What is Helium? Exploring 'The People's Network'

Helium, also known as The Helium Network, is a revolutionary approach to Internet of Things (IoT) connectivity. Launched in 2019 with the Helium Hotspot, it introduces a blockchain-based solution for wireless networks. This guide explores Helium's functionalities, its transition to a new blockchain platform, ecosystem, and token system.

What is Helium Network?

Helium is a global ecosystem of hotspots operating on blockchain principles. These hotspots, driven by token incentives, collectively provide and maintain wireless coverage in a decentralized, cost-effective, and community-centric way. The network utilizes tokens like HNT, IOT, and MOBILE, and employs a unique proof-of-coverage (PoC) consensus algorithm for its IoT and mobile networks.

Helium's migration to a new blockchain: a new era of scalability, reliability, and utility

In recent years, Helium transitioned from its layer-1 blockchain to a new blockchain platform. This strategic move aimed to address scalability challenges, particularly in managing proof-of-coverage (PoC) and ensuring reliable data transfer. The migration brings several benefits, including hotspots as NFTs, evolution of the HNT token, a revamped governance model, smart contract functionality, lower transaction costs, access to DeFi, and enhanced network efficiency.

How does Helium Network work?

Helium Network combines wireless infrastructure with blockchain technology to create a global, peer-to-peer wireless network. It relies on Helium Hotspots and the PoC mechanism to validate and incentivize participants. The network comprises distinct subnetworks, including the IoT network and the 5G mobile network, each with its own services and pricing models.

Who created Helium Network?

Helium Network was founded in 2013 by Amir Haleem (CEO), Shawn Fanning (known for Napster), and Sean Carey. Their goal was to reduce barriers to entry for IoT connectivity by establishing a community-driven wireless network fueled by economic incentives.

Helium tokens: HNT, IOT, MOBILE, DC

Helium operates on a token-based ecosystem with several key tokens:

• HNT: The native cryptocurrency and protocol token
• IOT: The protocol token for Helium's IoT Network
• MOBILE: The protocol token for Helium's mobile network
• DC: Data Credits, USD-pegged utility tokens for network fees

The network also employs a unique governance model using veTokens (veHNT, veIOT, veMOBILE) for voting on network matters.

The final word

Helium represents a paradigm shift in global connectivity, putting power into the hands of everyday individuals. Its blend of wireless infrastructure, blockchain technology, and decentralized governance is reshaping network dynamics. Helium's journey marks an important step towards a new era of collaborative, user-driven connectivity, potentially transforming how we approach and interact with wireless networks in the future.

FAQ

Does the Helium Network still exist?

Yes, the Helium Network continues to operate and evolve. It has expanded its decentralized wireless infrastructure, supporting IoT devices and 5G connectivity globally.

Does the Helium Network have a future?

Yes, Helium Network has a promising future. Its decentralized approach to IoT connectivity and 5G expansion positions it well for long-term growth and adoption in the evolving digital landscape.

Is Helium Network free?

No, Helium Network is not free. Users need to purchase and deploy Helium hotspots to participate in the network and earn HNT tokens. There are also transaction fees for using the network's services.