Home News DBS Bank joined Hedera Hashgraph’s Governing Council

DBS Bank joined Hedera Hashgraph’s Governing Council

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Singapore’s largest bank, DBS Bank, became the first in Southeast Asia to join the Governing Council of Hedera Hashgraph corporate blockchain network.

Thus, DBS Bank is a member of the board along with 39 other large enterprises and organizations; including Boeing, Google, LG Group, Nomura Holdings, Deutsche Telekom, Tata Communications, the London School of Economics and Political Sciences. These organizations manage nodes on the network. They also participate in Hedera Testnet, which allows developers to test its capabilities.

In addition, the powers of the members of the Council are valid for three years. With the possibility of extension for two terms.

Governing Council

The Governing Council was formed in February 2019 from several representatives of the Fortune 500 [companies with the highest annual revenue] list to track changes in the Hedera Hashgraph network.

Hedera Hashgraph network operates on the Proof-Of-Stake consensus algorithm; and focuses on use by corporate structures, despite the fact that it remains public.

Previously in autumn, Hedera publicly launched the beta version of the main network of the project, with a declared bandwidth of 10,000 TPS. At the time of launch, there were 13 nodes in the network, managed by members of the council. Users were offered to launch mirror nodes for the time being.

The first stablecoin in Hedera Hashgraph

Recall that in September 2021, the governing council approved a plan to allocate 10.7 billion HBAR tokens (~$3.85 billion) to stimulate projects for the development of the network ecosystem. In addition, the company plans to allocate grants to developers, startups and other organizations.

Later, the Centre consortium behind USD Coin launched a stablecoin on the Hedera Hashgraph blockchain. This is the first stablecoin in Hedera Hashgraph. “The launch of the USDC marks an important step […] to facilitate the development and launch of DeFi applications,” the organization said.

Therefore, Hedera Hashgraph uses directed acyclic graphs (DAGs) without grouping transactions into blocks.

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