Helium, a Blockchain-based network that powers wireless communication protocols powered by thousands of individual users, will migrate its Level 1 blockchain to the Solana blockchain.
The network, which initially aimed to power Internet of Things (IoT) devices such as sensors and trackers, now has more than 950,000 nodes or hotspots, with operators rewarded with cryptographic tokens.
The Helium Foundation announced the decision following a community vote, which closed on Thursday with 7,447 votes, showing 81.41% support for the “Helium Improvement Proposal” (HIP 70).
– Elio🎈 (@elio) September 22, 2022
Helium developers proposed to migrate to Solana to evolve the protocol through more efficient transactions and interoperability. This will transfer all tokens, applications and governance to the network.
“Solana has a proven track record of supporting some of the world’s leading decentralized initiatives and was an obvious choice for our partnership,” said Scott Sigel, COO of the Helium Foundation in a statement. “The migration to the Solana blockchain allows us to focus our efforts on expanding the network rather than managing the blockchain itself.”
The Helium Foundation, which first proposed the migration in August, said the developers chose the Solana blockchain after reviewing several other blockchains over the past few months. The foundation stressed that the migration will offer users “greater access in the form of hardware and software wallets, DeFi markets, NFTs and compatibility with other apps in the Solana ecosystem.”
Another benefit of the Solana blockchain migration is that data transfer from devices will become “faster, more reliable and more scalable”, while the network-specific token will become natively compatible with other innovative projects around the world. at the Foundation.
The same week, Nova Labs, the creator of Helium, signed an agreement with American telecom operator T-Mobile to launch Helium Mobile, a mobile cryptocurrency service that will allow subscribers to earn cryptocurrency rewards. Subscribers using the mobile plan can sign up to receive tokens as a reward for sharing coverage quality data and to help identify helium blind spots nationwide.
As a decentralized wireless network, Helium provides open access global coverage. Since its launch in 2019, more than 900,000 hotspots have been deployed using the network, with 1,000 units added every day. Currently, there are more than 2,500 active hotspots using 5G in 889 U.S. cities since the program was launched in August 2022.
Helium is the 66th largest cryptocurrency, with a market capitalization of over $ 580 million. HNT, the native blockchain cryptocurrency, has dropped 3% in the past 24 hours, according to data from CoinMarketCap.
Statistics of the chain for the second quarter of this year showed that, despite macroeconomic conditions and network outages, Solana outperformed Ethereum in terms of daily user transactions.