Helium (HNT) serves as a decentralized network built on blockchain technology aimed at facilitating communication between Internet of Things (IoT) devices.
Since its mainnet launch in July 2019, it has enabled low-energy wireless devices to interact with each other and dispatch data through a network of interconnected nodes.
These nodes, known as Hotspots, merge a wireless gateway with a blockchain mining apparatus. By managing these nodes, users can mine and receive rewards in Helium's native cryptocurrency token, HNT.
Helium's mission is to revolutionize IoT communication, addressing the limitations of existing infrastructure since its inception in 2013.
Who founded Helium?
Helium was established in 2013 by three co-founders: Amir Haleem, Shawn Fanning, and Sean Carey.
Amir Haleem comes from a background in eSports and game development. On the other hand, Shawn Fanning is renowned for creating Napster, one of the pioneering peer-to-peer (P2P) music sharing services that gained popularity in the late 1990s.
Before joining Helium, Sean Carey held various development positions, including at the advertising optimization company Where, which PayPal eventually acquired.
Currently, Helium's team comprises individuals with expertise in radio and hardware, manufacturing, distributed systems, peer-to-peer, and blockchain technologies, according to the company.
What makes Helium stand out?
Helium seeks to enhance the communication potential of wireless IoT devices. Back in 2013, the IoT infrastructure was still developing, so the creators aimed to integrate decentralization, dubbing it "The People's Network" in their documentation.
This network primarily appeals to device owners and enthusiasts in the IoT sector, with financial incentives broadening its reach.
Participants in the network either purchase or build Hotspots, which consist of a wireless gateway and a miner. Each Hotspot extends network coverage over a designated area and simultaneously mines Helium's native token, HNT.
The network operates on a proof-of-coverage system, a unique consensus algorithm derived from the HoneyBadger BFT protocol, which allows nodes to achieve consensus despite fluctuating connection quality.
Besides HNT, users also pay transaction fees using another token called Data Credits, which are non-exchangeable and linked to individual users.
How many Helium (HNT) coins are currently available?
Rewards are unlocked through mining periods lasting between 30 to 60 minutes, distributed following a dynamic growth strategy.
Initially, Helium notes that node operators will earn more HNT for expanding the network infrastructure, but over time, transmitting device data will become more lucrative. This evolving token distribution plan is expected to continue for roughly 20 years.
As of early October 2020, there are 48,712,218 HNT circulating. The token supply began at zero when launched, with no premining conducted.
How does the Helium network maintain its security?
Helium relies on a unique consensus method known as proof-of-coverage (PoC), which rewards users for participating in mining and maintaining network reliability.
The PoC is built upon the HoneyBadger BFT protocol, crafted specifically for facilitating reliable communication among nodes even under unstable conditions.
According to Helium, the most probable security threat targets node operators via the incoming ports of Hotspots. For those holding tokens, the platform's wallet employs asymmetric keys to secure users' private keys.
How can you purchase Helium (HNT)?
As of October 2020, HNT is a tradable token available on several major exchanges. On Binance, prominent trading pairs include USD and stablecoins like Tether (USDT).
Are you new to cryptocurrency? Check out our straightforward guide to purchasing Bitcoin (BTC) or any other digital currency.
