Amongst the numerous blockchain networks that exist today, Helium has distinguished itself by being the leader of the Web3 universe.
After a new HIP 70 governance proposal that was put forward on August 30th, the Helium blockchain will now make its transition to the Solana network.
Users of the Helium blockchain can take advantage of helium hotspots that offer them access to decentralized wireless 5G internet networks.
Those who own the hotspot devices can get rewards for offering the service.
Shift to Solana
The Helium network’s core developers said that they would be able to enhance the scalability and efficiency of the network with the shift to Solana.
They also added that it would also help them enjoy the benefits of economies of scale. In addition, developers of the Helium network have also highlighted that a number of technical issues need fixing.
Doing so would be helpful in boosting the capability of the network. According to the developers, network participants have had to dealing with a challenging couple of months.
This is due to the fact that proof-of-coverage activity has been significantly reduced. If the proposal gets approval, it would mean that the assets available on the Helium network would be transferred to Solana.
The assets that will make the shift include HNT, MOBILE and IOT, along with Data Credits (DCs). Hotspot providers who buy the Helium devices will be able to earn the HNT token.
MOBILE tokens are issued to those who offer 5G coverage, while node operators will receive the IOT tokens when they give access to the LoRaWAN network. Transaction fees are paid in the form of DCs.
Launched back in 2013, the Helium network has garnered a solid amount of success in its operation. About 1 million Helium hotspots were globally deployed.
They also received support from other companies, which include Google Ventures. But, there has also been some amount of criticism.
The network recently suffered from an outage of four hours because of which HNT token holders were unable to swap their tokens.
In addition, it also became difficult for Helium hotspot miners to receive their rewards due to the outage.
This development has received a positive response from the Helium community. A number of them think that shifting to the Solana blockchain could have benefits for the network.
According to one Twitter user, such a move would be ‘mind-blowing’. Partner of One Ventures also spoke up and said that the proposal would be a huge one for both Solana and Helium, should it get approval.
The HIP 70 Proposal is scheduled for a vote on September 12th and HNT token holders will be able to vote on it.
Moreover, they will have until September 18th to do so, after which the voting will be closed and then a decision will be made.
The Helium community is clearly looking forward to making the shift in order to enjoy the benefits that the Solana blockchain can offer.