What Is Helium.com?
Helium.com (HNT) is a decentralized blockchain-powered network for Internet of Things (IoT) devices. Launched in July 2019, the Helium mainnet allows low-powered wireless devices to communicate with each other and send data across its network of nodes. Nodes come in the form of so-called Hotspots, which are a combination of a wireless gateway and a blockchain mining device. Users who operate nodes thus mine and earn rewards in Helium’s native cryptocurrency token, HNT. Helium’s goal is to prepare IoT communication for the future, identifying inadequacies in current infrastructure from its birth in 2013.
Important Points Table Of Helium.com
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Who Are The Founders Of Helium?
Helium.com three co-founders Amir Haleem, Shawn Fanning and Sean Carey started the company in 2013.
Haleem has an active eSports and game development background. Fanning, by contrast, is well known for developing Napster, the music sharing service which was one of the first mainstream peer-to-peer (P2P) internet services in the late 1990s.
Carey meanwhile held multiple development roles prior to Helium, which included advertising optimization firm Where, acquired by PayPal.
Helium’s team now consists of members which the company says have experience in “radio and hardware, manufacturing, distributed systems, peer-to-peer and blockchain technologies.”
What Makes Helium Unique?
Helium.com aims to improve the communication capabilities of wireless Internet of Things (IoT) devices. In 2013, infrastructure around IoT was still in its infancy, but developers wanted to add decentralization to their offering, hence referring to it as “The People’s Network” in official literature.
Its core appeal will be to device owners and those interested in the IoT space, with financial incentives providing further outreach possibilities.
Network participants purchase Hotspots — a combination of a wireless gateway and a miner — or build their own. Each hotspot provides network coverage over a certain radius, and also mines Helium’s native token, HNT.
The network runs on proof-of-coverage, a new consensus algorithm based on the HoneyBadger BFT protocol which allows nodes in a network to reach consensus when connection quality is highly variable.
In addition to HNT, users pay transaction fees in a separate token called Data Credits, which are not exchangeable and tied to individual users themselves.
Start a Wireless Revolution
Powered by the Helium Blockchain, The People’s Network represents a paradigm shift for decentralized wireless infrastructure. The People’s Network is the world’s fastest growing wireless network ever.
A New Way to Mine Crypto
By deploying a simple device in your home or office, you can provide your city with miles of low-power network coverage for billions of devices and earn a new cryptocurrency, HNT.
Massive, Decentralized Connectivity
Hundreds of companies and thousands of developers are already building on The People’s Network, the world’s largest, and fastest growing LoRaWAN network. Thousands of existing solutions, sensors, devices and gateways can be easily configured to run LongFi – a powerful blend of LoRaWAN and blockchain technologies.
The People’s Network is made possible through sophisticated, open-source technologies that aim to create a truly decentralized and trust-less model for building wireless infrastructure.
Tokens & Data Credits
The network uses two units of exchange: HNT, a new cryptocurrency, and Data Credits.
Proof-of-Coverage is a unique work algorithm that uses radio waves to validate Hotspots are providing legitimate wireless coverage.
For this validation work Hotspots can earn HNT by verifying network transactions, adding new blocks to the blockchain, and performing other tasks.
How Is the Helium Network Secured?
Helium uses a bespoke consensus mechanism called proof-of-coverage (PoC) which rewards users for contributing to mining (validating transactions) and ensuring stability.
PoC is based on the HoneyBadger BFT protocol, which is specifically designed for node communication when conditions are unreliable.
Helium says that the most likely attack vector impacts node operators in the form of inbound ports of Hotspots. For token holders, the platform’s own wallet uses asymmetric keys to help users with private key security.
Where Can You Buy Helium (HNT)?
HNT is a tradable token spreading across major exchanges as of October 2020. Major pairs are active on Binance and FTX, and include USD and stablecoins such as Tether (USDT).
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