The largest IoT blockchain in the world? The Helium Network (HNT) takes off
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Helium Network (HNT), also known as “The People’s Network”, is now the largest blockchain application for the Internet of Things (IoT) – how can an investor benefit from it?
Decentralized Internet for everyone – that’s exactly what Helium Network wants to make possible worldwide. The price of the ambitious crypto project has increased by over 140 percent in the last 30 days. Currently, HNT is trading just below the $ 50 mark.
An important factor that ensured that HNT was able to almost double its course within a few days is likely due to a new partnership of the project. The team behind Helium Network recently announced that it is now with the help of the company, in addition to its hotspots already spread all over the world Dish Want to offer 5G-enabled hotspots.
What is the helium network?
Helium is a decentralized blockchain network for IoT devices. Amir Haleem, Shawn Fanning and Sean Carey founded the project back in year 2013. The Helium team is building a wireless IoT network that will enable devices (such as smartphones, e-scooters and smart TVs) all over the world to wirelessly connect to the Internet without having to purchase an expensive cell phone plan .
The HNT token is at the center of Helium’s decentralized blockchain network. This can be used for payments and for governance votes within the network. As a result, Helium has created a two-sided market for providers and users who need an Internet connection for their IoT devices. The project aims to completely decentralize a market that is currently controlled by monopolies.
Wireless internet connection is set to become a competitive fuel and available anywhere in the world at a fraction of the current cost. In this ambitious mission, helium is used by well-known venture capital– Companies supported, including Khosla Ventures, FirstMark Capital, GV (formerly Google Ventures), HSB / MunichRe Ventures and others.
This is how the helium network works
Helium wants to use various hotspots around the world and use them to build a decentralized Internet, as far as the plan. Everyone has the opportunity to join this network by turning their Internet connection into a hotspot of the Helium network. Users can easily set up a Helium mini router in their own apartment and make the internet available for other IoT devices. Verified IoT devices can then access the connections, for example, or data that is of interest to certain groups can be tracked. So can for example the e-scooters from Lime, who are also partners of Helium, access these hotspots in order to save costs.
The entire system behind it is open source and anyone can join the network voluntarily. Both end users and companies can buy HNT hotspots and operate them independently. In addition, the blockchain technology has, by means of the helium consensus algorithm, which Proof of coverage calls, so far guaranteed that both the data from providers and users are safe.
How realistic is the goal?
Helium has seen tremendous growth in recent years and is now present in over 25,000 cities around the world. The Helium Network is particularly popular at the moment, especially in Europe, the USA and China.
In addition, there have been no major incidents or data leaks caused by the HNT Network were indebted. The project has therefore enjoyed a high reputation in the crypto community for several years.
In addition, the growth of the entire project is still exponential. At the beginning of May 2021 there were only 32,000 helium hotspots worldwide. This number now amounts to over 300,000 hotspots.