The Helium token serves as the main cryptocurrency and utility token for the network.
Helium (HNT) is a blockchain and cryptocurrency developed especially to enable the Internet of Things (IoT) devices. Users can earn prizes by providing a connection or submitting data that has been verified on the site. The project aimed to create a peer-to-peer wireless network that would make connecting anything to the internet easier by paying anyone participating in the network as an operator. In its current state, the platform contains hundreds of devices that are ready to use, strong integrations, and powerful development tools. Therefore, it is considered as one of the most effective IoT-based networks available on the market.
Insight
To determine the value of a crypto asset, the project team must add all the hours of labor, time, and effort that have been used in it for their vision to become a reality. If a coin has been around for a long time and has many dedicated supporters, it can be an excellent investment to keep for the long haul. Even so, it is much more essential to determine whether a specific job is worth the time and effort utilized in the first place.
The blockchain has made it possible to decentralize a variety of different applications. One of which is the decentralization of wireless networks, which is both interesting and challenging.
You may be interested in knowing more about the Helium Network, which is growing quickly. It may offer you a way of mining cryptocurrencies without having to invest in a power-hungry and expensive server. Although there is a worldwide chip shortage, there are still ways to get some of the best miners for Helium.
According to the manufacturer, the technology also promises to be inexpensive, allowing millions of gadgets, chipsets, sensors, and microcontrollers to be connected wirelessly for a single cent each year.
We will take a deeper look at the Helium Network, but first, let us know who are the masterminds behind it.
Who Were the Inventors of Helium?
Launched in 2013, Helium was founded by Amir Haleem, Sean Carey, and Shawn Fanning.
Haleem has a background in eSports as well as game development. On the other hand, Fanning is most recognized for his role in creating the Napster music sharing service. This music-sharing service was one of the first widely used P2P (peer-to-peer) internet connections when it launched in the late 1990s.
Before Helium, Carey worked in various development positions, most notably at “Where,” an advertising optimization company that PayPal later purchased.
According to the business, Helium’s staff presently consists of people with expertise in peer-to-peer manufacturing, distributed systems, radio and hardware, and blockchain technologies.
Now that we know about the inventors, let us know about the Helium (HNT).
Helium (HNT)
LoRaWAN-enabled Internet of Things (IoT) devices can be connected to the Helium Network, which is a dispersed and global long-range wireless network that offers coverage for these devices. Hotspots that provide coverage to the public network are rewarded with HNT (Helium Network Token), a totally new cryptocurrency.
The network is linked to the Helium blockchain, which incentivizes Hotspot operators to participate in the network. Despite being in existence only for a little more than two years, the blockchain and Helium Network have amassed more than 25,000 international Hotspots, making it the world’s biggest LoRaWAN network by a significant margin.
The Proof of Coverage consensus method is a kind of consensus technique. The blockchain technology developed by Helium is a new method of reaching an agreement (PoC). According to the official website, the blockchain’s “mainnet” was released on July 29, 2019.
Since then, it has expanded significantly, especially in Western Europe, North America, and other parts of the world, among others. Helium is a blockchain-based system that manages the world’s biggest LoRaWAN network and rewards users using hotspot incentives in the form of HNT tokens. Users who utilize the network are rewarded with HNT tokens.
Now, you might think, what is LoRaWAN! Do not worry. We are going to explain it right now!
LoRaWAN
LoRaWAN is a P2MP (point-to-multipoint) networking protocol that communicates with other devices by using the LoRa modulation method developed by Semtech. To understand how radio waves interact with LoRaWAN gateways to accomplish tasks such as encryption and identification, it is necessary to understand how one radio wave interacts with another. A cloud component is also incorporated, and it can be accessed via different gateways.
Proof Of Coverage (POC)
Helium’s new algorithm is called Proof of Coverage. It validates that the network’s Hotspots are located where they claim to be and that the Hotspot’s wireless coverage accurately represents the network.
The capacity of Helium to consistently provide wireless network coverage to the network’s connected devices is critical to the company’s future success. This required the creation of a workable algorithm that was specifically suited to the use of that particular case. In addition, by using the unique features of radiofrequency, the blockchain and the Helium network may offer proofs relevant to the network and its users by the use of a technique known as Proof of Coverage. The blockchain is, and will transform the digital marketing industry using these types of innovations.
Challenges
Other nearby hotspots often perform Proof of Coverage tests to verify that a hotspot is located where it claims to be and can deliver data to the network. These difficulties reflect the amount of effort needed for the network to agree on new transactions in the blockchain’s blocks. Additionally, they are the primary way for miners to earn HNT. In any challenge, three roles are involved: the challengee, the challenger, and the witnesses.
Conclusion
Cryptocurrencies are redefining the business finance landscape. The Helium (HNT) idea brings together two of the most significant technological breakthroughs of our time. When it comes to security and quick consensus, blockchain is a great match for the monitoring capabilities and expandability of the Internet of Things (IoT). As a result, you should expect to see more companies attempting to integrate these technologies together in the future. However, for the time being, Helium (HNT) continues to be a market-leading innovator.
