The Helium system is a decentralized platform powered by blockchain for the Internet of Things devices.
Helium’s minnet was launched in 2019 with wireless devices that are low-powered to communicate with one another, as well as send data across its network of nodes.
On the platform, the nodes come in a form called Hotspots which are essentially a combination of a blockchain mining device and a wireless gateway. As such, participants mine on the platform by operating nodes and earn rewards in the form of HNT, the Helium network’s native token.
According to the network’s whitepaper, it was created to make future preparations for IoT communication. It does this by identifying the infrastructural defects in the platform right from its birth in 2013.
Who are the Founders of Helium (HNT)?
The Helium platform was founded by Sean Carey, Amir Haleem, and Shawn Fanning in 2013. Over the years, Haleem has been actively involved in game development and esports. Fanning on the contrary is experienced in a different line and is well known for the development of a music sharing platform known as Napster, which was also one of the first generations of peer-to-peer internet services that came out in the late 90s.
Carey, over the years, has held a series of top development roles before becoming a part of the Helium team. One of these includes an advertising optimization platform known as Where, which was acquired by PayPal.
Currently, the Helium team is made up of members which, according to the company, are majorly experienced in radio and hardware as well as peer-to-peer, distributed systems, blockchain technologies, and manufacturing.
What is Helium (HNT) used for?
The main goal of creating the Helium network is for the provision of solutions in the Internet of things (IoT) platforms that are supported on a specific blockchain. This process essentially prepares iot supported devices for the future of the platform through the integration of Blockchain in the platform.
The system also has a native cryptocurrency known as HNT. HNT is used on the Helium network for the execution of services, however, it can also be traded with other cryptocurrency pairs with the goal of making a profit for its holders.
The provision offered by the Helium system is different from the usual blockchain-based solutions offered in the world of cryptocurrencies by its predecessors such as the DAL and Bitcoin networks. Helium is more focused on making future improvements that will meet the needs of the coming generation of cryptocurrency users.
What Is the Unique Point of Helium (HNT)?
According to the creators of the Helium system, it is aimed at drastically improving the communication resources of wireless devices which support IoT. Back in 2013, in the early days of IOT, its infrastructure was still in infancy, but developers on the platform worked on integrating decentralization into their offerings, as such essentially tagging it “The People’s Network”, as stated by its official literature.
Its core application will be a point of interest for majorly device owners and individuals interested in the IOT platform. It will also add financial incentives to promote its publicity.
The users of the network can participate by buying hotspots that consist of a combination of a wireless gateway and a miner. In some cases, participants may also build their own.
In addition to being run via a modified consensus algorithm, the platform also allows its users to pay for their in-network transactions via a specific token system which is known as Data Credits. These tokens are not exchangeable in the cryptocurrency marketplace as they are tied to the users themselves.
How many Helium (HNT) coins are in circulation?
Approximately, it takes a mining time of around 30 to 60 minutes to unlock the tokens rewards as their growth plan is constantly changed.
According to the Helium platform, at the early stages, the node owners will amass more HNT tokens for building additional infrastructures to the network, while later, the participants will be at a better advantage by transferring device data. This token distribution system is expected to undergo an adjustment mechanism after 20 years.
As of early October 2020, the amount of HNT tokens in circulation was capped at 48,712,218 HNT. At the time of the token launch, the premine supply was at zero.
The Helium network also has an uncapped issuance system in which a relatively stable amount of 5 million tokens are integrated into the system every month.
Is the Helium (HNT) Network secured?
The Helium network is secured by a dedicated proof of coverage consensus mechanism that rewards users for contributing to the mining process by validating transactions on the platforms and maintaining stability on the platform.
This is opposed to the regular proof of work and proof of stake algorithms used by ERC-20 standard tokens.
The proof of coverage mechanism is based on the protocols set out by the HoneyBadger BFT, a system that is specifically for communications between the nodes when conditions are somewhat questionable.
According to the Helium team, the most probable attack vector will affect node operators in the form of inbound Hotspots ports. For participants who hold HNT tokens, the platform’s wallet system makes use of asymmetric keys which helps users ensure the highest level of privacy for their key security.
How do I buy Helium (HNT)?
Helium offers a level of blockchain solutions that is bound to change the world of IOT supported devices for both its existing users and interested new users. As such, more people are becoming exposed to the system and that has led to an increased level of adoption for HNT tokens. It has also increased its availability on several platforms and has further made it become generally more easily accessible. To purchase HNT tokens, follow the directions below.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy HNT through your trading account.