Dell has joined the Hedera Governing Council in order to contribute to the development of decentralized applications (dApps) that will help Dell’s clients in their blockchain and Web3-related endeavors.
Hedera, an enterprise focused on distributed ledger technology (DLT), announced on February 7th that Dell Technologies Inc. would join the organization’s Governing Council.
This would allow Dell to investigate distributed ledger and Web3 technologies by operating its own Hedera node and creating its own distributed applications.
About the Hedera Governing Council
The Hedera Governing Council is a group of organizations that oversee the operation and management of the Hedera public ledger. This council was created to provide governance for the Hedera network and ensure its long-term stability and decentralization.
There are currently up to 39 members of the council that governs the Hedera public ledger, each of whom controls a node on the network. They are responsible for the decision-making and governance such as setting fees for transactions, determining the rate at which new tokens are released, and ensuring the security and stability of the network.
Furthermore, Hedera aims to provide a decentralized and fair platform for businesses and individuals to build decentralized applications (dApps).
Hedera’s Distributed Ledger Technology (DLT)
Hedera is a decentralized ledger technology (DLT) platform that uses the Hashgraph consensus algorithm to secure its network. Unlike traditional blockchain technology, which uses a chain of blocks to store transaction data, Hedera’s DLT uses a directed acyclic graph (DAG) structure to record transactions.
The Hashgraph consensus algorithm allows Hedera to provide fast and secure transactions without the need for mining, which is a computationally intensive process used by many other DLT platforms. Transactions on Hedera are confirmed in just a few seconds, making the platform suitable for real-time applications.
Hedera’s DLT is also designed to be highly scalable, with the ability to handle millions of transactions per second. This makes it a suitable platform for a wide range of applications, including digital payments, micropayments, and asset management.
Additionally, the DLT provides a high level of security through its use of asynchronous Byzantine fault tolerance (aBFT) consensus, which allows the network to continue functioning even if some nodes are compromised. This makes Hedera’s DLT more resilient to attacks than many other DLT platforms.
HBAR token
The HBAR token is the native cryptocurrency of the Hedera network and is used to pay for transactions and access to network services. The HBAR token is designed to be fast, secure, and scalable, making it suitable for a wide range of applications including digital payments, micropayments, and asset management.
The native token is used to incentivize nodes to perform the necessary computations to maintain the network and validate transactions. The more HBAR tokens a node holds, the more computational resources it can provide to the network, and the more it can earn as a reward for its contribution.
Final Thoughts
By utilizing the technology developed by Hedera, Dell has the opportunity to develop new products and services that have the ability to revolutionize large sectors and make people’s lives easier.
Being a highly scalable, secure, and fast platform, Hedera creates many potential use cases across various industries as these technology businesses have the opportunity to participate in the creation and governance of the network and investigate new business opportunities in the distributed ledger technology (DLT) and web 3 sector by becoming members of the Governing Council.