The Cryptographic Transition from Helium to Solana
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, could soon see a big shift from its own blockchain to Solana.
The just-released HIP 70 proposal explains why Helium core developers want to move their own custom chain’s network to Solana, a leading smart contract platform for decentralized applications (dapps) , network function tokens (NFT), and decentralized finance (DeFi) protocols. The creators believe this will, in short, increase Helium’s speed, reliability, and ability to serve more users.
According to sources, Solana gives Helium tremendous advantages which include but are not limited to size, community, and composability. The Helium network and its users will greatly benefit from this change, which will have historic scope and influence. The Helium Network would transfer all of its tokens from its own blockchain to Solana as per 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 designed for the 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 feasible on Solana due to its fast and inexpensive transactions. In exchange for allowing others to use their home internet service, subscribers of the Helium distributed wireless network are paid in bitcoin tokens. As an illustration, a user can operate a Helium node or access point connected to their modem or router, earn cryptographic tokens by protecting the network, and then share their connection with other devices.
According to the latest data, the platform first debuted with a network designed for the Internet of Things, or IoT gadgets like trackers and sensors, and it has now attracted more than 935,000 operators. active nodes. A 5G network for phones, tablets and other devices has just been introduced by Helium, and it now has around 3,300 operational nodes.