– Helium, the blockchain platform that uses crypto token incentives to fuel decentralized wireless networks, may soon undergo a significant transformation if a newly-revealed proposal passes: it could move from its own blockchain to Solana.
– Published today, the HIP 70 proposal details why Heliums core developers want to move the network from its own bespoke chain to Solana, a leading smart contract platform used for decentralized apps (dapps), NFTs, and decentralized finance (DeFi) protocols.
– In short, the developers think it will improve Heliums speed, stability, and ability to serve more users.
– Under the proposal, the Helium network would move all of its tokensHNT, IOT, MOBILE, and DC (Data Credits)from its own blockchain to Solana.
– It would also rely on oracles, or third-party data sources not on the blockchain, to manage Heliums proof-of-coverage infrastructure and data transfer accounting functionality.
– The Helium community will gain a thriving developer ecosystem of thousands of developers worldwide who are working on applications that are only possible on Solana due to its fast and cheap transactions, the proposal says.
– Helium is a distributed wireless network that offers users crypto tokens as rewards for sharing their home internet service with a wider community.
– The platform first launched with a network designed for internet of things (IoT) devices like trackers and sensors, and has thus far attracted more than 935,000 active node operators, according to current data.
– More recently, Helium launched a 5G network built for phones, tablets, and other devices, which has about 3,300 nodes online at present.
– The Helium Foundation and Nova Labsa startup composed of the networks founders and some core developersrecently announced plans to embrace a network of networks approach and expand beyond the original HNT reward token.
– In the post announcing the Solana migration proposal, Heliums developers said that when they first launched the network, there were few layer-1 blockchain platforms and it made the most sense to build their own.
– But as the network has scaled, they believe that it makes sense to embrace an open-source platform like Solana, which is built to handle large numbers of transactions.
– Also according to the proposal, a larger share of HNT reward tokens will flow to node operators, or miners, following the move to Solana, with a 6.85% increase over the current model.
– The proposal claims that the redistribution will push more than 2 million additional HNT to miners over the first two years, or more than $11.1 million at the current price.
– The Helium Foundation will