In the past few years, we have seen a sudden interest of people in cryptocurrency. One such cryptocurrency is Helium Crypto (HNT); unlike other cryptocurrencies, Helium Crypto is unique.
Unlike other popular cryptocurrencies, Helium Crypto isn’t made for trading; it is rewarded as a token to Helium Blockchain Nodes.
Let’s learn about them here!
Table of Contents
What is Helium Crypto?
Helium Crypto (HNT) is a crypto token used to incentivize hotspots in Helium Network (Nodes) or Helium Blockchain.
Then, What is Helium Blockchain?
Our world is slowly moving to decentralized systems from centralized ones. We can witness this in the form of blockchain technology and cryptocurrency.
However, most of the decentralization has been done on a software basis.
Hardware such as IoT (Internet of Things) are still centralized and cause huge privacy issues.
Helium crypto or Helium blockchain is a blockchain-based network for IoT devices.
IoT devices are smart devices that can connect to the internet and communicate with other devices.
How to Buy Helium (HNT)?
Like any regular cryptocurrency, you can buy Helium (HNT) in many trading platforms, like –
- Coinbase
- WazirX
- Binance
- Uphold
- KuCoin
However, it can be mainly used in Helium Blockchain Network. And for trading purposes, it isn’t much speculative.
Benefits of Buying Helium (HNT)
- Non-speculative cryptocurrency.
- High rate of transaction.
- Well-defined use case.
- Backed by Helium Networks.
- It can be used in helium networks.
Helium Price
- Current: $2.1
- High: $55.22
- Low: $0.25
Max Supply – 223,000,000 HNT (The maximum amount of coins will ever exist.)
How Does Helium Blockchain Work?
Helium Inc. is a company working on creating a decentralized global network for IoT devices.
You may be thinking, how are they doing this?
Their network has nodes that act as hotspots. If you know little much about Blockchain technology, you know what nodes are.
But for your information, in any blockchain network, nodes are computers or devices that host a blockchain by following rules set by the developer.
In Helium Blockchain Network, Nodes are Hotspots. People who host hotspots for Helium Blockchain are incentivized with Helium Crypto (HNT) for their participation.
If you want to mine Helium Crypto, i.e., become a hotspot, refer to their page – Helium INC.
How to Mine Helium Crypto
Mining Helium Crypto is comparatively more accessible and affordable.
To Start Mining Helium Crypto, You Need:
- LoRoWAN Transmitter (Hotspots)
- An elevated place in your office or home (like rooftops or balconies)
That’s it!
Additionally, LoRoWAN hotspots are highly energy efficient; they can operate on 5W electricity.
Here are some compatible hotspots:
Download the Helium app to start mining.
Benefits of Helium Crypto
IoT devices are mainly supported by WiFi devices, what are the benefits of using Helium Network.
Following are some of the key benefits:
- Helium is built-in LoRaWAN, consumes less power, and is energy efficient.
- Provide wider coverage than WiFi (50-100 hotspots are needed to cover an entire city.)
- Using IoT devices has also been a privacy concern; however, as Helium is a decentralized blockchain, it provides greater privacy.
Why Is Helium Unique?
The simple thing that makes the Helium blockchain unique is there are very few blockchains working on creating a global network for IoT devices.
There are many popular blockchains:
- Bitcoin
- Ethereum
- Ripple
- IBM, etc.
Not many popular blockchains work on improving connectivity for IoT devices.
History of Helium Network
Helium Network was started in 2013 by Helium Inc. It was the first global peer-to-peer wireless network providing connectivity to IoT devices.
- In 2013, Helium Inc. was founded by Sean Carey, Shawn Fanning, and Amir Haleem.
- From 2015-19, the company raised $53 million in four funding rounds.
- In 2017, it went bankrupt; hence, it switched to a new strategy, like offering payments in cryptocurrency to individually owned nodes.
- The network went live in 2019.
- In 2022, Helium Inc. rebranded to Nova Labs as it raised $200 million from Tiger Global Management and Andreessen Horowitz.
Read More – History of Blockchain (When Was Blockchain Invented)
Conclusion
The Helium Network is one of the unique concepts in the blockchain world that is dedicated to solving real-life problems.
Currently, Helium’s hotspots are all around the world, but you’ll see more of them in the US and Europe.
We hope you find the information provided in this article helpful; if you have more questions, you can head to our FAQ section.
FAQs on Helium Crypto
Helium Crypto is a cryptocurrency that is used to incentivize hotspots of the Helium Network. It’s a special cryptocurrency developed for the Helium Network.
You can buy or sell Helium Crypto like any regular cryptocurrency.
As per the Helium Developer Team, the Helium App is the best wallet for helium crypto, as it is designed to be compatible.
However, here are some other wallets as well –
1. Command Line Interface Wallet
2. Ledger
3. Trezor
On Helium Blockchain, Data Credits are non-transferable tokens that one can get by burning HNT.
Data Credits can be used for payment in blockchain networks, like paying transaction fees, etc.
Helium Network combines LoRaWAN wireless protocol and Helium Blockchain, which uses sub-GHz radio frequency between 860 and 923 MHz.
Helium INC says it can reach dozens of miles or kilometers and connect to devices inside buildings, unlike cellular or GPS.
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