The price of Helium has appreciated 35% to $5.20, after a plethora of good news – most notably that they will be ditching the blockchain that they currently use in favour of Solana, to become more scalable and secure.
What is Helium?
Helium is a blockchain focused on Proof of Coverage and allows people to mine their native coin HNT for providing Internet access. The idea of Helium is to ensure that people are incentivised to share their Internet connections in exchange for being rewarded with incentives in cryptocurrency.
The HNT rewards are distributed to those who “mine” them by providing sharing Internet access with others. In this way, the project hopes to incentivise more and more people to share Internet with others.
Helium raises $200m and becomes Nova Labs
Frank Mong, the Chief Operating Officer of Helium, stated at the time that the company would like to make a clear distinction between their business operations and the blockchain itself.
For this reason, the company has rebranded as Nova Labs.
Nova Labs was pleased to announce that they recently closed a $200m funding round led by Tiger Global. Some of the VCs who invested in the funding round were Andreessen Horowitz and Deutsche Telecom.
Helium migrates to Solana
Following a vote by the community, Helium is to be migrating the entirety of their blockchain to Solana thanks to the higher throughput and transaction speeds.
HIP-70 was a proposition to completely abandon the Helium blockchain in favour of Solana, given the fact that they determined Solana’s blockchain to be more secure and scalable than their own. This decision was made despite the fact that Solana is highly centralised and has struggled with both scalability and security in the past – the blockchain has stopped working twice this year already.
However, the Solana blockchain is still a huge improvement when one compares it to the current Helium blockchain. Solana has far more users, can process more transactions per second, and most of the time it is quite reliable.
Furthemore, being on the Solana blockchain presents a variety of other benefits, not least of which that it will be far easier to achieve mass adoption when Helium can be easily integrated into the upcoming Solana phone.
HNT price pumps on the news
The notion of becoming a decentralised “People’s Network” is an ambitious one, and the community are aware that they need a scalable blockchain in order to achieve this.
Since Solana prioritises speed and scalability above all else, the move has been perceived as a huge positive by the market, and the price of HNT has appreciated accordingly.
If Nova Labs are able to continue to grow their ecosystem at the same rate as they have been already, they ought to be able to sustain this growth. Their hotspots are currently available in over 50,000 cities around the world, but when one contextualises this with their fully mission statement, these numbers have a lot of room to grow.
For those who wish to know about Helium, and to participate in the governance of the project going forward, anyone can join the Discord to talk to the team about the development of the project, and the
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