What is Helium (HNT)?
Helium (HNT) is a decentralized blockchain-based network for Internet of Things (IoT) devices.
While the system distributes data over the network nodes, helium technology makes communication between the devices possible.
In the Helium system, the network’s nodes are called Hotspots. The Hotspots use LoRaWAN to provide public network coverage.
Platforms like Helium can connect to the cloud component of LoRaWAN, a media access control layer protocol.
Since its founding in 2013, Helium has worked to uncover shortcomings in the current infrastructure to prepare IoT communication for the future.
Who Are the Founders of Helium?
Amir Haleem, Shawn Fanning, and Sean Carey, Helium’s three co-founders, founded the company in 2013.
From 2015 to 2019, the initiative received more than $53 million in four different funding rounds.
2019 saw the network’s official launch to resolve typical IoT challenges, including privacy.
What Makes Helium Unique?
Aside from IOTA (MIOTA), a blockchain project that uses the Tangle network and so-called “blockless” technology to connect devices to the IoT, Helium is one of the few blockchain initiatives that deal with the Internet of Things.
The Proof of Coverage technique highlights Helium’s distinction as a project devoted to enhancing the Internet of Things.
The PoC mechanism was developed especially for the Helium network.
The HoneyBadger Byzantine Fault Tolerance protocol is the foundation for the consensus process, enabling the network nodes to agree despite varying connection rates.
In addition to the native currency HNT, Helium also uses Data Credits, a non-exchangeable token that users can use to pay transaction fees.
How Many HNT is in Circulation?
It has a maximum supply of 223,000,000 HNT coins and a circulating circulation of 140,881,021.
The maximum quantity of Helium is limited, whereas there are no pre-mined HNT tokens.
With a Burn-and-Mint Equilibrium token scheme, the fresh HNT mined to reward Hotspots is balanced against the burned HNT to produce Data Credits.
The supply never reaches 223 million due to the declining inflation rate.
How is the Helium Network Secured?
Proof-of-coverage (PoC), a proprietary consensus technique used by Helium, pays users for participating in mining (validating transactions) and maintaining stability.
PoC is built on the HoneyBadger BFT protocol, explicitly created for node communication under unpredictable conditions.
According to Helium, the most likely attack vector targets node operators via Hotspots’ inbound ports.
To help users with private key security, the platform’s wallet leverages asymmetric keys for token holders.
How Can Crypto Investors Use Helium (HNT)?
Helium is used to quickly and effectively link devices on the Internet of Things by utilizing low power.
Moreover, Helium supports HNT mining and staking, allowing users to profit from their network participation.
Users can purchase unique mining equipment from the official Helium website and start using Helium as Hotspot node providers to earn incentives for their participation.
The prizes are given out in HNT. HNT can be exchanged for non-exchangeable Data Credits on the cryptocurrency market.
Where to Buy HNT?
As of October 2020, HNT is a marketable token expanding across major exchanges. Major pairs, including USD and stablecoins like Tether (USDT), are traded on Binance and FTX.
- How does HNT Helium mining work?
Installing a small gadget on your window at home or work will enable you to mine HNT.
By employing Helium LongFi, hotspots extend the wireless network coverage for millions of nearby devices over miles, and you are compensated in HNT for doing so.
- Is investing in Helium crypto a smart decision?
For various reasons, investing in the cryptocurrency Helium might be a sensible idea.
As there is a finite amount of HNT, a deflationary currency, there will be a rising demand for HNT-based goods and services.