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Helium Abandons Its Blockchain in Favor of Solana Following a Community Vote

Helium and Solana
Helium and Solana / Image Credit: CRYPKYP
Source: CoinDesk
1663839184 22 Sep / 09:33

Members of the Helium community have voted to migrate the decentralized WiFi network from the HIP 70 blockchain to the Solana blockchain.

Voting finished on the HIP 70 plan early Thursday morning, with 81% voting in favor of migration in the early Asian hours. Participants staked Helium token (HNT) to vote on-chain. A vote to relocate the network required a two-thirds majority to pass.

Over 12 million HNTs were staked in favor of the motion by 6,177 community members. Only 1,270 people voted against it.

The developers of Helium advocated the conversion to Solana to grow the protocol via more efficient transactions and compatibility. All coins, apps, and governance will be transferred to the network.

Scott Sigel, chief operating officer of the Helium Foundation, said, “Solana has a proven track record of powering some of the world’s most significant decentralized initiatives, and they were an easy option for us to collaborate with.” Moving to the Solana blockchain lets us concentrate on growing the network rather than managing the blockchain.

The move will result in HNT, MOBILE, and IOT tokens being issued on the Solana network, which will continue to represent the Helium ecosystem’s tokens. Upon completion of the transfer, a new version of the Helium Wallet App will become accessible. Additionally, the history of the Helium L1 blockchain will stay public.

Users may access the new application by upgrading their existing wallet application. HNT holders can also utilize other Solana wallets, such as Phantom and Solflare.

Despite the results indicating overwhelming support for the migration, not everyone has agreed with the network’s decision to shift to Solana. Last week, Helium-backed Algorand-focused venture capital firm Borderless Capital suggested on Twitter that the network reconsider its decision to shift to Solana and instead move to Algorand.

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