5G Wireless Network Helium Proposes Migration to Solana Blockchain

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5G Wireless Network Helium Proposes Migration to Solana Blockchain

Decentralized peer-to-peer (P2P) 5G wireless network Helium is proposing to migrate its own network, officially known as HIP 70, to Solana in search of more efficient operations.

Founded in 2013, Helium network is the world’s first peer-to-peer LoRaWAN wireless Internet of Things, also known as “People’s Network”.

Helium is changing the way we connect and extend the world’s wireless networks. Helium’s ever-expanding network of hotspots enables anyone to own and operate a wireless network for low-power Internet of Things (IoT) devices, while customers can earn by setting up and participating in the network using a cryptographic token called HNT award.

The Helium Foundation says it addresses current user needs by moving to the Solana blockchain to achieve faster transaction speeds, longer uptime and more interoperability with other blockchains.

Helium developers said that:

“Solana is a layer 1 blockchain that focuses on the importance of scalability and speed and the network does not compromise on security or scalability.”

Community voting on this proposal began on September 12 and ended on September 18.

As of now, the network has more than 1 million “hotspots” running on the Helium network, most of which are concentrated in the US, Europe and China.

The addition of large institutions such as Andreessen Horowitz also confirms the future prospects of the network.

On September 2, according to Coinmarketcap data, the HNT token lost 1.09% in the past 24 hours, with a market cap of $613,196,579. As of this writing, HNT is trading at $4.89.

In February, Helium raised $200 million in a Series D funding round led by Tiger Global and FTX Ventures at a $1.2 billion valuation.

Source – Blockchain News

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