Helium appears to be a blockchain-based startup with a similar use case but a different strategy.
Helium is a blockchain-based network for IoT devices that connects wireless devices to the network via nodes that act as hotspots. The network is powered by the native token HNT, which is paid out whenever Hotspots transport connection data across the network. Helium is becoming a more significant project as the demand for the Internet of Things grows tremendously with the advancement of technology.
Do you want to learn more about Helium (HNT) but aren’t sure where to start? Do not worry. This article will give you all the information you need to know about the project and prepare you to start trading in the most user-friendly way possible on Bitunivex.
What is Helium?
Helium, also known as HNT, is a blockchain-based decentralized network for the Internet of Things (IoT) devices.
The Helium mainnet, which was launched in July 2019, lets low-powered wireless devices interact with one another and transfer data through its network of nodes.
Hotspots, which are a mix of a wireless gateway and blockchain mining equipment, are used as nodes. Users that run nodes receive HNT, Helium’s native cryptocurrency token, as a result of their efforts.
Helium’s mission since its inception in 2013 has been to prepare IoT connectivity for the future by finding flaws in its present infrastructure.
Mining periods of 30 to 60 minutes are used to unlock rewards, which are distributed in accordance with a changing growth plan.
According to Helium, node owners will earn more HNT at first for building the network infrastructure, but it will be more beneficial to transport device data later on. This token distribution adjustment method is planned to endure for about 20 years.
There are 48,712,218 HNT in circulation as of the beginning of October 2020. The token’s quantity was 0 at the time of its debut, and there was no pre-mine.
Helium: roots and history
Helium was founded in 2013 by three co-founders: Amir Haleem, Shawn Fanning, and Sean Carey.
Haleem has a background in eSports and game creation. Fanning, on the other hand, is most known for creating Napster, a music-sharing service that became one of the first widespread peer-to-peer (P2P) internet services in the late 1990s.
Prior to Helium, Carey worked in a variety of development jobs, including at an advertising optimization startup Where which was bought by PayPal.
Helium’s staff now includes employees with expertise in “radio and hardware, manufacturing, distributed systems, peer-to-peer and blockchain technologies,” according to the founders.
How does Helium work?
Helium intends to build a secure, decentralized, and worldwide network for IoT devices that is powered by the HNT community. The network is made up of nodes, or hotspots, which are managed by node operators who are HNT holders. Users are rewarded for participating in the network’s functioning by hosting Hotspots and maintaining nodes.
IoT devices are already supported via WiFi. Supporting as many devices as possible, however, raises privacy problems. Helium tackles this problem with a decentralized architecture and consensus process that provides 200 times more coverage than a WiFi connection with IoT.
Proof of Coverage is the network’s consensus method, and it is also in charge of paying incentives to HNT holders and node operators. To set up Hotspots, users must acquire a mining gear from the Helium website. By joining the network, miners generate radio frequencies, while the Proof of Coverage method verifies Hotspot sites.
Participants in the network can play one of three roles that are critical to the network’s operation: Challenger, Transmitter, or Witness. The system’s benefits are also determined by the role played in the Hotspot network.
Why choose Helium?
Helium intends to increase the wireless Internet of Things (IoT) devices’ communication capability. In 2013, IoT infrastructure was still in its adolescence, but developers sought to add decentralization to their solution; therefore, the official literature referred to it as “The People’s Network.”
Its primary target audience will be device owners and IoT enthusiasts, with financial incentives offering additional outreach opportunities.
Nodes in the network can buy or develop their own Hotspots, which are a mix of a wireless gateway and a miner. Each hotspot delivers network coverage within a specific radius while also mining HNT, Helium’s native coin.
Helium’s worth is defined by its utility, technical capabilities, project relevance, and technology. Helium’s innate worth is viewed primarily through the lens of its utility and technology. However, because of the volatility of the cryptocurrency market, the intrinsic value and market value of HNT frequently diverge.
Helium’s market value can fluctuate dramatically from one moment to the next, based on a variety of circumstances. The market value of HNT is also susceptible to market volatility and, at times, unanticipated trend reversals, which is why the project’s real-life worth differs from its market price.
