CEO Amir Haleem was overwhelmed by the appreciative roar of all these eager to join early users, who had gathered at Austin’s trendy La Condesa restaurant for the Helium launch party in August 2019. The first Helium Hotspots had been delivered to the participants after months of marketing and promotion.
When Amir spoke with the crowd, he noticed that some were blockchain experts, others were IoT specialists, and still, others were geeks who wanted to be a part of this historic endeavour. Users in their early twenties, who would be creating a substantial wireless network rather than utilizing phone company masts, would provide the network. They’d get compensated in blockchain-based Helium tokens as compensation for providing the internet service.
Amir Haleem, a championship video player, and Shawn Fanning founded Helium in 2013. The company’s original business plan was to develop a massive wireless network like a cellular network but for low-cost, low-power, low-bandwidth sensors.
Amir and Shawn’s concept had developed into millions of hotspots, creating a wireless network by 2014. If you don’t want to use the mesh network’s infrastructure but want to benefit from it, you can join a hotspot. This makes your home part of the mesh network. Think about tiny volunteer-built cell stations that connect instead of cell towers owned by major phone carriers (extensive and costly).
The two entrepreneurs recognized that tiny sensors would soon be integrated into millions of devices, such as thermostats, fire alarms, kitchen appliances, inventory trackers, and perhaps even your dog. These gadgets shared one thing in common: they required a low-cost, low-powered wireless link to the internet.
Internet of Things
The Internet of Things (IoT) is a network of devices connected to the internet and can interact with each other. Examples of devices that are part of the IoT include smartphones, smart TVs, home automation devices, and wearables. Even smart cars, connected bins, utility networks, offices, farms and factories. The IoT is overgrowing, and by 2022 it is estimated that billions of devices will be connected to the internet.
Helium and IoT
The Helium network is an IoT network in its current form. Thanks to Helium and its blockchain technology, IoT devices connect to the Helium network to exchange data and they can share information securely. Therefore, the Helium network has become increasingly popular next to the Bitcoin network. The Helium network is not only a more aesthetically appealing alternative to centralized coverage structures, but it’s also an essential one. Data transmission has never been safer than it is now.
How will Hotspot Owners get favour?
To get off the ground, Helium needed more and more hotspots around the world. And therefore the company has to compensate the hotspot owners. To reward them for developing the network and retaining their nodes, the company issued a blockchain-based cryptocurrency, called HNT.
Now it was in the best interests of miners to install and manage hotspots, because doing so would earn them HNT for the data that passed through each one. Helium hotspots are a good investment opportunity for property owners and enterprises with numerous locations. Everybody can buy such hotspot miners from companies like HeliumMart – it’s an international IoT company, selling hotspots and various IoT solutions.
A tiny hardware device about the size of a smartphone that used a novel long-range, low-power wireless technology. The firm engaged product experts who invested time and effort into the app’s appearance and feel. Helium wanted to provide a simple, user-friendly method for setting up and maintaining hotspots so that anybody could use one.
In order to improve coverage and earn more HNTs there are lot of important factors including location, construction materials, and radio wave interference. The maximum range of a Helium hotspot in the cities is about 2 to 3 miles, meaning it may need approximately 150 locations in San Francisco. In rural regions, the range might extend up to ten miles.
HNT (Helium Network Tokens)
Miners expected that the value of Helium tokens would rise, much like an investment. Buyers, on the other hand, wanted a set price. To address this, the team created two separate tokens: Helium Network Tokens (HNT) and Data Credits (DC). Even if HNT is altered in value (like an investment), DC would be a stable unit of purchasing power to utilize the network (like a currency).
As the demand for HNT tokens grows, so should the price. Customers may feel confident that they will retain their value as long as Data Credits are not sold to additional clients.