Transitioning to Solana would improve network scalability, which in turn would bring “significant economies of scale” to the network, according to Helium core developers.
The Helium Internet of Things (IoT) blockchain network may transition to the Solana blockchain following a new HIP 70 governance proposal launched on August 30.
Helium’s core developers said the need to “improve operational efficiency and scalability” was necessary in order to bring “significant economies of scale” to the network.
The Helium network works when users install a Helium hotspot to provide decentralized 5G wireless network coverage to internet users in their area. Helium uses a unique consensus mechanism – proof of coverage to verify network connectivity and distribute HNT tokens to Helium AP providers when coverage is verified.
The proposal comes as Helium developers have highlighted the need to address a number of technical issues in order to improve network capabilities:
Over the past few months for the network, both have been challenging for network participants with significantly reduced proof-of-coverage activity due to network size and blockchain/validator load, and delivery issues. packages.
The HIP 70 proposal was put forward to improve these data transfer and network coverage capabilities, according to the Helium GitHub page.
If adopted, helium-based HNT, IOT and MOBILE tokens and data credits (DC) would also be transferred to the Solana blockchain.
Network HNT tokens are earned by AP providers, IOT tokens are earned by node operators who provide the LoRaWAN network, MOBILE tokens are earned when 5G coverage is provided, and DCs are used to pay transaction fees.
Helium developers proposed HIP 70, which would move the PoC and data transfer account to Oracles. This simplifies Helium’s blockchain needs, improving scalability, speed, and reliability. This also allows for more miner rewards and a move to Solana. pic.twitter.com/ztnahzGAet
— Helium Foundation (@HeliumFndn) August 30, 2022
Since its creation in 2013, the Helium network has been running on its own blockchain. “The Hotspot” podcast host Arman Dezfuli-Arjomandi said in multiple Twitter posts that “Ethereum was too slow” and “other alternatives [at the time] weren’t very attractive.
Helium needed to build its own Blockchain when the protocol started because “there was no blockchain that it could have been built on that existed at the time.
But despite nearly one million Helium hotspots deployed worldwide and backed by Google Ventures, the network hasn’t come without its critics.
Last month, entrepreneur Liron Shapira slammed the network for its “complete lack of end-user demand” following news that the network was only generating $6,500 a month from data usage revenue, despite raising over $350 million.
The Helium Network also experienced a four-hour outage, which affected the ability of HNT token holders to redeem their tokens and prevented Helium Hotspot miners from receiving rewards.
The community reacts positively
Many members of the Helium community have responded to HIP 70 with positive sentiment, who believe that the integration into Solana will benefit developers immensely.
Ryan Bethencourt, partner at Web3 funder Layer One Ventures, told his 16,000 Twitter followers that the proposal is “huge” for Helium and Solana if the recommendation is approved.
Another Twitter user called the combination “simply breathtaking”.
Fantastic news from the most incredible network on the planet.
Helium and Solana have extremely hard-working, hard-working communities and teams from all walks of life behind them. We are builders and are not afraid of change.
The combination is simply stunning! WOW!
— Jose Marcelino xNFT (@jmarcelino) August 30, 2022
The HIP 70 vote is scheduled for September 12 and will be made available to HNT token holders on heliumvote.com. Voting will end on September 18.
The news does not appear to have had a positive impact on the price of the HNT token which is currently priced at $5.23, down 15.5% in the last 48 hours.
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Helium developers offer to ditch their own blockchain for Solana | Cryptocurrency
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