Following the publication of a new HIP 70 governance proposal on August 30, the Internet of Things (IoT) blockchain network Helium may switch over to the Solana blockchain, as reported by Cointelegraph.
The Helium core developers claimed that in order to bring about “substantial economies of scale” for the network, it was necessary to “increase operational efficiency and scalability.”
In order to provide decentralised wireless 5G network coverage for internet users in their area, members of the Helium network install Helium Hotspots. When network connectivity is confirmed, Helium uses a novel consensus process called proof-of-coverage to award HNT tokens to Helium Hotspot providers, Cointelegraph noted.
According to the Helium GitHub website, the HIP 70 proposal has been made to enhance these data transport and network coverage capabilities. If approved, the Solana blockchain would also get data credits (DCs) and helium-based HNT, IOT, and MOBILE tokens.
Hotspot providers earn HNT tokens for the network; node operators get IOT tokens for providing the LoRaWAN network; 5G coverage providers earn MOBILE tokens; and DCs are used to pay transaction fees. The Helium network has been running on its own blockchain ever since it was founded in 2013. Arman Dezfuli-Arjomandi, host of the “The Hotspot” podcast, wrote on Twitter multiple times that “Ethereum was too slow” and “other alternatives [at the time] weren’t all that tempting.”
Cointelegraph noted that on September 12, HNT token holders will have access to the HIP 70 vote via heliumvote.com. Election day is September 18. The price of the HNT token, which is currently $5.23 and has decreased 15.5% over the past 48 hours, does not seem to have been positively affected by the news.
(With insights from Cointelegraph)
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