Internet of products (IoT) blockchain network Helium could transition towards the Solana blockchain carrying out a new HIP 70 governance proposal launched on Tuesday.
The Helium core developers stated the necessity to “improve operational efficiency and scalability” was needed to be able to bring “significant economies of scale” towards the network.
The Helium network functions users installing a Helium Hotspot to supply decentralized wireless 5G network coverage for online users within their area. Helium utilizes a unique consensus mechanism, proof-of-coverage, to ensure network connectivity and distribute HNT tokens to Helium Hotspot providers when coverage is verified.
The proposal may come as Helium developers have emphasized the necessity to fix numerous intricacies to be able to enhance the network’s abilities:
“In the final several several weeks from the network, have been challenging for network participants with much reduced Proof-of-Coverage activity because of network size and blockchain/validator load, and packet delivery issues.”
The HIP 70 proposal continues to be submit to enhance these bandwith and network coverage abilities, based on the Helium GitHub page.
If passed, Helium-based HNT, IOT and MOBILE tokens and knowledge Credits (DCs) would be also used in the Solana blockchain.
The network’s HNT is earned by hotspot providers, IOT is earned by node operators that offer the LoRaWAN network, MOBILE is earned when 5G coverage is supplied and DCs are utilized to pay transaction charges.
Helium developers have suggested HIP 70, which may move PoC and knowledge Transfer Account to Oracles. This simplifies Helium’s blockchain needs, improving scalability, speed, and reliability. Additionally, it enables for additional rewards for miners along with a proceed to Solana. https://t.co/ZFSWmwYn8f pic.twitter.com/ztnahzGAet
— Helium Foundation (@HeliumFndn) August 30, 2022
Since its creation in 2013, the Helium network has operated by itself blockchain. The Hotspot podcast host Arman Dezfuli-Arjomandi mentioned in a number of Twitter updates that “Ethereum was too slow” and “other alternatives [at that time weren’t everything appealing:”
“Helium required to build its very own Blockchain once the protocol first began as there wasn’t any blockchain this might have been built with that existed at that time.”
Despite nearly a million Helium Hotspots deployed worldwide and supported by the kind of Google Ventures, the network hasn’t come without criticisms.
Related: Helium network team resolves consensus error after 4-hour outage
Recently, entrepreneur Liron Shapira belittled the network because of its “complete insufficient finish-user demand” following a news the network was only generating $6,500 monthly from data usage revenue, despite raising over $350 million.
The Helium network also possessed a four-hour outage, which affected ale HNT tokenholders to switch their tokens and avoided Helium Hotspot miners from receiving rewards.
Community reacts positively
Many people from the Helium community have taken care of immediately HIP 70 with positive sentiment, who’re from the view the integration into Solana may benefit developers tremendously.
Ryan Bethencourt, partner of Web3 backer Layer One Ventures, told his 16,000 Twitter supporters the proposal is “huge” for Helium and Solana if the recommendation be accepted.
Another Twitter user known as the mixture “simply unbelievable.”
Fantastic news in the probably the most incredible network in the world.
Helium and Solana have very diligent relentless communities and teams in it all backgrounds. We’re builders and never scared of change.
The mixture is just unbelievable ! WAO! https://t.co/SQygB7Dwm9
— Jose Marcelino xNFT (@jmarcelino) August 30, 2022
The HIP 70 election is scheduled for Sept. 12, which is provided for HNT tokenholders on heliumvote.com. Voting will finish on Sept. 18.
This news doesn’t have the symptoms of positively impacted the cost of HNT that is presently priced at $5.23, lower 15.5% during the last 48 hrs.
