The Hedera Governing Council has approved $5 billion in HBAR Tokens to help the network gain traction.
Hedera, on Thursday, said that they will be allocating 5.4 billion tokens now valued over $2.5 million to the HBAR foundation. The amount would be used to strengthen the development of their Hedera ecosystem.
Spearheaded by Shayne Higdon, an M&A and software veteran, the HBAR foundation will act independently when it receives the token. They will have full autonomy and the foundation wishes for the amount to be used to make Hedera’s networks in NFTs, decentralized finance, and central bank digital currencies better than ever.
The CEO of Mance Harmon says that Hedera’s network is one of the most efficient and popular public ledgers in the market. They wish to empower other organizations so that they have a larger market share in the future and better outreach too.
The tokens will be transferred by the Hedera Treasury accounts and 20% of them will be allocated for development itself. This was approved by the Governing Council on 14th July. These Tokens will be distributed as grants to the ecosystem partners. They will use these to make further progress in their innovation so that the Hedera network grows.
The distributed ledger uses the consensus algorithm that is also known as hashgraph. The consensus is reached through the gossip protocol, which acts like social networks and human gossip.
HBAR tokens are one of the fastest-growing tokens in the market and grew by 100% in a matter of a month. This is the best time to invest in cryptocurrencies and if you have been planning to do it, you should do it now.