Helium (HNT) Review (9.13/10⭐)

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Helium cryptocurrency is the native coin of the HNT blockchain since 2019. Its earnings are from Hotspots that issue and validate wireless coverage and transfer data devices through the network. It facilitates a decentralised network of IoT devices with less power use than other cryptocurrencies. The blockchain burns the coins to generate Data Credits for wireless data transmission over the network. It also serves as a governance token where its holders vote on the blockchain's proposals.

 

A Bit About Helium

The Helium coin has three co-founders that launched it in July 2019. These are Amir Haleem, Shawn Fanning, and Sean Carey. It is the native cryptocurrency and protocol token on its blockchain-based network. To become part of the People Network, Hotspot hosts and network operators mint the HNT coin as they provide network coverage. It does not provide any provisions on pre-minting the coin. The amount of coins one earns or mines depends on how much the hotspot transfers data. One can also obtain it through a consensus group and proof of coverage challenges. Developers also burn the coin to receive Data Credits that are critical for payment of their network usage.

HNT is mined and distributed to Hotspot Owners, Helium Inc & Investors.CryptoLists.com

 

Helium coin facilitates a decentralised, global network of IoT devices wirelessly connecting and geolocating without satellite location hardware or costly cellular plans. HNT incentivises the marketplace between coverage providers and coverage consumers. The blockchain it powers uses the Proof of Coverage consensus to utilise significantly less power than other cryptocurrencies. It relies on the community of the coin holders. Holders of the coin serve as node operators for the functionality of the network. Holders earn the cryptocurrency when their Hotspots supply and verify wireless coverage and data transfer on devices over the network.

 

Utility of Helium?

Miners of Helium receive it as a reward for sending data by routers. Validators stake at least 10,000 HNT coins and a validator node software with stable network uptime. Additionally, Helium holders can vote on network developments by staking the native token. The network consists of community governance systems that allow holders to present proposals and vote on those presented by other members. The vote includes the spending of the community chest. Essentially, the blockchain burns the coin to derive Data credits that are critical as transaction fees for wireless transfer of data over the network. The Data credits are USD pegged with a cost of $0.00001

 

Advantages of Helium

+ Its intrinsic value utilises underlying ecosystem technologies for real-world solutions.
+ It eases its mining process by requiring significantly less power to mine.
+ It operates on an open source blockhain with the community governance.
+ The coin is set to acquire 5G miners and attract retail attention.
+ It has a significant addressable market to allow for expansion
 

Disadvantages

- Its value's high correlation with other cryptocurrencies makes it unpredictable and volatile.
- A potential SEC crackdown if considered a security could affect the coin.
- The coin's utility in wireless network competes with telecommunication titans.
- Several hotspots are highly densed hence less useful in remote places.
- Internet Service Providers can crack down coins users for violation of terms.
 

Costs

▪ Rated at 10/10

Users of the Helium blockchain burn HNT coins to gain Data Credits for transfers. These are US-pegged utility tokens that cater to the transaction fees on wireless transmission of data on the network. They are non-exchangeable and tied to a single user. A Data Credit costs $0.00001 per 24 bytes of data. The burnt and mint equilibrium determines the amount of HNT to be burnt for Data credit due to the coin's fluctuation. There are no deposit fees for the coin. Withdrawal fees of the coin are dependent on the exchange one uses.

 

Reputation and Buzz

▪ Reputation rated at 10/10
▪ Buzz rated at 8/10

The coin has gained over half a million miners in two years with many crypto experts suggesting it is to surpass the one million mark in half a year. There is a significant expectation of the value rise of the coin as burning more of the HNT coins to provide for more Data Credits. It reduces the coin supply, and more users on the network drive its value. Many online forums view the HNT coin as the equivalent of telecom companies, such as T-mobile and Verizon. It includes a physical product and has a real-world use case. It solves challenging and previously unresolved problems, especially on significantly lower power usage. It has earned its reputation as a non-speculative utility token. It has allowed the coin to be an integral part of the 5G network through its blockchain. The coin gains plaudits for its energy efficiency compared to other cryptocurrencies, which is a significant attraction. The decentralised nature of its blockchain is a welcome concept to the Internet of Things in connecting devices over a large area.

 

FAQ

How do you earn the token?

The network provides its token as an incentive to utilise it by running a hotspot. The hotspot earn this reward by building and securing network infrastructure through the following:
Presenting a valid Proof of Coverage challenge
Witness a Proof of Coverage challenge
Successfully participating in a proof of coverage
Transferring data via the network
Serving as a consensus group member

How much of the coin will I earn?

The earnings of the coin are not fixed or predetermined hence challenging to predict the exact amount. About 5 million coins are mined every month and shared amongst the hotspots. The amount received relies on the activities of the hotspot.

Is mining the coin worth it?

The hotspot devices required for mining are over $400. However, they consume significantly less energy, and the global potential of the coin's network makes it a long-term investment to consider.

Where can I buy the coin?

It is available in several exchanges. Some of note include:
Binance
KuCoin
Gate.io
Bybit
WazirX

What is the coin's total supply?

The coin has a maximum supply of 223 million. It does not have a pre-mine.

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Screenshots from Helium

 

More sites where to buy/sell/trade Helium

Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.