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What is Defi Wireless Network Helium Token (HNT)?

by Joanna Lewis
in Technology
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What is Defi Wireless Network Helium Token (HNT)?
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Helium Cryptocurrency (HNT) was introduced in 2019 and it is an open and decentralized network of remote wireless routers for Internet of Things (IOT) devices. The transaction price of HNT is 12 USD per token, the current offer is USD 87 million, and the market value is 1 billion USD.

What is Helium Token (HNT)?

Helium Network, also known as People’s Network, is a blockchain-based peer-to-peer (P2P) wireless network that connects IOT devices to the Internet in a secure, cost-effective, and energy-saving way. Helium is based on a device called a hotspot, which is a LORA WAN (wide area network) router that has been tested for use in networks. Each hotspot acts as a node for mining hardware and helium blockchains that users or businesses can purchase and configure.

Access points communicate with each other using the Long Fi protocol developed by Helium and this open resource of protocol allow the developers to create applications that can run fast on the Helium network. This protocol also allows routers to exchange data over long distances (200 times that of Wi-Fi) with compatible devices in a very energy-efficient way.

How do helium tokens work?

Blockchain Helium is responsible for the permanent recording of transactions on the network. It uses a new Proof-of-Coverage (POC) algorithm to find access points and determine the actual coverage. This algorithm uses radio waves to continuously test the connectivity of routers using the POC trigger mechanism that helps determine the quality of the network. Hotspots participating in the POC Challenge will receive Helium HNT as a reward after one season.

The blockchain is based on the Helium consensus protocol based on Honey Badger BFT, which allows groups of nodes to reach consensus through untrusted connections. The Helium Consensus Protocol elects a consensus group of 16 members once a quarter. Any active access point can be selected as a consensus group. The selection is random, but filters are applied to ensure that members are geographically different. In each election:

The 12 participants with the highest mining performance remain in the consensus group until the limit of 4 consecutive eras is reached. Once this limit is reached, he can be re-elected in the next general election, but this will be phased out.

The 4 lowest performing members are replaced.

If one member is removed before being dismissed for four consecutive seasons, the remaining 15 members will not be re-elected until they have been completely removed.

At the end of one season, members of the consensus group will receive 6% of the total mining reward, which will be evenly distributed among the 16 members.

HNT Cryptocurrency Price History

Prior to 2021, HNT prices were relatively stable and traded at around $1.30. Like other crypto currencies, HNT had a fissure lasting about three months. During this period, HNT price rose 1,300% from $1.30 in mid-January to a high of $18.50 on April 6th. Since then, the token price has been flat, trading between the $11 range and highs $19.

HNT is currently ranked 68th in market value. The maximum supply of tokens is 223 million, and the circulation is 87 million.

When tokens are issued, there is no pre-mining and the supply is zero. It starts with the most Genesis Block and the network set as a goal of mining 5 million HNT per month easily in the urban community. However, the helium network cut HNT in half, and HNT mining output was halved every two years. According to the given schedule, the network of helium predicts all HNTs can be mined within the time period of 50 years. After cutting in half, the price of HNT is expected to rise as HNT disappears and eventually the price rises.

What is the future of helium tokens?

Helium profit calculator isn’t the first or only company to offer torpedoes for connecting devices.  The main difference with Helium is that it gives users the persistence of hotspots. This allows operators to ensure high-quality coverage. No other companies offer incentives, and operators do not withdraw revenue from routers.

There are currently around 64 hotspots worldwide. According to the Helium coverage map, most access points on the network are located in North America, Europe and China. Because routers share the same HNT reward value in each ePOCh, the reward decreases as the number of active points in the region increases. Thus, future traders may consider covering areas with lower coverage to get the least competitive rewards.

The Helium Long Fi protocol provides comprehensive coverage and is an inexpensive way to connect IOT devices to the Internet. However, Long Fi offers data rates of memes up to 20 kilobits/sec (4G provides up to 1 gigabit/sec, 50,000 times faster). Helium use cases are limited to small amounts of data due to slow protocols. Helium plans to launch a second wireless network offering 5G as a solution. It could still be a terrible war, as most developed countries already depend on the existing cellular network infrastructure of the cell phone giants.

Conclusion

Although the HELIUM mining Network is still a relatively new project, it has set very high goals. The goal is to become a new global wireless network for IOT devices. Currently, the biggest challenge facing the Helium team is increasing the number of access points and extending their reach to other countries.

As the Internet of Things grows in importance, competition is inevitable. There are many projects that provide (or plan to provide) long-range wireless networks for low-power IOT devices. Helium is the only peer-to-peer wireless Internet of Things network to incentivize router operators. However, the network will need to build stronger partnerships to maintain its position between well-known companies and telecom giants.

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