Helium (HNT) — the world's first blockchain-based decentralized network for IoT devices that send small data over long distances.
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Description of the Helium platform (HNT)
Helium allows low power wireless devices to communicate with each other and send data over their network of nodes. Nodes are represented as so-called hotspots, which are a combination of a wireless gateway and a blockchain mining device. Thus, users who manage nodes mine and receive rewards in Helium's native cryptocurrency token - HNT.
Project uniqueness
Helium is trying to improve the communication capabilities of wireless IoT devices. Its primary appeal will be to device owners and those interested in the space, with financial incentives, providing additional opportunities for outreach.
Network features:
| Network | Powered by Proof of Coverage, a new consensus algorithm, based on the HoneyBadger BFT protocol, that allows nodes in a network to reach consensus when the quality of the connection varies greatly. |
IoT devices are, for example, pet trackers, temperature sensors, motion detectors that are part of security systems, and much more. These devices tend to send small amounts of encrypted data every few minutes. And when they do it on the Helium Network in your Hotspot coverage area, you can provide them with wireless coverage.
Buying and selling a token
Helium uses a special consensus mechanism, called proof of coverage (PoC), that rewards users for contributing to mining (verifying transactions) and ensuring stability. PoC runs on the HoneyBadger BFT protocol, which is specifically designed to allow nodes to communicate in untrusted environments.
HNT - a tradable token, circulating on major exchanges as of October 2020. The main pairs are active on:
- Binance;
- FTX.
Pairs include USD and stablecoins such as Tether (USDT). HNT - your reward for being an active and valuable member of the platform. Soon, device and sensor operators on the Helium Network will need HNT to transmit data over the network. And when that happens, you will have the ability to supply them with those tokens. The project believes that the most likely attack vector is affecting node operators in the form of access point incoming ports. To help users with private key security, for token holders, the platform's own wallet uses asymmetric keys.