Helium Cryptocurrency (HNT3S/USDT – Trade it here) is a decentralized, open, and distributed network of long-range wireless routers for Internet of Things (IoT) devices launched in 2019. The full English name of the HNT coin is Helium. The Helium Network utilizes a mechanism based on HoneyBadgerBFT to achieve network consensus.
What is Helium used for?
The Helium network allows any compatible device to connect to the Internet. Through the Helium console, users can manage devices connected to the network and analyze data. These functions have a wide range of applications.
One application is real-time location tracking. Users or businesses can track the location of people, assets, and vehicles by transmitting sensor data to the network from Helium-enabled devices. Bike and scooter rental platform Lime and GPS tracking company LoneStar use the Helium network to track their smart and active vehicles. Other companies, such as wearables maker CareBand, rely on Helium to monitor people’s health, such as COVID-19 contact tracing.
Environmental monitoring companies like Conserv, Airly, and NOWI also have devices running on the Helium network to monitor temperature, air quality, and water usage.
Another field of application is agriculture. For example, the helium network relays data from fields and sends commands to automate irrigation operations. Through the Helium network, devices can transmit data directly to an app or dashboard so users can check environmental conditions at any time.
How does Helium Token work?
The Helium blockchain is responsible for maintaining an immutable record of transactions within the network. It uses a new Proof of Coverage (POC) algorithm to verify the location of access points and determine their actual coverage. The algorithm uses radio waves to ping routers constantly through a mechanism called PoC Challenges, which helps determine the quality of the network. Hotspots who participate in PoC challenges can earn HNT as a reward after one season.
The blockchain relies on the Helium consensus protocol, based on HoneyBadgerBFT, which allows groups of nodes to reach consensus on untrusted connections. In the Helium Consensus Protocol, a consensus group of 16 members is elected quarterly. All active access points are eligible to be elected to the consensus group. The selection is random, but filters are applied to ensure members are geographically distinct. In each election:
The top 12 mining performers remain in the consensus group unless they have reached the limit of four consecutive epochs. After reaching this limit, they are eliminated, although they can be re-elected in the next election.
The four worst-performing members were replaced.
If a member is eliminated before completing four consecutive seasons, he can only be re-elected after the other 15 members are completely eliminated.
After one season, members of the consensus group receive 6% of the total mining rewards, evenly distributed among 16 members.
Tokenmics of HNT
The release date is 2020-04-22, the issue price is $0.257, and the maximum supply is 223,000,000 HNT. HNT tokens can generate Data Credits, which are used to pay for information and token transfer fees.
HNT distribution
- 30% of network data transmission is rewarded for listening to the device and forwarding its packets to the Internet.
- 35% of hotspot infrastructure is rewarded for participating, witnessing, and creating coverage-proof challenges
- 35% of Helium, Inc., and investors are assigned to the founders, investors, and organizations that will manage blockchain governance.
Data transfer rewards are issued at a 1:1 ratio to HNT spend, capped at 30% of all minted HNT (year 1). The remainder will be given to the Proof of Insurance reward pool as a reward for providing early insurance.
HNT supply comes from mining with compatible hotspots that can mine HNT and create network overlays for IoT devices.
All HNT is mined from genesis, starting at a rate of 5 million HNT per month and then halving every two years. On August 1, 2021, the net issuance of HNT will be reduced to 2.5 million HNT per month.
Who are the founders of HNT?
Amir Haleem, Shawn Fanning, and Sean Carey founded Helium in 2013 with a mission to build a decentralized wireless network through which devices can more easily connect to the internet. Haleem is currently the CEO of Helium. Before joining Helium, he was active in video games and esports. He was CTO at gaming startup Diversion and was part of the original team behind the Battlefield 1942 first-person shooter. Haleem is a former Quake III World Champion who co-founded the ESReality sports community.
Fanning is best known as the co-founder and lead software engineer of Napster, a music-sharing service and one of the first popular P2P file-sharing platforms. After Napster, he joined and invested in several startups, eventually founding Helium. Fanning currently serves as a board member and advisor to Helium.
In terms of financing, Helium has raised nearly $540,000 in multiple rounds since the company’s inception, including:
The 2013 seed round raised almost $30,000.
A 2014 Series A round led by Khosla Ventures raised $160,000.
A 2016 Series B round led by GV (formerly Google Ventures) raised $200,000.
A 2019 Series C round led by Multicoin Capital and Union Square Ventures raised $150,000.
Value Analysis
The Helium network is still a relatively new project, but it has set very high goals to be the new global wireless network for IoT devices. The biggest challenge for the Helium team now is to increase the number of hotspots and expand their coverage to other countries.
With the growing importance of IoT, competition is inevitable. Many projects provide (or plan to provide) long-range wireless networking for low-power IoT devices. Helium is the only P2P wireless IoT network to date that offers incentives to router operators. However, the network still needs stronger partnerships to maintain its position among established companies and telecom giants.
Recent HNT Token Price & Performance
Since listed on MEXC in 2022, HNT has been rising recently from the lowest of 0.452 USDT in the last month to the highest of 2.719 USDT.
How to buy HNT Token?
You can buy HNT on MEXC following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “HNT” using the search bar to see the available trading pairs. Take HNT/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of HNT you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy HNT] to confirm your order. You will find the purchased HNT in your Spot Wallet.
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