HELIUM (HNT)

Helium is a decentralized blockchain network for IoT, i.e. smart devices on the Internet. It uses UHF radio frequency wireless technology, combined with blockchain to create a perfect network. Launched in July 2019, it enables low-power wireless devices to communicate with each other and send data between network nodes. These nodes are so-called hotspots, which are a combination of a wireless gateway and a blockchain mining device. Users operating hotspots on the one hand provide low-bandwidth internet for several kilometres to thousands of wireless IoT devices, and on the other hand, they are miners. Network participants purchase the hotspots or build one themselves using open-source software. And as an incentive, Helium provides HNT token rewards to owners to participate in building a global wireless network. IT companies and developers can use these networks to operate their own devices at a favourable price. HNT is also shared when hotspot owners transmit data packets to other external IoT devices. The more data, the more the reward. In addition to HNT, users pay transaction fees in a separate token called Data Credit, which cannot be exchanged and is tied to each user. The operating principle of the network is POC, i.e. proof-of-coverage, which in Hungarian is called network maintenance. This algorithm continuously verifies the status and geographic location of the hotspot. The advantage is that the batteries last for years and the network fee is also much more favourable. This is the decentralized network concept. "We don't charge fees for using the network, we encourage others to be the operators of their own networks, the people themselves build the network, that's why we gave it the nickname 'the people's network'.