Helium
The Helium Network is a decentralized wireless network that allows you to connect to the Internet and determine your location wirelessly from anywhere in the world without the need for power-hungry satellite positioning equipment or expensive cellular data plans. The network consists of hotspots that provide public network coverage, in return remunerated by Helium's own cryptocurrency, HNT. The network also integrates with the Helium blockchain to provide incentives for hotspot launches.
Helium is a globally distributed network of access points that provides public long-distance wireless coverage for IoT devices. LoRaWAN is a low-power wide-area network (LPWA) networking protocol designed to wirelessly connect devices to the Internet as an alternative to cellular technology. LoRa operates in the sub-GHz band internationally reserved for industrial, scientific, and medical (ISM) use and does not require a license.
Helium was founded in 2013 by Amir Haleem, Shawn Fanning, and Sean Carey with the aim of reviving a peer-to-peer network model similar to Napster (founded by Shawn) without legal issues and high competition from traditional actors. Of the three, only Amir remains at Helium and serves as CEO. Amir has previously served as the CTO of launching a video game. He was also one of the first planners of the Battlefield 1942 program at DICE.
One of the biggest challenges LoRaWAn operators face is the cost of building a network, which takes a lot of money and time to find the most popular locations on buildings and roadblocks. The typical user model is heavy capex and imports the necessary opex to maintain the network.
Helium solved this problem by encouraging people to build a portable, wireless network divided by the world. Instead of building the network itself, Helium pays people with HNT (cryptocurrency) to build and run the network. The hotspot owner pays for capex (low-cost hardware), operates rent-free (at home), and takes care of the network (no operating costs).
This decentralized, blockchain-based approach allows wireless infrastructure to grow faster and at a fraction of the cost of traditional models. In short, Helium is a blockchain-based solution for building the world's largest wireless network.
Proof of Coverage: Proof of Coverage is a new algorithm for Helium network compatibility. It checks and verifies whether Hotspots are present when they claim to be present (local proof) and whether they are operating reliably on the specified list. Proof of coverage serves as a rewarding system that can be detected in a helium test.
HoneyBadger BFT: HoneyBadger BFT is a consensus mechanism that enables a set of selected nodes to achieve consistency in the presence of unreliable or error nodes. Selected hotspots receive encrypted transactions that are then processed by hotspots in an orderly manner. Once completed, the transaction is added to the new block in the blockchain.
The HNT token has the following use cases:
· Mining Rewards: Hotspots gain HNT by building and protecting network infrastructure and transferring device data.
· Payment for network services: The HNT token can be used to generate Data Credits, which are responsible for paying for network services.
DATE | NEWS/EVENTS | IMPACT |
01/09/2022 | Helium developers propose ditching own blockchain for Solana | -35% Decrease
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15/01/2022 | Large volatility across the crypto market led to a reduction in mostly cryptocurrencies | -33% Decrease |
17/12/2021 | Helium tells about 400,000 new Helium hotspots activated last 30 days | +28% Increase |
26/10/2021 | Helium’s partnership with Dish Network keeps investors excited | +100% Increase |
Helium is a unique blockchain project that aims to spread wireless networks around the world. In addition, it is one of the best sources of income that requires the least amount of effort.
Although the benefits are great, the future can be challenging. Helium will face stiff competition from Starlink and Amazon Sidewalk. They can come up with their own rewarding program better than Helium and may even prevent its growth.
Moreover, traditional players will not allow market share to slip so easily. Companies like AT&T will partner with or build their own Helium network, only time will tell. In the meantime, the future looks bright and prosperous with Helium Inc.
This project has much potential that can turn it into a great business giant. Technically, the project is set to explode, and the growing demand proves that. Helium is one of the projects you should look at.
