Helium (HNT) is a unique cryptocurrency that powers a decentralized network for Internet of Things (IoT) devices. Launched in July 2019, the Helium network enables low-powered wireless devices to communicate with each other and send data across its network of nodes. The nodes, also known as Hotspots, serve as both a wireless gateway and a blockchain mining device. Users who operate these nodes mine and earn rewards in HNT, the native cryptocurrency token of Helium.
Helium was founded by Amir Haleem, Shawn Fanning, and Sean Carey in 2013. Haleem has a background in eSports and game development, while Fanning is renowned for developing Napster, one of the first mainstream peer-to-peer internet services. Carey, on the other hand, held multiple development roles before Helium, including at an advertising optimization firm acquired by PayPal. The team at Helium now comprises members with experience in radio and hardware, manufacturing, distributed systems, peer-to-peer, and blockchain technologies.
As of October 2020, there are 48,712,218 HNT tokens in circulation. The token supply started at zero with no premine. Mining periods of approximately 30 to 60 minutes unlock rewards, which are distributed according to a changing growth plan. Initially, node owners will accrue more HNT for building out network infrastructure. Later on, it will be more advantageous to transfer device data. This adjustment mechanism for token distribution is expected to last for around 20 years.
HNT tokens are tradable and available on major exchanges. The most active pairs are on Binance, and include USD and stablecoins such as Tether (USDT).
Helium aims to improve the communication capabilities of wireless IoT devices. Network participants purchase or build Hotspots, which provide network coverage over a certain radius and also mine 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.
Helium continues to evolve and expand its network. It 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, designed specifically for node communication when conditions are unreliable. Helium's focus on security is also evident in its platform's wallet, which uses asymmetric keys to assist users with private key security.
Helium has been making significant strides in its technological advancements. The company recently announced plans to migrate its Proof-of-Coverage and Data Transfer Accounting consensus mechanism to the Solana blockchain, abandoning its original Helium blockchain. This move will see its ecosystem and economy tokens like $HNT, $DC, $IOT, and $MOBILE transferred to Solana.
Helium has been expanding its network, with recent news about Helium indicating the introduction of the mining of $MOBILE tokens. Users can now earn these tokens as part of an incentivized deployment of the 5G network. Over 6,500 small cells have been deployed on the Helium 5G network, and the company plans to distribute around 100 million tokens per day during the Genesis period.
Helium's recent growth has been bolstered by partnerships and expansion. The company has partnered with T-Mobile to launch a new 5G mobile service called Helium Mobile. Subscribers will have the option to earn MOBILE tokens as rewards for sharing data related to the quality of the signal strength and the location of dead spots. The service is expected to launch early next year and provide nationwide coverage in the US.
Despite these advancements, the Helium price today has seen some fluctuations. The price of Helium has dropped by nearly 4.1% in the last 24 hours. However, with the company's ongoing developments and expansion, the future of where to buy Helium and its market performance remains promising.