Investors in Hedera Hashgraph have launched a petition calling on the network’s developers to restore the price of its native token HBAR, which continues to lose value.

Publicly launched in March 2018, Sidra Hashgraph is a cryptocurrency network and distributed ledger technology (DLT) that aims to be an alternative to traditional blockchain technology, providing fast and secure transactions and having Impartial and immutable ledger.

Hidra differentiates itself from other platforms by using a new consensus algorithm called Hashgraph, which uses a gossip protocol to send information between network nodes and reach consensus on transactions.

Angry holders launch petition to developers

Dissatisfied with the current value of HBAR, holders launched a petition to Sidra Hashgraph and other associated organizations asking them to restore the value of the asset.

Leading this petition is investor Tatsuaki Okamoto, who is disappointed with HBAR's value despite significant investment and one of the best technologies available.

According to the petition, many holders have made significant investments in the network primarily because they believe it is managed by multinational corporations such as Google, Boeing, and IBM. However, instead of seeing their investment grow or even maintain its value, they witness the asset's continued depreciation.

Holders mentioned that they would not initiate a petition if the devaluation of their investments was due to the volatility of the cryptocurrency. However, while the crypto market has recovered significantly over the past year, HBAR has been losing value.

The holder claims that research conducted through open source intelligence methods and tools revealed that the devaluation of the asset was caused primarily by actions managed by Hidra Hashgraph LLC, as well as by 30 multinational companies.

Holders allege that these entities and affiliated individuals increased the circulating supply of HBAR through token releases and sales, approved directly or indirectly by the Board of Governors, while reducing the value of the asset itself by significantly slashing staking rewards.

HBAR holders provide developer action plan

In the petition, HBAR investors outline several action plans for web developers to implement to restore the asset’s value.

These include increasing transparency in the decision-making process, reducing further devaluation through different shell entities by halting inflationary practices, taking steps to increase the value of assets, rethinking token allocations, and limiting execution remuneration through HBAR.

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