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DeFi

Helium Proposes Moving Entire Crypto Wireless Network To Solana

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Helium developers are making a proposal to migrate the entire crypto wireless network to Solana. The change is said to be important, it will bring greater speed, stability and scalability.
helium

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 toΒ Solana.

Published today, theΒ HIP 70 proposalΒ details why Helium’s core developers want to move the network from its own bespoke chain to Solana, a leading smart contract platform used forΒ decentralized appsΒ (dapps),Β NFTs, andΒ decentralized financeΒ (DeFi) protocols. In short, the developers think it will improve Helium’s speed, stability, and ability to serve more users.

According the proposal, the Helium network wouldΒ move all of its tokens – HNT, IOT, MOBILE, and DC (Data Credits) – from its own blockchain to Solana. It would also rely onΒ oracles, or third-party data sources not on the blockchain, to manage Helium’s proof-of-coverage infrastructure and data transfer accounting functionality.

helium

β€œThe 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

In the post announcing the Solana migration proposal, Helium’s 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 per the proposal, a larger portion of the HNT reward token will go to node operators or miners, after switching to Solana, with a 6.85% increase over the current model. The proposal states that the redistribution will drive more than 2 million additional HNT to miners in the first two years, or more than $11.1 million at current prices.

The Helium Foundation will hold a token-based community vote on the proposal starting on September 12 and ending on September 18. No timeline was revealed for the planned migration, should the proposal pass.

The platform first launched with a network designed for internet of things (IoT) devices like trackers and sensors, and has thus far attractedΒ more than 935,000 active node operators, according to current data. More recently, HeliumΒ launched a 5G networkΒ built for phones, tablets, and other devices, which has about 3,300 nodes online at present.

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