Hedera, a leading blockchain platform that uses a proof-of-stake consensus mechanism, has announced a five-year partnership with the Saudi Ministry of Investment (MISA) to foster the development of Web3 and deep tech solutions in the Kingdom. The partnership, which is valued at $250 million, was revealed during the Saudi-Swiss Roundtable Meeting in Riyadh.
According to the X press release, the partnership aims to support local and international companies in creating and deploying innovative solutions using advanced technologies such as artificial intelligence, blockchain, robotics, internet of things, virtual reality, and quantum computing. The partnership will also facilitate the transfer of knowledge and expertise between the two parties and enhance the competitiveness of the Saudi economy.
As part of the partnership, the Hashgraph Association, a Switzerland-based non-profit organization that supports the development of the Hedera Hashgraph technology, has launched the DeepTech Venture Studio. This initiative will provide companies with access to the Hedera network, technical support, funding, and mentorship.
Hedera network offers fast, secure, and scalable transactions
The Hedera network is a public distributed ledger that enables fast, secure, and scalable transactions and smart contracts. The network uses a novel consensus algorithm called Hashgraph, which is based on a gossip protocol and a virtual voting mechanism. The network can process more than 10,000 transactions per second, with low fees and high security.
The Hedera network is governed by a council of 39 leading organizations from various sectors and regions, such as IBM, Google, LG, Boeing, and Tata Communications. The council members run the network nodes, set the network policies, and ensure the stability and diversity of the network.
HBAR price surges after the announcement
The announcement of the partnership with MISA boosted the price of Hedera’s native token, HBAR, by more than 8% in the past 24 hours, according to CoinMarketCap. HBAR is currently trading at $0.0765, with a market capitalization of $6.2 billion. HBAR is used to pay for network services, such as transactions, smart contracts, and file storage, and to secure the network through staking.
HBAR has been on an upward trend since the beginning of the year, gaining more than 50% in value. The token has also benefited from the growing adoption of the Hedera network by various enterprises and institutions, such as Standard Bank, Eftpos, Coupon Bureau, and the Texas Blockchain Council.
