Helium is a cryptocurrency purposed to incentivize users to set up nodes for a 4G and 5G wireless LAN (stylized as LoRaLAN: Long Range Local Area Network) for the Internet of Things (IoT). The network is global, the most prominent decentralized IoT network in the world and is also open source.
Maintainers set up peer-to-peer WiFi devices, which, although referred to as miners, provide neither proof-of-work nor proof-of-stake, but rather proof of coverage. This function is not cryptographic and has none of the former two mining functions’ problematic electrical or climate issues.
There are numerous manufacturers of these WiFi devices; supply chain disruptions have been a severe ongoing issue for some due to increasing demand. As of May 5, 2022, more than 785,000 Helium mining devices were added to the network, with 83,100 new devices added in the most recent 30 days.
Given their IoT raison d’être, Helium is not primarily a cryptocurrency operation but rather an efficient on-the-ground network for near-constant but low data traffic using blockchain technology. Being customer agnostic within the ambit of IoT, it can and does serve various purposes.
The native cryptocurrency for Helium has the stock ticker symbol of HNT. The network premiered on July 29, 2019, and maintains an active social media presence.
