Helium has been one of the well-performing cryptocurrencies in the current year. The cryptocurrency started off the year with a price level of $1.29 and established it all-time high at $26.31. It is interesting to note that Helium broke its previous all-time high that was formed during the 2021 bull run in the past week. This is an indication of increased bullish momentum – much higher than what it experienced during the bull run. A reason for this could be the major development going on in the network which coincides with the ATH.
The cryptocurrency fell subsequently after the ATH at $26 was established but the downside move appears to be nothing more than a minor correction as Helium is, once again, moving upwards. In the daily timeframe, HNT coin has started off gaining with an increase of 2% although the daily trading volume is dropping.
What is Helium?
Helium describes itself as “the people’s network”. Helium is a decentralized blockchain powering the internet of Things (IoT). The network was launched in 2019 by three founder Amir Haleem, Shawn Fanning and Sean Carey who started the company in 2013. All the three cofounders have extensive background in various diverse roles. The blockchain’s goal is to allow communication and transfer of data between wireless devices as well as across the network’s nodes. The goal behind the inception of the network was to bridge the gaps that exist in the IoT infrastructure.
The nodes are called Hotspots on the network. The Hotspots are responsible for blockchain mining while serving as wireless gateway. Users operate the Hotspots to mine the cryptocurrency and earn mining rewards. The network utilizes a new and unique consensus mechanism called HoneyBadger BFT protocol.
At the time of inception, back in 2013, the Internet of Things was a novel concept with little to no exploration. The founders of Helium took it upon themselves to take the technology to the next level and they considered the incorporation of decentralization as the way forward.
HNT’s 5G expansion
The cryptocurrency was started off to boost the at-the-time new technology of IoT and now as the world moves towards 5G, Helium is dipping its toes into 5G as well. The development team of the cryptocurrency has ambitious plans for the network. Helium is launching a 5G version of its network. Helium’s network may be considered as one of the most up-to-date. Helium has partnered with FreedomFi to launch a DIY tech package which will enable users to be paid for their support in the rollout of wireless technology by building their miniature versions of cellular towers.
