This network is famous for its proof of coverage (POC) network verification, where hosts earn HNT coins for just maintaining a legitimate hotspot. Read on and find out this blockchain's utility, transaction costs, scalability, FAQs, advantages, and disadvantages.
Briefly about Helium Blockchain
The founder members are Shawn Fanning, Sean Carey, and Amir Haleem, who put their minds together to provide an easy-to-use forum for connected devices. Hotspot hosts and network operators use this blockchain, businesses, and developers.
Helium stands for people-powered networks. Ready to start a wireless revolution?CryptoLists.com
It is a blockchain technology that is based on valid network coverage. The POC algorithm repeatedly verifies that the hotspots are in the correct locations for reliable connections from various devices. The native token is the Helium token (HNT), which miners are rewarded. The Helium Hotspot was created to offer long-distance wireless network coverage for devices, enabling you to develop a decentralised network to earn HNT tokens. Hotspot mining seeks to replace GPU mining because it is cheaper in power consumption and hardware needed.
Utility of Helium Blockchain?
Hotspot hosts mine by increasing their hotspot users to receive rewards in crypto; therefore, the more users, the more HNT hosts get from the blockchain. These crypto units can be used like any other coin since they can be bought or sold on the market. Network operators maintain network stability and coverage to ensure more users join the Hotspot. Businesses use the Helium blockchain network to interconnect gadgets while developers create "Internet of Things" applications. Data credits gained from burn transactions can be used to settle transaction costs for the network's data transfers.
Helium Blockchain Consensus Method: Proof of Coverage
Release Date: June 11, 2019
Advantages at Helium Blockchain+ Helium's new less-explored technology has a bright future.
+ The Helium Hotspot is straightforward to set up.
+ You can earn rewards from being a host.
+ It has various features like the implicit burn and Helium explorer.
Disadvantages- The initial cost of acquiring hardware like the hotspot router is high
- The earnings are not stable with more players getting started.
- This network's competitor blockchains are well established.
- Other hotspots can cause your hotspot coverage issues
Costs▪ Rated at 10/10
Transaction costs are paid in Data Credits with Helium blockchain. DCs are the result of burning HNT tokens during a transaction. Below is a breakdown of the costs in DCs and USD.
+Sending HNT – the costs vary.
+To add a full hotspot, you'll need 400000 DCs or $40.
+To transfer device packet data, 1DC or $0.00001.
+To assert Hotspot, you'll require $10 or 1000000 DCs.
+To add data only Hotspot, $5 or 500000 Dcs will be needed.
+Purchasing a blockchain OUI, $100 or 10000000 DCs.
+Buying a blockchain subnet will cost you $100 or 10000000 DCs.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 9/10
This blockchain is also known as the peoples' network as it relies on the network's population and activity. The Helium discord allows users to follow live discussions and include their issues in the agenda, particularly for the community call discussions. The Helium blockchain is quite new, and its reputation is not quite vivid. Online critics say that the future profitability of the Helium network is dim since each day, new hotspots are made. However, the biggest downside that people highlight is the interruption of other hotspots causing problems with proof of coverage.
Who created the Helium blockchain?
It was formed by a team composed of three members, Sean Carey, Shawn Fanning, and Amir Haleem.
Is this blockchain technology proof of stake or proof of work?
None of the above. Proof of Coverage instead is used, where an algorithm validates the hotspot hosts' network coverage to verify it is located where it claims to be.
How does the Hotspot work?
The Hotspot enables users to run a decentralized wireless network housing a series of IOT gadgets like smartwatches, smart bikes, and smart pet collars.
Does Helium collaborate with Internet providers?
Yes, Dish recently partnered with them to increase the 5G network coverage.
Can the Hotspot replace my house Wi-FI?
No, because the Hotspot itself uses your Wi-Fi internet connection to process the small data packets sent through gadgets. This Hotspot only processes tiny fragments of information, just like your device's weather meter.
Screenshots from Helium Blockchain
Native crypto coin for this blockchain? Learn more about Helium (HNT)HNT is the native coin for Helium Blockchain. It is therefore also worth reading more about that on the link below.
›› Read our full Helium review here