Helium is a modern web-free decentralized blockchain network focused on low-powered wireless devices. These low-powered wireless devices act as network nodes and can share data throughout the network.
These nodes are the so-called hotspots of the Helium network. They maintain a wireless gateway and can act as blockchain mining devices. Mining over the network generates HNT, and the miners are rewarded in HNT tokens.
With the intent to create a global wireless network, Helium is powered by blockchain and s Internet of Things devices. The nodes over the network provide a hotspot and, in return, earn HNT tokens. Amid the rising chaos in the crypto market, Helium faces a bearish phase. In the weekly chart, the HNT price action fails to cross $7.
The short-term market mood around the US elections is the key factor in deciding the HNT price trend. Helium is down almost 12% this month and approaches the next at the $6.07 mark.
Based on the HNT crypto price prediction, if the coin continues its downward momentum, the crucial is at $5.75. On the other hand, the price of Helium crypto might cross $11 by the end of this year.
According to some crypto experts’ Helium forecast, the uptrend in the HNT price could reach $12.52 by the end of 2024. With increased adoption, the bullish trend can target $42.59 by 2030.
The Role of Helium in the Web3 Ecosystem
In the growing Web3 movement, global adoption requires network connectivity at a grassroots level. Helium is a quick gateway to bring the unbanked masses of rural areas to the decentralized age.
With the wireless network of Helium, the growing infrastructure will disrupt the monopoly of traditional telecommunication companies.
How Helium’s Decentralized Network Works
The consensus mechanism of the Helium network is called proof of coverage, which verifies the signal contribution and network reliability. While there is no hard and fast rule to determine how much reward one can earn, here are some desired elements and higher-level concepts to . Hotspots earn HNT tokens once they transmit beacon signals to other network nodes.
Since migrating to Solana in 2023, the Helium hotspots can mine IoT tokens. These are then exchanged for HNT tokens at a daily adjusted rate. In determining the key points of earnings and block times, the network uses block times, not calendar times, to mark HNT productions. Slower block times can result in a lesser HNT supply, affecting the entire network.
At the end of each epoch, each epoch consists of 13 mined blocks, and the rewards are distributed based on work performed, such as beacons, witnessing, and data routing. The Helium aims to mint 2.5 million HNT tokens monthly, translating to 1,736 Helium per epoch.
With the deployment of growing independent hotspots, the expanding network coverage grows the Helium network. With this connectivity spurge, the remote or underserved areas get the long-due connectivity.
Furthermore, the decentralized network helps reduce the overall management costs compared to traditional centralized networks. Thus, Helium is making IoT services more affordable.
Businesses like LoneStar Tracking use Helium for real-time asset monitoring and theft prevention. Companies like WeatherXM collect weather data. These can help farmers plan their agricultural practices with additional soil, weather, and stock monitoring data collection features.
The Future of Helium (HNT) and the IoT Landscape
The future of the Helium network will power the Internet of Things devices in smart cities and rural areas. This will boost the network globally and increase web 3.0 participation in the coming times.
Nevertheless, growth will be hindered by issues such as increased global tensions and competition from Starlink. However, greater connectivity will reshape the underlying landscape of less-connected regions and IoT networks in smart cities.
Conclusion
Helium is a rising name in Web3 as a multi-million dollar decentralized IoT network. Working closely with leading telecommunications brands like Telefonica in Mexico, it is powering the next phase of Web3.
As IoT expands, Helium’s proof-of-coverage model will increase engagement in the Web3 movement. Being part of Helium’s network aligns with the dream of a decentralized internet while giving real-world rewards through earned rewards. As Helium continues to grow, now is the best time to remain connected with the newest Web3 developments.
