FILE PHOTO: A man stands in the vicinity of an IBM logo at the Mobile World Congress in Barcelona, Spain, February 25, 2019 at the latest. REUTERS/Sergio Perez
NEW YORK (Reuters) – International Business Machines Corp’s (IBM.(N) and Tata Communications (TATA.NS-Dutch railways) have joined the board of directors, Who Hashgraph, a distributed public ledger is a platform that aims to be faster, and it runs on an even larger scale than the existing blockchain technology, a high-ranking official from Who said it.
Backed by the Digital Currency Group, the hedge fund BlockTower Capital, Who raised $124 million, and in August of last year, a drop in the cryptocurrency market.
While the digital currency took a hit last year, following an intense global regulatory scrutiny blockchain developments within the companies will be continued. Cryptocurrencies already made a huge comeback earlier this year, under the guidance of a bitcoin, BTC=BTSP, which has increased by more than 200% so far in 2019.
Who is the board of directors, it is of crucial importance for the success, Leemon Baird, the company’s co-founder and chief scientist, told Reuters in an interview. Who wants to have the 39 members of the board of directors. Apart from the IBM and Tata, the other members include Nomura Co Ltd (9716.(T) and Deutsche Telekom AG, DTEGn.DE).
All of the members of the Who executive board shall have one equal vote in the adoption of updates to the Who platform code base and a set of policies, many of the nodes that have to be in Who’s decentralized network.
“The members of the board of directors are the actual owners of the company. They are not just consultants. They are a Who,” said Baird. “Who is an LLC (limited liability company), which is divided in 39 different ways, 39 companies own, control, and the decision was made.”
The members of the board, however, shall be a maximum of two consecutive three-year experience as a steward of the platform.
In a statement, commenting on the grouping of the Who’s executive board, Jerry Cuomo, vice-president of the blockchain technologies and IBM, said IBM is interested in exploring “the relationship between the public network and the industry-specific networks.”
A year after the Who raised financing from institutional investors and high-net-worth individuals, Baird said, ” it is the fine-tuning of the platform. The plans for the platform to the public later in the summer.
Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker