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What Is Helium?
The idea behind Helium is revolutionary and simple - provide peer-to-peer WiFi network access to IoT devices with limited demand for internet power, e.g., monitoring wearables or e-bike trackers. For that purpose, the startup launched special hotspots on the market with a price tag of $495 per piece.
Regular WiFi hotspots have a small coverage range and are independent from each other, making them less practical and electronic gadgets dependent on a connection at all times. But Helium's solution is different - their product can provide stable internet access for miles away, all thanks to the global united network and their very own "LongFi" protocol. Helium Hotspot is based on a blockchain that uses the "Proof of Coverage (PoC)" algorithm to verify device location. The gadget itself is similar to mining equipment - they run and secure the entire network infrastructure and are responsible for transferring data. In return, the owners get a reward in the form of cryptocurrency Helium (HNT).
Pros and Cons of Helium
Pros and cons of Helium (HNT) crypto
Helium Hotspot is an exciting piece of technology. What makes it more exciting is the opportunity to be part of the team and help others see the benefits of this futuristic concept. However, if you are a miner, you might be a little bit disappointed - Helium Hostposts were only available in Austin, Texas for purchase and are now sold out. To buy one, you have to join a very long waiting list and be prepared to wait for months for a chance to buy a piece.
Furthermore, the product is relatively expensive - for some, $495 might sound like a lot to pay upfront. But those who became the lucky owners are already enjoying rewards. With the right antenna, some claim to mine around 10 HNT per day.
However, if you are a trader or hodler, you are in luck, as HNT is available for purchase on several crypto trading platforms. If you are looking for a long-term investment, HNT might be the right choice - just in 6 months, the price of a single coin rose from around $1 to $13 and continues to grow. The current market cap of HNT is $1,106,168,682.
For the fans of staking, there is also an option. You can become the validator and host a validator node. The startup promises very attractive APRs, but to join in, you must have at least 10,000 HNT.
Where to Buy Helium?
If you are not the owner of Helium Hotspots but wish to buy some HNT, you can purchase the coins on several cryptocurrency exchanges. Binance and Binance US or less known BKEX, Bilaxy and FTX support Helium cryptocurrency in their ecosystems.
Storing HNT: Best Helium Wallets
There are tons of cryptocurrency wallet options available on the market, and anyone can find their favorite. But when it comes to Helium, you have a range of tailor-made solutions that not only store your funds but also preserve ownership of hotspots and Data Credits (DC).
The most straightforward option is an app wallet. If you are an Android or iOS user, you can download one from an app store. The application allows the owner to send and receive HNT and manage their hotspots. However, if you are looking for a more flexible solution, Helium's Command Line Interface Wallet might be a better fit.
Command Line Interface Wallet
The Helium Command Line Interface (CLI) wallet offers more control over inbound and outbound transfers. There, you can also manage the end-users and OUIs. However, this option is best suited for tech-savvy users, as it might be challenging to understand it initially.
For those looking for the top of the line security, the Helium Ledger Wallet is the best variant out of all three. However, while it provides an outstanding safety of your Helium coins, it can only receive and send HNT coins at the moment.
Helium has an exciting concept and a well-defined purpose behind its technology. With the potential to revolutionize the ways low-powered IoT devices receive data, it has all the chances to decentralize internet access and provide it at the lowest rates in the most efficient manner. However, the actual solution is in the early stages of development, and it will take some time to see its true power.
If you wish to support the efforts and get rewards for your involvement, you can buy Helium Hotspot or purchase HNT coins.