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After receiving a slew of positive news, including the announcement that they would be switching from the blockchain they now use to Solana in order to become even more scalable and safe, the cost of Helium has increased 35% to $5.20.
What exactly is Helium?
A decentralised blockchain-based platform called Helium (HNT) supports Internet of Things (IoT) gadgets. According to the whitepaper, the Helium network’s goal is to encourage the development of physical and decentralized wireless networks.
For the purpose of delivering internet connection, Helium is a blockchain that focuses on evidence of media attention and lets users mine their own native token, HNT. In order to ensure that individuals are motivated to exchange their network connectivity in return for rewards in bitcoin, Helium was created.
HNT incentives are given to individuals who “mine” them by granting others access to their shared Internet connection. The project wants to encourage more and more individuals to share their Internet access with others in this way.
Nova Labs is formed after Helium raises $200 million
At the time, Helium’s chief operating officer, Frank Mong, said that the company wanted to clearly distinguish between its business functions and the blockchain infrastructure.
The business has changed its name to Nova Labs as a result.
Nova Labs is happy to report that a $200 million fundraising deal headed by Tiger Global has just been completed. Andreessen Horowitz as well as Deutsche Telecom were two venture capitalists who contributed to the investment round.
Migration of helium to Solana
In response to a community vote, Helium will move the whole blockchain to Solana because of the faster throughput and transaction times.
Given that they believed Solana’s blockchain to be more safe and scalable than their own, HIP-70 was a proposal to fully drop the Helium network in favour of it. Despite Solana’s high degree of centralization and its historical issues with scalability and security—the blockchain has already failed twice this year—this choice was selected.
Comparing the Solana blockchain to the present Helium blockchain, it is still a vast advance. Solana has a lot more users, is capable of handling numerous transactions in a second, and is generally extremely dependable.
In addition, there are many additional advantages to being part of the Solana blockchain, not least of which is that it will be much simpler to attain broad acceptance once Helium can be readily integrated into the future Solana phone.
HNT price surges following news
It’s an ambitious goal to build a decentralised “People’s Network,” and the community is aware that they will require a scalable blockchain to do it.
The market has viewed the decision as a significant positive since Solana places a high value on speed and scalability, and the value of HNT has increased as a result.
It should be possible for Nova Labs to maintain this growth if they can keep expanding their community with the same pace that they have been. They presently have hotspots in more than 50,000 places worldwide, but when one considers their whole mission statement, these figures have a lot of space to increase.
Anyone may join the Discord channel to communicate with the crew more about progress of the project if they want to learn more about Helium and take part in its governance in the future.
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