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About Helium
Key Points
- Helium (HNT) is a decentralized blockchain-powered network for IoT devices.
- Launched in July 2019, allowing low-powered wireless devices to communicate and send data across its network of nodes.
- Nodes are Hotspots, a combination of a wireless gateway and a blockchain mining device, earning rewards in HNT.
- Co-founders: Amir Haleem, Shawn Fanning, and Sean Carey, with experience in radio and hardware, manufacturing, distributed systems, peer-to-peer, and blockchain technologies.
- Aims to improve IoT communication capabilities, with decentralization and financial incentives.
- Network runs on proof-of-coverage consensus algorithm, with a separate
About Helium: Empowering a New Era of IoT Innovation
Introducing Helium (HNT): A Revolutionary Blockchain-Powered Network
Helium (HNT) is a pioneering, decentralized network, empowered by blockchain technology, specifically designed to facilitate seamless communication among Internet of Things (IoT) devices.
Launched in July 2019, the Helium mainnet facilitates seamless communication among low-powered wireless devices, enabling them to exchange data across a vast network of interconnected nodes.
Nodes manifest as innovative Hotspots, which seamlessly integrate wireless gateways with blockchain mining capabilities. By operating these nodes, users engage in mining activities and are rewarded with Helium’s native cryptocurrency token, HNT.
Helium’s vision is to revolutionize IoT communication for the future, pinpointing the shortcomings of existing infrastructure since its inception in 2013.
The Visionaries Behind Helium: Meet the Founders
Helium’s three visionary co-founders, Amir Haleem, Shawn Fanning, and Sean Carey, embarked on their entrepreneurial journey, establishing the company in 2013.
Haleem boasts an impressive background in eSports and game development. In stark contrast, Fanning is renowned for spearheading Napster, a pioneering music sharing service that revolutionized the peer-to-peer (P2P) internet landscape in the late 1990s.
Prior to joining Helium, Carey accumulated a wealth of experience in various development roles, including a stint at Where, an advertising optimization firm that was subsequently acquired by PayPal.
Helium’s team boasts a diverse range of experts, touting extensive experience in radio and hardware engineering, manufacturing, distributed systems, peer-to-peer networking, and blockchain technologies.
Unveiling the Unparalleled Attributes of Helium
Helium seeks to revolutionize the communication capabilities of wireless Internet of Things (IoT) devices. In 2013, the IoT infrastructure was still in its nascent stages, but developers aspired to introduce decentralization to their offering, earning it the moniker “The People’s Network” in official literature.
At its core, the platform’s appeal will resonate with device owners and stakeholders invested in the Internet of Things (IoT) ecosystem, with the added allure of financial incentives that will further expand its outreach capabilities.
Network participants acquire Hotspots, which integrate a wireless gateway and a miner, or opt to build their own bespoke solutions. Each hotspot broadcasts network coverage over a defined radius, concurrently mining Helium’s native cryptocurrency, HNT.
The network operates on proof-of-coverage, a novel consensus algorithm rooted in the HoneyBadger BFT protocol, which enables nodes within a network to achieve consensus even when connection quality is subject to significant fluctuations.
Besides HNT, users are required to pay transaction fees in the form of Data Credits, a unique token that is non-exchangeable and specifically tied to each individual user.
What Is the Circulating Supply of Helium (HNT) Coins?
Rewards are distributed according to a dynamic growth plan, with approximate mining periods of 30 to 60 minutes unlocking these incentives.
Helium elucidates that initially, node owners will accumulate a greater amount of HNT for establishing network infrastructure, whereas later on, transmitting device data will become more lucrative. This adaptive mechanism for token distribution is anticipated to persist for approximately 20 years.
As of the commencement of October 2020, a total of 48,712,218 HNT tokens are in circulation. Notably, the token’s initial supply stood at zero, with no pre-mine allocation.
The Security Architecture of the Helium Network
Helium employs a custom-designed consensus mechanism known as proof-of-coverage (PoC), which incentivizes users by rewarding them for their contributions to the mining process, specifically for validating transactions and maintaining network stability.
Our Proof of Capacity (PoC) consensus algorithm is rooted in the HoneyBadger BFT protocol, a cutting-edge solution tailored to facilitate seamless node communication even in the face of unreliable network conditions.
According to Helium, the most probable attack vector targets node operators, specifically exploiting inbound ports of Hotspots. Meanwhile, the platform’s wallet, designed with token holders in mind, leverages asymmetric keys to ensure the secure management of private keys.
Acquiring Helium (HNT): A Comprehensive Guide to Exchanges and Marketplaces
As of October 2020, HNT has emerged as a widely tradable token, listed on prominent exchanges. Notably, major trading pairs are active on Binance, featuring USD and stablecoins such as Tether (USDT). New to the world of cryptocurrency? Explore our beginner-friendly guide to purchasing Bitcoin (BTC) or any other digital asset.
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