What is Helium?
What is Helium? To answer that, let’s first talk about IoT or the Internet of Things. In the upcoming five years, it is expected that more than 80 Billion devices or things will need some way to connect to the internet wirelessly. At the moment, connecting these things to the internet is tricky. Moreover, the data plans are sometimes too expensive and power prohibited that it is not easy to work with them. However, we need a new network, one where we can change the rules. That’s where Helium comes in. Helium’s long-range wireless technology and secure blockchain can build the ultimate network, and the best part is it’s built and owned by the users. Cryptocurrency HNT-
The People-Powered Network
How do people build the network? Building the people’s network is easy. Simply get a Helium hotspot or build your own using open source software and off-the-shelf hardware. Hotspots supply a low bandwidth internet connection over miles of range to thousands of devices using a wireless technology called LongFi.
Helium’s Cryptocurrency: HNT
Hotspots mine HNT in exchange for building the network and providing connectivity. HNT is a new cryptocurrency on the Helium blockchain. Experts believe that HNT is not an ordinary cryptocurrency since the traditional mining methods do not generate it. Instead, it is generated and developed by providing network coverage. In this way, high value is added to the local community. Hence, HNT is considered more eco-friendly than most known cryptocurrencies.
How It Works
Unlike other networks, The People’s Network is paving the way to build future wireless networks by putting ownership in your hands while improving coverage and affordability for a new class of devices. Similar to other sharing economies, such as Airbnb, the Helium block chain enables a two-sided market and flips the traditional telecom model on its head.
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The People’s Network Model
Businesses and developers are getting affordable connectivity for their IoT devices from The People’s Network. Moreover, hotspot owners are providing connectivity in exchange for earning HNT. A new class of devices finally has a way to connect over long ranges. Thanks to this unique incentive model, every device from the scooter and pet tracking to environmental sensing and crucial healthcare monitoring solutions are connected to the network. Batteries can last years between charges, and costs are significantly cheaper than other cellular alternatives. The People’s Network is the wireless network that we’ve all been waiting decades for.
Proof of Coverage and Data Credits
The people’s network uses two units of exchange, HNT a new cryptocurrency, and data credits. Hotspots earn HNT by transferring data from nearby devices. The more data shared, the larger the reward. Hotspots also earn HNT by simply building the network and participating in Proof of Coverage.
Proof of Coverage (PoC) is a novel work algorithm that autonomously verifies all hotspots are real and located where they say they are. In order to send data over the network, devices must use data credits fixed in value. Data credits are created by burning HNT, reducing the total supply to achieve a Burn and Mint equilibrium.