Helium Price Prediction: Is There a Future for HNT?

Helium is a decentralized wireless network designed to enable Internet of Things (IoT) devices to communicate with each other and connect to the Internet. The HNT token serves as the native cryptocurrency of the Helium network and is used for various purposes within the ecosystem.

Helium (HNT) was founded by Amir Haleem, Shawn Fanning, and Sean Carey. The project officially launched in July 2019. Amir Haleem serves as the CEO of Helium. Before Helium, he co-founded the on-demand video platform called Napster, and he has a background in software development and entrepreneurship.

Best known for co-founding Napster, Fanning is also one of the co-founders of Helium. He has been involved in various technology ventures throughout his career. Sean Carey, one of the co-founders of Helium, has experience in the technology and startup space.

Helium was created with the vision of building a decentralized, community-driven wireless network for the Internet of Things (IoT). The founders aimed to address issues related to the cost and scalability of providing wireless connectivity for IoT devices. They envisioned a network where individuals could participate by deploying Helium Hotspots, which act as both wireless access points and miners.

Hotspots are physical devices that serve as both wireless access points and miners on the Helium network. They communicate with IoT devices and other Hotspots to establish network coverage. Hotspot owners are rewarded with HNT for contributing to network coverage.

Helium operates on its own blockchain, which is designed to support the requirements of the IoT ecosystem. The blockchain facilitates the recording of transactions, manages the issuance of HNT tokens, and secures the network through cryptographic techniques.

The Helium network uses a unique consensus mechanism called Proof-of-Coverage (PoC). Hotspot owners are rewarded with HNT tokens for providing wireless coverage and validating transactions on the network. This approach incentivizes the expansion of the network and the creation of a global, cost-effective infrastructure for IoT communication.

The following component is the proof of location. Comparable to PoC, the Helium network describes a mechanism utilizing WHIP to decipher the precise geographical location of a device without the necessity for power-intensive and costly satellite location hardware. Devices are capable of asserting immutable, secure, and verifiable information regarding their location at a specific time, with the blockchain serving as a record-keeping platform for such claims.

WHIP stands for Wireless Hardware Interface Protocol, a standards-compliant, open-source wireless network protocol designed for low-power devices across expansive areas. It seamlessly operates on prevalent radio chips available from numerous manufacturers, devoid of any proprietary technologies or modulation schemas.

Another integral aspect is Helium DWN - Helium Decentralized Wire Network. This facilitates wireless internet access for devices through multiple independent miners. DWN also stipulates adherence to the Helium network and WHIP specifications by all participants on the network.

The Helium blockchain uses a unique structure called a Consensus Group. Each Consensus Group is responsible for producing a block on the blockchain. It consists of a set of Hotspots that have been selected based on their recent Proof-of-Coverage performance.

Helium utilizes HoneyBadgerBFT, a derivative of Byzantine Fault Tolerance (BFT). In essence, BFT is a consensus mechanism ensuring the continued operation of a distributed network even when certain nodes fail to respond or behave maliciously.

The Helium network aims to create a global, decentralized, and more cost-effective wireless infrastructure by incentivizing individuals to set up and maintain Hotspots. These Hotspots use LongFi technology to provide low-power, long-range wireless connectivity. LongFi technology combines the benefits of Long Range (LoRa) wireless technology with the Helium blockchain. 

The network is designed to support IoT devices and applications that require wireless connectivity but may not have access to traditional cellular networks. Examples include smart devices, sensors, and other IoT applications.

HNT is used within the Helium ecosystem for various purposes, including staking to participate in the network, earning rewards for providing coverage, and facilitating transactions within the network.

The max supply of the HNT tokens is capped at 158,930,380 HNT, and as of December 19, 2023, the circulating supply is 158,930,380 HNT.

Helium emphasizes community involvement and decentralization. The network is powered by individuals who deploy and operate Hotspots, and the Helium community plays a crucial role in the growth and development of the ecosystem.

Similar to Bitcoin Improvement Proposals (BIPs) and Ethereum Improvement Proposals (EIPs), Helium has its own improvement proposal system known as Helium Improvement Proposals (HIPs). These are proposals for changes to the Helium blockchain protocol, network, or client software.

HNT tokens can be stored in compatible cryptocurrency wallets, and they can be traded on various cryptocurrency exchanges. Users can manage their HNT holdings through these wallets and participate in the broader cryptocurrency ecosystem.

According to the recent crypto news Helium is experiencing rapid growth, evident from platform data indicating a global presence of over 363,000 hotspots. The upward trajectory is likely to persist, especially with the potential for further growth as the price of the HNT token continues to rise.

Helium has recently broadened its ecosystem by introducing Helium Mobile, a cost-effective solution priced at just $20 per month in the US. This allows users to access data, talk, and text at a significantly lower cost compared to the current average monthly expenditure of $157. Notably, users have the added benefit of earning cryptocurrency while utilizing the service