Exchange Helium (HNT)

Helium (HNT) is a cryptocurrency and blockchain project that focuses on creating a decentralized wireless network for the Internet of Things (IoT). The network is designed to provide low-power, long-range connectivity for IoT devices, allowing them to communicate with each other and with the internet without the need for traditional Wi-Fi or cellular networks.

The Helium network was founded by Amir Haleem, Shawn Fanning, and Sean Carey. Amir Haleem is the CEO of Helium, and Shawn Fanning is best known as the co-founder of Napster. The project was officially launched in July 2019.

Amir Haleem and Shawn Fanning envisioned a decentralized wireless network for the Internet of Things (IoT), and they founded Helium to bring this vision to reality. They aimed to create a network that would be community-driven and could provide low-cost, long-range connectivity for IoT devices.

The primary target audience for the Helium network includes developers and users of Internet of Things (IoT) devices. These could range from small, low-power sensors to more complex IoT devices used in various industries. The network offers a decentralized and cost-effective wireless infrastructure for connecting IoT devices over long distances, making it attractive for IoT applications.

The company successfully secured funding through three rounds of venture capital:

• Series A Funding:
• Raised $16 million, led by Khosla Ventures, and saw participation from FirstMark Capital, Digital Garage, Marc Benioff, SV Angel, and Slow Ventures.
• Series B Funding:
• Secured $20 million in funding, led by GV (formerly Google Ventures), and included participation from Khosla Ventures, FirstMark, and Munich RE/Hartford Steam Boiler Ventures.
• Series C Funding:
• Obtained $15 million in funding, with Union Square Ventures, Fred Wilson, and Multicoin Capital participating in this round.

The Helium network utilizes a unique blockchain-based infrastructure, and its native cryptocurrency is called Helium (HNT). Participants in the network can earn HNT by deploying and maintaining hotspots, which are physical devices that facilitate the functioning of the Helium network by providing wireless coverage and relaying data for IoT devices.

The Helium network is often referred to as the "People's Network" due to its decentralized and community-driven nature. The term emphasizes the idea that individuals, rather than large corporations or centralized entities, play a crucial role in building and expanding the network.

The "People's Network" concept reflects the way in which anyone can participate in the Helium network by deploying hotspots, which are physical devices that enable wireless coverage and support the functionality of the network. Participants, often referred to as "Hotspot Hosts," can earn rewards in Helium's native cryptocurrency, HNT, for their contributions to the network, such as providing coverage for IoT devices and relaying data

This decentralized approach stands in contrast to traditional wireless networks, which are typically owned and operated by telecommunications companies. By empowering individuals to contribute to the network, Helium aims to create a more inclusive and globally distributed wireless infrastructure for the Internet of Things (IoT).

The "People's Network" branding underscores the community-driven nature of Helium, where users collectively contribute to the growth and maintenance of the network. It aligns with the broader ethos of decentralized technologies and blockchain networks, where power and decision-making are distributed among a network of participants rather than concentrated in a central authority.

Helium uses a unique consensus algorithm called Proof-of-Coverage (PoC) to incentivize network participants to deploy and maintain hotspots, which are physical devices that provide wireless coverage for the Helium network. Hotspot operators are rewarded with HNT tokens for their contributions to the network, such as providing coverage and relaying data for IoT devices.

One of the key features of Helium is its use of a decentralized and community-driven approach to building and expanding the network. Instead of relying on a central authority, the Helium network is maintained by a distributed community of users who operate hotspots and earn rewards in HNT for their participation.

Hotspots are physical devices that act as the infrastructure for the Helium network. They use a combination of radio frequency (RF) technology (specifically, LoRaWAN or Long Range Wide Area Network) and blockchain to provide wireless coverage. PoC (Proof-of-Coverage) involves sending and receiving encrypted data packets between hotspots, and these proofs are recorded on the Helium blockchain to validate the coverage.

The Helium network is designed to offer low-power, long-range connectivity, making it well-suited for IoT devices. IoT devices equipped with LoRaWAN communication capabilities can connect to Helium hotspots, allowing them to transmit data over long distances with minimal power consumption

Helium's IoT network can be used for a variety of applications, such as smart cities, agriculture, logistics, and industrial IoT. Examples include tracking assets in real-time, monitoring environmental conditions, and creating smart infrastructure.

In April 2023, Helium completed its transition to the Solana blockchain, a move aimed at delivering faster transaction speeds, improved scalability, and enhanced reliability.

The migration from Helium's original blockchain to Solana was successfully executed within a 24-hour timeframe. This strategic shift, announced in 2022, was expected to provide the Helium community with increased resources for the management of its wireless networks.

As a result of this transition, Helium has emerged as the largest LoRaWAN network globally, boasting nearly 1 million deployed hotspots and offering coverage in over 77,000 towns and cities across 192 countries.

Furthermore, the Helium 5G network, utilizing unlicensed CBRS, has rapidly deployed more than 8,000 radios within a year. FreedomFi, which sells Helium 5G hotspots as gateways, became part of Nova Labs through an acquisition completed last year.

Helium (HNT) is the native cryptocurrency of the Helium network. HNT is used as the native cryptocurrency within the Helium network. It serves as a reward mechanism for participants who contribute to the network, specifically for hotspot operators.

Hotspot operators earn HNT as rewards for providing wireless coverage, proving coverage through the Proof-of-Coverage (PoC) algorithm, and relaying data on the network. The amount of HNT earned is influenced by factors such as the quality of coverage, the density of hotspots in an area, and the overall health of the network.

HNT can be staked by hotspot operators to participate in the decentralized governance of the Helium network. Staking HNT allows participants to vote on proposals and decisions related to the network's development and protocol upgrades.

The total supply of the HNT is 223,000,000 HNT, and as of November 21, the circulating supply is 143,934,821 HNT

Helium has a set issuance schedule for HNT. Initially, HNT tokens were distributed to participants through a process called "Proof-of-Coverage Mining," and over time, as the network matures, the issuance mechanism may evolve.

The Helium network has gained attention for its innovative approach to creating a global, decentralized wireless infrastructure for the growing number of IoT devices. It allows for the creation of a more cost-effective and scalable network compared to traditional cellular or Wi-Fi networks, making it attractive for IoT applications in various industries.

The Average Fees for Helium

Following the transition to the Solana blockchain in April 2023, Helium has adopted the fee structure of the Solana network. According to information from prominent Solana explorers, typical transaction fees on the Solana network now range between $0.0001 and $0.0003. This move is anticipated to provide users with cost-effective transaction processing within the Helium ecosystem, aligning with the fee dynamics observed on the Solana blockchain.

The HNT Token Wallets 

The HNT tokens can be stored in many available crypto wallets, including Uphold Wallet, Ledger Nano S/X, Trezor, Trust Wallet, Helium Wallet App, Phantom Wallet, Solflare Wallet, Math Wallet, Coin98, TockenPoket, SimpleHold Wallet, etc.