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Internet of Things (IoT) blockchain network Helium may migrate to the Solana blockchain following the new HIP 70 governance proposals launched on August 30th.
Helium core developer Said To bring “significant economies of scale” to the network, it had to “improve operational efficiency and scalability.”
The Helium network works by users installing Helium hotspots to provide distributed wireless 5G network coverage to internet users in the area. Helium uses its own consensus mechanism. This is proof of coverage to verify network connectivity and distribute HNT tokens to his Helium hotspot provider when coverage is verified.
This proposal is due to Helium developers highlighting the need to fix a number of technical issues to improve the functionality of the network.
Over the last few months of the network, the size and blockchain/validator load of the network, as well as packet delivery issues, have significantly reduced coverage activity, both of which have been difficult for network participants.
According to the Helium GitHub page, the HIP 70 proposal is proposed to improve these data transfer and network coverage features.
If approved, Helium-based HNT, IOT, and MOBILE tokens and data credits (DC) will also be transferred to the Solana blockchain.
HNT tokens for the network are earned by hotspot providers, IOT tokens are earned by node operators offering the LoRaWAN network, MOBILE tokens are earned when 5G coverage is provided, and DC is used to pay for transaction fees. .
A Helium developer proposed HIP 70 to move the PoC and data transfer account to Oracle. This simplifies Helium’s blockchain needs and increases scalability, speed, and reliability. It also enables more rewards for miners and a transition to Solana. https://t.co/ZFSWmwYn8f pic.twitter.com/ztnahzGAet
Helium Foundation (@HeliumFndn) August 30, 2022
Since its founding in 2013, the Helium network has operated on its own blockchain. Arman Dezfuli-Arjomandi, host of ‘The Hotspot’ podcast, said in several of his Twitter posts that ‘Ethereum was too late’ and that ‘other alternatives [at the time] It wasn’t that appealing.
Helium had to build its own blockchain when the protocol first launched, because at the time there was no blockchain on which it could be built.
But despite nearly a million Helium hotspots deployed worldwide and backed by Google Ventures and others, the network has not been criticized.
Related: Helium Network Team Resolves Consensus Failure After 4 Hour Outage
Last month, entrepreneur Liron Shapira said after news that the network had raised more than $350 million but was only making $6,500 a month in revenue from data usage, he said, “end-user demand is not fully met. It lacks, he criticized the network.
The Helium network also suffered a four-hour outage, impacting the ability of HNT token holders to trade their tokens and preventing Helium Hotspot miners from receiving rewards.
Many members of the Helium community have responded positively to HIP 70 and believe that its integration into Solana will greatly benefit developers.
Ryan Bethencourt, a partner at Web3 backer Layer One Ventures, told his 16,000 Twitter followers that the proposal, if approved, would be a “huge” proposal for Helium and Solana.
Another Twitter user called the combination “just mind blowing.”
Great news from the most incredible network on earth.
Helium and Solana have a very hard-working and tireless community and a team of all backgrounds behind it. We are builders and we are not afraid of change.
The combinations are simply amazing! Wow! https://t.co/SQygB7Dwm9
Jose Marcelino xNFT (@jmarcelino) August 30, 2022
HIP 70 voting is scheduled for September 12th and will be available to HNT token holders on heliumvote.com. Voting ends September 18th.
This news does not seem to have a positive impact on the current HNT token price. price At $5.23, it has fallen 15.5% over the past 48 hours.
