[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"eddc977b-2e50-44c6-a05c-270b07f4e520","updated_at":"2022-07-12T12:36:00+00:00","account":{"firstName":"Akash","lastName":"Kashyap"},"description":"Currently, only a small number of cryptocurrencies are tapping into the new sector of Internet of Things market. There are a lot of popular blockless platforms that connect devices with IoT, but Helium emerges as a blockchain-based project with a different approach. Let’s take a deep dive into Helium blockchain network!","sapo":"Currently, only a small number of cryptocurrencies are tapping into the new sector of Internet of Things market. There are a lot of popular blockless platforms that connect devices with IoT, but Helium emerges as a blockchain-based project with a different approach. Let’s take a deep dive into Helium blockchain network!","title":"Is there a future for Helium (HNT)? ","content":"

Introduction to Helium

Helium is a blockchain-based wireless network that connects IoT devices.

The network runs on proof-of-coverage, a new consensus algorithm based on the HoneyBadger BFT protocol which allows nodes in a network to reach consensus when connection quality is highly variable.

Nodes come in the form of so-called Hotspots. These Hotspots are similar to an internet router that users can plug into an outlet and earn Helium’s native token, HNT, which is tradable on exchanges for real-world money.

HNT token was created to meet the needs of two primary parties in the Helium blockchain ecosystem:

Hotspot hosts and network operators: Hosts mine HNT while deploying and maintaining network coverage.
Enterprises and developers: Use the Helium Network to connect devices and develop IoT applications. Data Credits, a $USD-pegged utility token produced from HNT in a burn transaction, are used to pay transaction fees for wireless data transmissions on the network (in addition to things like adding Hotspots and sending).

About HNT token

Helium (HNT) is widely known as the native cryptocurrency of Helium blockchain.

HNT token has two major functions:

Mining reward: Hotspots earn HNT token for building and securing network infrastructure and transferring device data.
Payment for network service: HNT can be used to create Data Credits, which are used to pay service fees.

How Helium works

By hosting Hotspots and managing nodes within Helium ecosystem, users are incentivized for their participation in the network’s functionality.

By employing a decentralized architecture and consensus mechanism, Helium resolves privacy problems and provides a network with 200 times more coverage than a WiFi connection for the Internet of Things.

The consensus mechanism that the Helium network runs on is called Proof of Coverage, and is also responsible for distributing rewards to HNT holders and node operators. To create Hotspots, users must acquire a mining device from the Helium website. Miners produce radio frequencies by connecting to the network, while the Proof of Coverage mechanism validates Hotspot locations.

Network participants can have one of the three roles crucial to the network’s functionality: Challenger, Transmitter, and Witness. They will receive the reward based on their roles within the network.

Features of Helium

Helium's Technology allows anyone to build out massive, cost-effective wireless infrastructures in an entirely new business model that benefits everyone.

Helium Hotspot: A low-cost hardware device that serves as both a Helium miner and a wireless gateway for Helium.
The Proof of Coverage consensus mechanism: Uses the perks of radio frequencies to generate proof that is meaningful to the Helium Network.
LongFi: The combination of the Helium blockchain and LoRaWAN wireless protocol

Who is behind Helium?

Helium was founded in 2013 by Shawn Fanning, Amir Haleem, and Sean Carey. The company is based in San Francisco, California.

Haleem has an active eSports and game development background, while Fanning is well known for developing Napster. This is a music sharing service that was one of the first mainstream peer-to-peer (P2P) internet services in the late 1990s.

Carey meanwhile held multiple development roles prior to Helium, which included advertising optimization firm Where, acquired by PayPal.

Helium’s team are experts who have experience in “radio and hardware, manufacturing, distributed systems, peer-to-peer and blockchain technologies.”

Outlook on Helium

Helium is one of the more distinctive cryptocurrency networks. Helium network provides not just a financial medium or a platform for the dApp developers, as many of the projects in this space are, but it brings something new to the table: the vision for a decentralized wireless network.

While the performance in 2021 has been beyond impressive, there is a fact that at the moment the HNT is trading well off its peak valuation at $23.44, down 57.55 percent.

According to experts, with the advancements and upgrades in the Helium

ecosystem, the performance of Helium (HNT) would rise to reach above its new all-time high soon.

Explore all the trending topics and hottest news in the crypto market with our Blogchain.

Meanwhile, play trading game and earn real tokens with CryptoSim - Virtual Trading Game.

","tags":[],"image":{"fileName":"helium-hnt-deep-dive.png"}}]

Is there a future for Helium (HNT)?

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