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If a recently announced proposal is approved, Helium, the blockchain platform that leverages crypto token incentives to power decentralized wireless networks, could soon see a big change and switch from its blockchain to Solana.
The HIP 70 proposal, which was just made public, explains why the core developers of Helium want to transfer the network from their custom chain to Solana, a leading smart contract platform for decentralized apps (dapps), network functions tokens (NFTs), and decentralized finance (DeFi) protocols. The creators believe that this will, in short, increase Helium's speed, stability, and capacity to serve more users.
According to a blog post from The Helium Foundation, "Solana gives Helium tremendous benefits that include, but are not limited to, size, community, and composability." The Helium network and its users will profit greatly from this shift, which will be of historical magnitude and influence.
The Helium network would transfer all of its tokens—HNT, IOT, MOBILE, and DC (Data Credits)—from its blockchain to Solana following the proposal. Additionally, it would rely on oracles, or external data sources, to run Helium’s proof-of-coverage infrastructure and data transfer accounting features.
The proposal claims that by using Solana, “the Helium community will have a robust development ecosystem of thousands of developers working on products that are only achievable on Solana because of its quick and inexpensive transactions.”
Helium is a distributed wireless network that compensates customers with cryptocurrency tokens in exchange for letting others use their home internet service. As an illustration, a user can run a Helium node (or hotspot) connected to their modem or router, earn crypto tokens by safeguarding the network, and then share their connection with other devices.
According to the most recent data, the platform initially debuted with a network made for internet of things (IoT) gadgets like trackers and sensors. It has now drawn more than 935,000 active node operators. Helium just introduced a 5G network for phones, tablets, and other devices, and it currently has around 3,300 operational nodes.
Recent intentions to adopt a “network of networks” strategy and go beyond the initial HNT reward token were recently disclosed by the Helium Foundation and Nova Labs; a firm made up of the network’s founders and some core developers. Helium seeks to provide a greater variety of decentralized wireless protocols by incorporating IOT, MOBILE, and other future coins.
The developers of Helium stated in the post announcing the Solana migration plan that there weren’t many layer-1 blockchain platforms when they first created the network, so it made the most sense to create their own. However, they think it is logical to use an open-source platform like Solana, which is designed to handle many transactions, given how the network has grown.
According to the essay, “the blockchain and crypto ecosystem has evolved alongside it due to the immense maturity Helium has seen.” “There are now numerous L1 possibilities to draw from. It became obvious that the Helium community could gain from the advancements and shared resources from the larger sector rather than investing time and energy in upgrading Helium’s L1.
The plan also states that miners will receive a bigger proportion of HNT incentive tokens after switching to Solana, with a 6.85% increase over the present scheme. According to the proposal, the redistribution will provide miners an extra 2 million HNT over the first two years, or more than $11.1 million at the current exchange rate.
On September 12 through September 18, the Helium Foundation will run a token-based community vote on the proposal. If the request is approved, no timetable was provided for the proposed move.
The cloud computing behemoth Salesforce and the ride-sharing scooter company Lime, two of Helium’s purported brand partners, recently denied affiliation with the cryptocurrency wireless network.
Decrypt was informed by a Nova Labs employee that Helium would implement a “more rigorous” method of selecting formal partnerships. Amir Haleem, a co-founder of Helium, tweeted at the time that while the companies disputing the ties had given their “verbal clearances” to the network’s engineers, it would take a more formal route to obtain marketing approvals.