Helium (HNT) is a decentralized block-chain powered network for Internet of Things (IoT) devices. It was founded by Amir Haleem, Shawn Fanning, and Sean Carey. Helium launched its mainnet in July 2019. Unlike wifi, it uses LongFi technology that blends LoRaWAN and blockchain technologies.

Founding Team
Source: See Credits

The Helium mainnet allows low-powered wireless devices to communicate with each other and send data across its network of nodes. These nodes, also called Hotspots, are a combination of a blockchain mining device and a wireless gateway. These nodes are consoles that use radio technology. These consoles can either be purchased or built by users themselves.

HNT Hotspot
Source: See Credits

The HNT Token

Each hotspot provides network coverage over a large radius while also mining Helium’s native token, HNT. The more hotspots there are, the more reliable the network becomes. Because HNT is mined with radio technology, it gets rid of GPU mining which is more expensive and consumes a lot of electricity. The Helium token can be exchanged for other cryptocurrencies in exchange platforms. It can also be staked. This year the HNT token has experienced significant gains. At it’s lowest price it hovered at around $1.30 per token and currently its at its peak which is hovering at around $44 per token.

HNT Price Chart
Source: Crypto.com

The Helium network runs on proof-of-coverage, a consensus algorithm that allows nodes in a network to reach consensus when connection quality is highly variable. This proof-of-coverage consensus is based on the HoneyBadger BFT protocol. This protocol is specifically designed for node communication when conditions are unreliable.

Helium aims to prepare Internet of Things communication for the future. It aims to provide a safe, accessible, and affordable network for everyone. However, there are still concerns over the security of the network itself, especially since it is decentralized.

Sources: Images used belong to: https://www.helium.com/

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