecosystem is extremely remote, so the legislatively exclusive patents supporting the technology can be safely distributed into the public domain , and guarantee that it will not become a favorable tool for market competitors, but a mechanism to promote internal growth.
In an exclusive report with Cointelegraph, Baird, newly appointed chief technology officer of Swirlds and co-chair of the Hedera Council Technical Guidance and Product Committee, commented on the expected impact of coding for open source projects:
“Open source software will allow the project to scale in a way that will help users, developers, startups and businesses. It will increase the number of developers and projects in the Hedera ecosystem and further accelerate growth. I feel great about all of this Excited that this opens up new possibilities.”
Baird also noted that Hedera’s next challenge is to scale from layer-1 protocols “to provide products and services that enable others to leverage the power of layer-1 protocols to create value.”
Harmon and Baird et al. host Further details on the Shared World plan and what’s coming in the months ahead will be discussed in further detail in a YouTube webinar on January 26th at 11am ET.
From a technical standpoint, Hedera’s native token, HBAR, has largely consolidated in a price range of $0.33 to $0.25 since the beginning of the year and is currently valued at $0.257.
related: British Air Traffic Technologies uses Hedera Hashgraph to track drones
Earlier this month, Hedera partners with London-based tech firm Neuron Innovations The drone program is designed to collate and store quantitative data metrics across a range of sectors, including commercial and military aviation and government programs.
With support from the UK Department for Business, Energy and Industrial Strategy, the pilot is planned for April and October 2021 and is expected to support the integration of drones into existing air transport systems.
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