What is Helium (HNT)?

Helium is a decentralized blockchain-based network that aims to address connectivity issues for IoT devices. Known as “The People’s Network,” Helium provides a solution to the challenges posed by traditional internet providers, particularly in underserved and rural areas.

The Helium network relies on devices called Hotspots, which serve as nodes providing long-range, low-power wireless connectivity. These small devices act as both miners and wireless network points, supporting efficient communication for IoT devices over large distances using the LoRaWAN protocol.

Hotspots offer connectivity up to 200 times farther than traditional WiFi, enabling widespread coverage. As few as 50 Hotspots can provide full network coverage for an entire city, making them a scalable and cost-effective solution.

Helium stands out for its Proof-of-Coverage (PoC) consensus mechanism, which ensures that Hotspots provide reliable coverage and incentivizes participants for their contributions.

The History of Helium

Helium, founded in 2013 by Helium Inc., was created to tackle some of the biggest challenges in internet connectivity. The company was co-founded by Amir Haleem, Sean Carey, and Shawn Fanning, with a mission to revolutionize how devices connect to the internet. Unlike traditional centralized systems, Helium set out to build a decentralized, global peer-to-peer wireless network that could offer a more accessible and cost-effective solution.

In 2019, Helium officially launched its network after years of development and successfully raising over $53 million in funding. The project’s mission is clear: democratize internet access by leveraging blockchain technology and empowering individuals to contribute to a decentralized network. By turning everyday users into network providers, Helium envisions a future where internet access is both affordable and scalable.

HNT: The Native Cryptocurrency

At the heart of the Helium network is its native cryptocurrency, HNT. This cryptocurrency serves multiple roles within the ecosystem, driving the functionality and incentivization of the network.

Rewards for Hotspot Operators:
- HNT is earned by operators who expand and maintain the network.
- Rewards are distributed through the Proof-of-Coverage (PoC) protocol, which verifies connectivity and coverage.
Creation of Data Credits:
- HNT is converted into Data Credits, a secondary token within the ecosystem.
- Data Credits ensure stable transaction costs for IoT devices.
- This dual-token model supports the network while maintaining predictable costs for businesses and developers.

Helium Ecosystem

The Helium ecosystem is powered by Hotspots, which are small devices that serve as both miners and wireless network points. These Hotspots provide connectivity for IoT devices at ranges up to 200 times farther than traditional WiFi. In many cases, a city can achieve full network coverage with as few as 50 Hotspots.

Buy and Sell Helium (HNT) in a Crypto IRA at iTrustCapital

For those looking to buy and sell Helium (HNT), platforms like iTrustCapital provide access to a tax-advantaged Crypto IRA*, combining the growth potential of digital assets with the benefits of a retirement account.

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