Hashgraph Online DAO: Genesis of a Fully On-Chain Internet

Majuro, Marshall Islands, November 07, 2024 --(PR.com)-- Hashgraph Online DAO LLC today announces its official launch, a significant milestone in building a fully on-chain internet utilizing the Hedera Consensus Service (HCS) to seamlessly interconnect data across multiple blockchains. This new DAO unites leading organizations and trailblazers in the Hedera ecosystem, each committed to the shared mission of developing a decentralized, open-source internet.

Michael Kantor, President of Hashgraph Online, stated, “The formation of Hashgraph Online represents more than just an organizational milestone; it marks the initial step toward building a digital infrastructure that is fully on-chain, open, and accessible to everyone.”

Mission Statement
Hashgraph Online DAO’s mission is to create a decentralized internet, anchored by Hedera’s Consensus Service and guided by principles of openness and transparency. This vision will be achieved by focusing on three strategic pillars:

Establishing Standards: Hashgraph Online has developed foundational standards, such as HCS-1 and HCS-20, which have already facilitated millions of transactions. The DAO will continue creating new standards to address the evolving challenges of decentralized technology.

Open Source Development: Hashgraph Online’s open-source tools and applications are crafted to enable the growth of this new internet infrastructure, ensuring transparent and resilient participation for all stakeholders.

Products and Services for the Open Internet: The DAO is dedicated to building products and services that support seamless user experience and accessibility within the decentralized internet, aiming to deliver long-term value and sustainability for the DAO.

Brandon Davenport, Director of Communications at Hgraph, noted, “The DAO’s commitment to open-source development not only democratizes access but also cultivates a spirit of innovation crucial to redefining the possibilities of an on-chain internet. Hgraph is honored to support Hashgraph Online with our infrastructure.”

Governance Structure and Founding Members

The governance of Hashgraph Online DAO comprises active organizations within the Hedera ecosystem, with founding members who bring diverse expertise and are essential to this initiative.

Founding Members Include:

- Bonzo Finance: A non-custodial lending protocol enabling the lending and borrowing of digital assets.
Builder Labs: A software engineering firm specializing in building on Hedera.
- HashGate: A secure non-custodial payment gateway focused on speed and simplicity.
- HashPack: A leading Hedera wallet facilitating secure access to DeFi, NFTs, and Web3 gaming.
- Hgraph: An engineering firm and mirror node provider supporting enterprises and developers.
- KiloScribe: A solution for on-graph file storage and retrieval, aiding developers and creators.
- LaunchBadge: A technology-focused engineering company.
SentX: A premier NFT marketplace on Hedera.
- Turtlemoon: Innovators in Web3 platforms and applications on Hedera.

To learn more about our members, please visit hashgraphonline.com.
Patches, CEO of Turtlemoon, shared, “Together, we are building the foundation for a new type of on-chain internet—one that prioritizes security, equity, and decentralization.”

Origins of Hashgraph Online

Hashgraph Online’s roots trace back to January 4, 2024, with the creation of HCS-20, the Auditable Points Standard on Hedera. Spearheaded by Turtlemoon, HCS-20 established a novel approach for minting, transferring, and burning points linked to individual accounts. This innovation drove over 18 million transactions on the mainnet. Subsequently, partners KiloScribe, Turtlemoon, SentX, and HashPack developed HCS-1 and HCS-5 on March 5, 2024, further enabling secure on-chain storage and tokenized digital assets, known as “Hashinals,” which generated over 141,000 NFTs and an additional 7.6 million transactions. This progress laid the groundwork for the creation of Hashgraph Online.

Hedera Consensus Service as the Foundation

The Hedera Consensus Service (HCS) is central to Hashgraph Online’s mission, delivering the speed, security, and transparency essential for the millions of transactions the DAO’s standards enable. HCS will remain the backbone as Hashgraph Online works towards a cross-chain internet.

Future Initiatives for Hashgraph Online

The official establishment of Hashgraph Online DAO marks only the beginning. Moving forward, Hashgraph Online DAO aims to:

- Develop and expand standards, maintaining open-source tooling to address new needs.
- Enhance cross-chain data referencing standards to enable fully functioning HashSites and create pioneering products such as a Bitcoin Browser.
- Progress toward the launch of the Hashgraph Online Token.

May Chan, CEO of HashPack, commented, “Hashgraph Online is rooted in open collaboration across the ecosystem, driving advancements in Hashgraph and Web3 technology.”

Join the Movement

Organizations, developers, and enthusiasts are invited to join in building a fully on-chain internet. For those interested in contributing or learning more, please visit hashgraphonline.com.