The IoT blockchain network Helium might switch to the Solana blockchain after a revised HIP 70 governance proposal came out on August 30.
Developers of the Helium Core stated that it was necessary to “increase operational efficiency and scalability” to bring “substantial economies of scale” to the network.
Users install Helium Hotspots to give decentralised wireless 5G network coverage for internet users in their neighbourhood. Helium has a novel consensus method—proof-of-coverage—to validate network connectivity and award HNT tokens to Helium Hotspot providers when coverage is confirmed.
In order to expand the network’s capabilities, Helium developers have underlined the necessity of addressing a number of technical challenges.
In the previous few months of the network, both proof-of-coverage activity and packet delivery have been problematic for network members owing to network growth, blockchain/validator load, and packet delivery concerns.
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On the Helium GitHub website, it says that the HIP 70 proposal has been made to improve data transport and network coverage.
If passed, Helium-based HNT, IOT, and MOBILE tokens, as well as Data Credits (DCs), would be moved to the Solana blockchain.
Hotspot providers get HNT tokens, LoRaWAN node operators get IOT tokens, mobile coverage providers get MOBILE tokens, and DCs are used to pay transaction fees.
The Helium network has utilised its own blockchain since its inception in 2013. In many Twitter tweets, “The Hotspot” podcast presenter Arman Dezfuli-Arjomandi argued that “Ethereum was too sluggish” and that “other choices [at the time] weren’t all that enticing.”
“Helium had to develop its own blockchain when the protocol originally began, as there was no existing blockchain on which it could have been built.”
Even though there are about a million Helium Hotspots around the world and the network is backed by Google Ventures, it has been criticized.
Last month, entrepreneur Liron Shapira criticised the network for its “total lack of end-user demand.” He did this after learning that the network only made $6,500 per month from data use revenue, even though it had raised more than $350 million.
Also, the Helium network was offline for four hours, so HNT token holders couldn’t trade their tokens and Helium Hotspot miners couldn’t get their rewards.
community responds favourably
Many people in the Helium community have liked HIP 70 because they think that integrating it with Solana will help developers a lot.
Ryan Bethencourt, a partner at Web3 backer Layer One Ventures, told his 16,000 followers on Twitter that if the request is granted, the idea would be “massive” for Helium and Solana.
Another Twitter user described the pairing as “mind-blowing.”
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The HIP 70 vote is slated for September 12 and will be accessible on heliumvote.com to HNT token holders. Voting concludes on September 18.
The announcement doesn’t seem to have helped the price of the HNT token, which is now worth $5.23, which is 15.5% less than it was 48 hours ago.
