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Helium, a blockchain network that has set itself apart as the leader of the web3 sector, is set to transition to the Solana network following a new HIP 70 governance tabled on August 30. Helium offers users helium Hotspots that offer decentralized wireless 5G internet networks, and the owners of the hotspot devices earn rewards for providing the service.
Helium devs want to move to Solana
The core developers on the Helium network said shifting to Solana would boost efficiency and scalability, and the move would promote the economies of scale of the network. Helium developers have also highlighted the need to fix several technical issues to boost the network’s capability.
The developers also admitted that the past few months have been challenging for network participants because of reduced proof-of-coverage activity. If this proposal is passed, assets on the Helium network, such as HNT, IOT, and MOBILE, as well as Data Credits (DCs), will be transferred to the Solana network.
Your capital is at risk.
HNT is the token earned by hotspot providers that have purchased Helium devices. On the other hand, IOT tokens are earned by node operators providing the LoRaWAN network, while MOBILE tokens are earned for providing 5G coverage. DCs are used as payment for transaction fees.
The Helium network was created in 2013, and it has been operating on its blockchain. The network has recorded some success, such as around one million Helium Hotspots deployed globally and supported by other firms such as Google Ventures. However, the network has also faced some criticism.
The Helium network recently reported a four-hour outage that affected the ability of HNT token holders to swap their tokens. The outage also made it impossible for Helium hotspot miners to receive rewards.
Helium community responds to news
The Helium community has reacted positively to this development. Many believe that shifting to the Solana blockchain will significantly benefit the developers on the network. One Twitter user has also said that the move was “simply mind-blowing.”
One of the people who commented on the development is the partner of Web3 backer Layer One Ventures, who said that the proposal was “huge” for both the Helium and Solana blockchain if the proposal is passed.
The vote for the HIP 70 proposal is scheduled for September 12. The proposal will be available for voting by HNT token holders, and the vote is slated to close on September 18.
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