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Sunday, December 4, 2022

Helium Devs Proposing Ditching Its Own Blockchain For Solana

According to Helium core developers, switching to Solana would increase network scalability and result in “substantial economies of scale” for the network.

Following the announcement of a new HIP 70 governance proposal on Tuesday, the Internet of Things (IoT) blockchain network Helium may switch over to the Solana blockchain.

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The firm’s core developers claimed that to bring about “substantial economies of scale” for the network, it was necessary to “increase operational efficiency and scalability.”

The Helium network works by users installing a Hotspot to offer local internet users decentralized wireless 5G network coverage. When network connectivity is confirmed, Helium uses a novel consensus method called proof-of-coverage to award HNT tokens to Helium Hotspot providers.

Helium Proposed Ditching The Blockchain For Solana: 

According to the GitHub website, the HIP 70 proposal has been made to enhance these data transport and network coverage capabilities.

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If approved, the Solana blockchain would also get data credits (DCS) and helium-based HNT, IoT, and MOBILE tokens.

Hotspot providers contribute to the network’s HNT, LoRaWAN node operators contribute to the network’s IoT, 5G coverage providers contribute to the network’s MOBILE, and DCs are used to pay transaction fees.

Despite having almost a million Hotspots installed worldwide and having investors like Google Ventures backing it, the network hasn’t been without its share of detractors.

Following the revelation that the network was only making $6,500 per month from data use revenue while having raised over $350 million, businessman Liron Shapira blasted the network for having a “total lack of end-user demand.”

A four-hour downtime on the network also hampered HNT token holders’ ability to swap their tokens and stopped Hotspot miners from getting paid.

The community of the firm has reacted favorably to HIP 70 and thinks integration with Solana will be extremely advantageous to developers.

Should the advice be accepted, Ryan Bethencourt, a partner at Web3 supporter Layer One Ventures, informed his 16,000 Twitter followers that the proposal is “massive” for Helium and Solana.

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