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The Crypto Transition From Helium to Solana

The Crypto Transition From Helium to Solana

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Helium would transfer all tokens to Solana

If the recently announced proposal is approved, Helium, a blockchain platform that utilizes crypto-token incentives to power decentralized wireless networks, may soon see a big change, moving from its own blockchain to Solana.

The just-released HIP 70 proposal explains why Helium’s core developers want to migrate the network from their own custom chain to Solana, the leading smart contract platform for decentralized applications (dapps), network function tokens (NFT), and decentralized finance (DeFi) protocols. The authors believe that this will increase Helium’s speed, reliability and ability to serve more users.

According to sources, Solana offers enormous advantages to helium, including but not limited to size, community and composability. The Helium network and its users will greatly benefit from this change, and it will be of historic magnitude and impact. The Helium network would transfer all its tokens from its own blockchain to Solana, according to the plan. In addition, it would rely on oracles or external data sources to use Helium’s proof-of-coverage architecture and data transfer accounting features.

A network made for IoT

The proposal claims that by using Solana, the Helium community would have a robust development ecosystem consisting of hundreds of developers working on products that are only accessible on Solana due to its fast and cheap transactions. In exchange for allowing others to use their home network service, subscribers to the decentralized wireless network Helium are paid in bitcoin tokens. For example, a user can use a helium node or hotspot connected to their modem or router, earn encryption tokens by securing the network, and then share their connection with other devices.

According to the latest data, the platform first debuted with a network made for the Internet of Things, or IoT gadgets like trackers and sensors, and has now amassed more than 935,000 active node operators. Helium just introduced a 5G network for phones, tablets and other devices and now has around 3,300 nodes in operation.

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Source: https://www.thecoinrepublic.com/2022/09/17/the-crypto-transition-from-helium-to-solana/

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