Helium Would Transfer All of its Tokens to Solana
If a recently announced proposal is approved, Helium, the blockchain platform that leverages crypto token incentives to power decentralized wireless networks, might soon see a big change and switch from its own blockchain to Solana.
The HIP 70 proposal, which was just made public, explains why the core developers of Helium want to transfer the network from their own custom chain to Solana, a leading smart contract platform for decentralized apps (dapps), network functions tokens (NFTs), and decentralized finance (DeFi) protocols. The creators believe that this will, in short, increase Helium’s speed, reliability, and capacity to serve more users.
According to sources, Solana gives Helium tremendous benefits that include, but are not limited to, size, community, and composability. The Helium network and its users will profit greatly from this shift, and it will be of historic magnitude and influence. The Helium network would transfer all of its tokens from its own blockchain to Solana in accordance with the plan. Additionally, it would rely on oracles, or external data sources, to run Helium’s proof-of-coverage architecture and data transfer accounting features.
Network Made for IoT
The proposal claims that by using Solana, the Helium community would have a robust development ecosystem of hundreds of developers working on products that are only achievable on Solana due to its quick and inexpensive transactions. In return for allowing others to use their home internet service, subscribers of the distributed wireless network Helium get paid in bitcoin tokens. As an illustration, a user may operate a Helium node or hotspot connected to their modem or router, earn crypto tokens by safeguarding the network, and then share their connection with other devices.
According to the most recent data, the platform first debuted with a network made for the internet of things, or IoT gadgets like trackers and sensors, and it has now drawn more than 935,000 active node operators. A 5G network for phones, tablets, and other devices was just introduced by Helium, and it now has around 3,300 nodes operational.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
