The HBAR Foundation said on Thursday that it has earmarked $250 million in a new fund to attract consumer brands and their customers to Hedera Hashgraph’s metaverse ecosystem.
HBAR, which is in charge of Hedera’s network development, stated that its Metaverse Fund is focused on both business-to-consumer and business-to-business-to-consumer applications, to integrate users “at scale” into Web3 development.
According to a statement, the fund is focused on creating an “advanced” digital environment as well as advancing an ecosystem of supporting and complementing projects. It’s also seeking to assist game creators that want to work within the ecosystem by introducing non-fungible tokens (NFTs) into their games.
The money will go to four different areas: gaming, sports, fashion, and entertainment.
Hashgraph is one of the industry’s few networks to use a Directed Acyclic Graph structure. Unlike a blockchain, Hashgraph’s ledger keeps track of transactions by stacking vertices on top of each other instead of using a data chain.
Critics believe that the network is vulnerable to malicious actors attempting to exploit and manipulate some nodes to transmit fake data due to a lack of block confirmation mechanisms. Others argue that the network is too centralized, but Hedera and HBAR argue that the consensus mechanism and governance model are both “highly decentralized.”
According to the foundation, as more transactions are added to the network, the design choice increases transactional speed and efficiency. Hedera processes around 2.6 million transactions every day, with average transaction completion times of 5 seconds.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
