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Is Helium giving up its blockchain to move to Solana?

 


The developers of the blockchain network “Helium” propose to switch the entire architecture to the Solana blockchain. There are several reasons for this.


Voting on the governance proposal is active between September 12th and 18th.


The move from its own blockchain to Solana brings an “improvement in operational efficiency and scalability”, according to the Helium Core developer.


"It is important to scale data delivery as the network grows," the proposal reads.


The two main goals of the network are:


To ensure reliable data transmission including consistent accounting and

to ensure proof of coverage and to distribute rewards fairly.

What is the Helium Network and its goal?

Project Helium provides a nationwide 5G wireless network for Internet users . Instead of building the network itself, Helium pays individuals in cryptocurrency to run LoRaWAN hotspots.


Data can be sent energy-efficiently over long distances via the Long Range Wide Area Network (LoRaWAN). Helium operates the largest, public, decentralized LoRaWAN network in the world .


What does Solana offer?

The native token of the Solana blockchain (SOL) currently ranks 9th in the ranking of all known blockchains by market capitalization. According to its own statement, the network is currently able to process almost 2,900 transactions per second.


The Helium developers see the strengths of Solana and want to use them for themselves:


“There are now a variety of L1 options to build on. Rather than spending time and effort improving Helium's L1, it became clear that the helium community could benefit from the developments and pooled resources of the larger industry,” states the HIP 70 .


According to Arman Dezfuli-Arjomandi, host of the crypto-focused "Hotspot Podcast" , Helium had to build its own blockchain because " there was no blockchain to build this on that existed at the time ".


“ Ethereum was just too slow,” Dezfuli-Arjomandi said recently on Twitter Spaces. "The other alternatives weren't as appealing, maybe had certain controversies or disadvantages that wouldn't have made it possible to build."


The podcast moderator sees another possibility for cooperation in the “ Solana Saga ”, an Android-based smartphone planned by Solana:

How does the move look like?

If the proposal is accepted by the community, the entire current Helium network will move to Solana. So:


HNT, the token earned when a user provides hotspot coverage,

IOT, a token earned by node operators for deploying the original LoRaWAN network,

MOBILE, the token earned by providing 5G coverage,

Data Credits (DC) used to pay transaction fees for helium.

A Medium contribution from the Helium Foundation visualizes the following:

The suggestion for improvement comes almost half a year after Helium raised 200 million US dollars in a Series D financing round . The round was led by Tiger Global and FTX Ventures, who joined existing investors Multicoin Capital and a16z. All of these companies have previously invested hundreds of millions of dollars in the Solana ecosystem.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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