What is the Future of Helium in this guide? We will answer questions such as who created it, what is its features and project.
Helium is a blockchain network that leverages a decentralized global Hotspot network, which are devices that double as network miners and wireless access points to initially provide long-range connectivity to Internet of Things (IoT) devices and interconnect anything in the long run. Hotspots can be deployed by anyone and allow individuals to earn Helium’s native HNT coins in exchange for connecting devices. This decentralized, blockchain-based approach allows wireless infrastructure to scale faster and at a fraction of the cost of traditional models.
Introduction to Helium Network
Launched in July 2019, Helium is an open-source blockchain network designed to power Internet of Things (IoT) devices via wireless connectivity. In an effort to create a global, ubiquitous wireless network, individuals are encouraged to host Hotspots, which are nodes that mine HNT to create and secure the network while simultaneously providing connectivity to nearby devices.
With a growing worldwide network of Helium Hotspots, developers and businesses can economically connect a new class of IoT devices that would otherwise be impossible, from remote wildfire or environmental sensors to smart pet collars, scooters and anywhere-tracked bikes.
Hotspots are plug-and-play wireless devices that provide 200 times more connections than Wi-Fi with Helium LongFi, a combination of LoRaWAN wireless protocol and Helium blockchain. Hotspots also act as miners on the Helium blockchain, encouraging everyone to deploy a Hotspot and earn HNT for networking and transferring device data at a fraction of the cost compared to cellular data. Only 50-100 Ports are required to cover an entire city.
Various Helium Ports are available through Helium Community approved third party manufacturers. The demand for hotspots has been quite high in line with the rapid global growth of the Helium crypto community and the ecosystem of developers creating applications to use the Network.
Why would someone want to use Helium Network against traditional internet provider? As a natively decentralized network, Helium is fully encrypted and provides a high degree of security and ubiquitous internet access at a fraction of the cost of traditional cellular data. Users only pay based on actual data usage. The Helium crypto protocol also does not come with the accompanying restrictions and fees that a mobile phone provider might impose, and it does not require users to purchase additional hardware such as a SIM card. To start using the Helium Network, the user simply selects any LoRaWAN compatible sensor and joins their device using the Helium Console.
Proof of Coverage of the Helium Network
The Helium Network uses Proof of Coverage (PoC), a new algorithm of work that rewards users for verifying coverage, thereby proving location and network connectivity. Proof of Scope is built on the Helium Consensus Protocol, which includes the HoneyBadgerBFT multilateral computing consensus protocol.
Participants use Hotspots to participate in building the Network and earn Helium mining rewards through a new incentive model powered by the Helium blockchain. The mining implementation of the Helium Network is accomplished through radio wave technology rather than traditional mining rigs such as GPUs or ASICs, making Hotspots much less energy-intensive than their traditional counterparts.
From time to time, hotspots are given tests to cryptographically prove that they do indeed provide radio coverage in a particular place and at a particular time. These tests are randomly and automatically assigned and passing them earns a Hotspot operator HNT rewards.
Helium Hotspots can also earn HNT by transferring data from nearby devices over Network. The more data transferred, the more rewards are earned.
Hotspots earn HNT in proportion to the value they add to the Helium crypto ecosystem by completing PoC challenges, serving as witnesses for peers’ performance, and transmitting device data, with the biggest HNT rewards being for network data transfers.
Who Are The Founders Of Helium?
Helium’s three co-founders Amir Haleem, Shawn Fanning and Sean Carey started the company in 2013.
Haleem has an active eSports and game development background. Fanning, by contrast, is well known for developing Napster, the music sharing service which 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 now consists of members which the company says have experience in “radio and hardware, manufacturing, distributed systems, peer-to-peer and blockchain technologies.”
How Many Helium (HNT) Coins Are There in Circulation?
- Market Cap: $1,248,705,859 (21 June, 2022)
- Circulating Supply: 120.073.298 HNT
- Total Supply: 223.000.000 HNT
- Max Supply: 223.000.000 HNT
- All Time High: (Nov 12, 2021) $55.22
- All Time Low: (Jun 10, 2020) $0.2534
Helium (HNT) Coin Review and Future
Helium is building a next-generation wireless network with the potential to connect billions of compatible devices around the world. As of July 2021, the Network already hosts more than 88,000 Helium Hotspots in over 8,000 cities worldwide and is adding its second largest wireless network, Helium 5G, in the coming months.
Beyond the growth of hotspots, the Helium ecosystem is rapidly scaling and includes a range of hardware and software solutions. This growing community brings together Hotspot manufacturers, IoT businesses and applications, developers, stakers and more. The Helium Network also includes a number of startups such as D-Web Technologies, which is expanding the Helium crypto ecosystem by deploying Hotspots and implementing sensor solutions for leading businesses across industries.
The Helium Network is making incredible progress in tackling the challenge of IoT connectivity as the number of IoT devices grows exponentially and serves as a blueprint for how the entire wireless infrastructure of the future can be built.
What is the Future of Helium in this guide? We answered the questions of who created it and how it works. Keep following us.
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