Helium developers propose changing their blockchain for Solana, following the publication of the revised HIP 70 governance proposal on Tuesday. This might mean that the Internet of Things (IoT) blockchain network Helium may migrate to the Solana blockchain.
The Helium core developers stated that in order to provide “substantial economies of scale” to the network, they needed to “increase operational efficiency and scalability.”
Users join the Helium network by installing a Helium Hotspot, which provides decentralized wireless 5G network coverage for internet users in their neighborhood. Helium employs a novel consensus technique known as proof-of-coverage to validate network connectivity and award HNT tokens to Helium Hotspot providers when coverage is confirmed.
The idea comes after Helium developers underlined the need of resolving a number of technical challenges in order to expand the network’s capabilities. Thus Helium developers propose changing their blockchain for Solana:
“In the last several months of the network, both have been challenging for network participants with much reduced Proof-of-Coverage activity due to network size and blockchain/validator load, and packet delivery issues.”
According to the Helium GitHub website, the HIP 70 proposal has been put up to increase these data transport and network coverage capabilities.
If approved, Helium-based HNT, IOT, and MOBILE tokens, as well as Data Credits (DCs), would be added to the Solana blockchain.
Hotspot providers earn HNT for the network, node operators earn IOT for providing the LoRaWAN network, 5G coverage earns MOBILE, and DCs are utilized to pay transaction fees.
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Helium developers have proposed HIP 70, which would move PoC and Data Transfer Account to Oracles. This simplifies Helium's blockchain needs, improving scalability, speed, and reliability. It also allows for more rewards for miners and a move to Solana. 👀 https://t.co/ZFSWmwYn8f pic.twitter.com/ztnahzGAet
— Helium Foundation🎈 (@HeliumFndn) August 30, 2022
Helium has operated on its own blockchain since its inception in 2013. Arman Dezfuli-Arjomandi, presenter of the Hotspot podcast, remarked on Twitter that “Ethereum was too sluggish” and that “other options [at the time] weren’t all that appealing:”
“Helium needed to build its own Blockchain when the protocol first started as there was no blockchain that this could have been built on that existed at the time.”
Despite approximately one million Helium Hotspots installed worldwide and backing from Google Ventures, the network has received criticism.
Following revelations that the network was only producing $6,500 per month from data use revenue, while financing over $350 million, entrepreneur Liron Shapira attacked the network for its “total lack of end-user demand.”
The Helium network also went down for four hours, preventing HNT tokenholders from exchanging their tokens and Helium Hotspot miners from getting rewards.
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