Hedera Hashgraph investors have filed a petition calling on the network’s developers to restore the price of its native token HBAR which has continued depreciating.
Publicly launched in March 2018, Hedera Hashgraph is a cryptocurrency network and distributed ledger technology (DLT) that aims to be an alternative to traditional blockchain technology, offering fast and secure transactions with a fair and immutable ledger.
Hedera differentiates itself from other platforms with the use of a new consensus algorithm called hashgraph that uses the gossip protocol to send information between network nodes and come to a consensus on transactions.
Angry Holders File Petition to Developers
Frustrated about the current value of HBAR, holders filed a petition to Hedera Hashgraph and other affiliated organizations on the platform change.com asking them to restore the value of the asset.
Leading the petition is Tatsuaki Okamoto, an investor who expressed his disappointment about the value of HBAR despite significant investment and having one of the best technologies.
According to the petition, many of the holders made significant investments in the network mainly due to the trust in it being governed by multinational enterprises such as Google, Boeing, IBM, and others. However, instead of seeing their investments increase or even maintain their value, they have witnessed a continued depreciation of the asset.
The holders mentioned that if the depreciation of their investments was due to the volatile nature of cryptocurrencies, they would not have filed the petition. However, the crypto market recovered significantly over the last year while HBAR has been depreciating.
According to the holders, research conducted with open-source intelligence methods and tools shows that the asset depreciated mainly because of the actions of Hedera Hashgraph LLC., governed by 30 multinationals.
The holders claim that these entities and affiliated individuals have inflated the circulating supply of HBAR through token releases and sales, approved by the governing council directly, or indirectly whilst also reducing the native value of the asset itself by significantly cutting down staking rewards.
HBAR Holders Give Developers Action Plans
In the petition, HBAR investors listed several action plans for the network developers to implement to restore the value of the asset.
These include increasing transparency in their decision-making processes, halting further depreciation by stopping inflationary practices through different shell entities, taking steps towards increasing the value of the asset, reconsidering token allocations, and limiting executive compensation via HBAR.