It has been reported that the Council, designed to be the most decentralized governance model for a public ledger, will include 39 enterprises from a diverse array of industries and geographies.
Mance Harmon, the CEO, and Co-founder of Hedera Hashgraph, said:
“The conversation around distributed ledger technology (DLT) governance is gaining prominence, with enterprises, developers, and regulators all recognizing the importance of fair, decentralized, and effective governance models. The Hedera Governing Council delivers a governance model that is designed for ongoing decentralization and is considered industry-leading for DLT governance – a status strengthened by the addition of Wipro to the council.”
However, members of the Council are responsible for approving updates to the Hedera platform codebase and setting policies for the nodes in Hedera’s decentralized network.
It has been analyzed that Hedera’s governance model protects users by eliminating the risk of forks, guaranteeing the integrity of the codebase, and making the source code open for review. Members serve a maximum of two consecutive three-year terms, ensuring the Council’s decentralization and diversity.
Thus, Harmon concluded:
“Wipro joining the Hedera Governing Council highlights our commitment to developers, and a rapidly emerging need for blockchain innovation. With a global presence, Wipro is a prime example of a leading multinational entity making the right moves in the future and adoption of DLT. Joining the Hedera Governing Council, alongside other top enterprises, is a strong signal of their intent to be at the forefront of distributed ledger technology as Hedera grows in the months and years ahead.”