Validators are responsible for verifying transactions and maintaining the integrity of the network.īut the Helium network also needs hotspots to offer coverage for Internet of Things (IoT) devices. Under PoS, those who stake HNT tokens become network validators. The Helium network operates on two types of consensus mechanisms-Proof of Coverage (PoC) and Proof of Stake (PoS). It thus has the potential to revolutionize industries such as logistics and supply chain management and to create smart homes. The Helium network provides coverage where traditional cellular networks may not be available or are too costly. ![]() Helium is important in the world of crypto because it is a network designed to control devices remotely. In this article, we will discuss what Helium mining is, how it works, and the potential rewards and challenges of participating in this type of mining. Recently, a new form of mining has emerged in the world of crypto with the Helium platform. It involves miners solving complex mathematical problems to validate transactions on the network and create new coins. Hotspot operators share their home or business internet bandwidth to power the global network, and earn tokens for participating in the network.Crypto mining has been around for over a decade now and has become an integral part of the blockchain industry. The original Helium LoRaWAN network, which provides connectivity for lightweight Internet of Things (IoT) devices like sensors and trackers, makes up almost the vast majority of that hotspot tally. Helium’s migration to Solana was approved via a community vote in September 2022, beginning the months-long process of bringing the “network of networks” -which incentivizes users to share their wireless service by giving them crypto token rewards-to the public blockchain network used for things like NFT collectibles and DeFi protocols. Furthermore, the NFT enables possible ecosystem-wide integrations, including token-gated benefits and access for hotspot owners. Why mint a Solana NFT to represent each of the nearly 1 million Helium hotspots? According to the Helium Foundation, the token works as a network credential and authenticates the hotspot, all in a decentralized fashion. Solana’s NFT compression feature potentially provides creators and brands a way to serve up large amounts of NFTs to a broader audience without a significant cost attached. ![]() ![]() Minting that many NFTs on the Ethereum mainnet would cost creators an estimated $33.6 million, the Solana Foundation claims. Compare that to an estimated $253,000 worth of SOL using Solana without the compression tech, or about $32,800 worth of MATIC on Ethereum scaling network Polygon. It’s the most prominent test case to date for Solana’s new state compression feature, which lets creators mint potentially enormous amounts of NFTs for relatively low cost compared to other platforms-or even to Solana’s standard NFT minting process.Īccording to the Solana Foundation, the process cuts the estimated cost of minting 1 million NFTs to about $113 worth of SOL (as of April 5). The process appears to be ongoing, although the data on the platform is slightly delayed. More than 150,00 of the NFTs had been minted as of Wednesday morning, per public blockchain data compiled on analytics platform Flipside Crypto. "The contracts are permissionless and on-chain." "Helium developers took a snapshot of the existing blockchain and loaded the necessary transactions to the new blockchain," Helium Foundation Head of Protocol Engineering Noah Prince told Decrypt.
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