- The HIP 70 proposal for shifting to the Solana blockchain aims to improve data transfer and network coverage ability.
- The Helium community members have also backed the proposal with voting for the HIP 70 proposal set to start on September 12.
Helium, the Internet of Things (IoT) blockchain network could transition to the Solana blockchain after the launch of the new HIP 70 governance proposal on Tuesday, August 30.
This comes as the developers at Helium proposed to improve the operation efficiency along with scalability. They said that this was essential to bring significant economies of scale to the Helium network. Currently, to operate the Helium network, users install a Helium hotspot to provide decentralized wireless 5G network coverage to its internet users.
Helium developers have proposed HIP 70, which would move PoC and Data Transfer Account to Oracles. This simplifies Helium’s blockchain needs, improving scalability, speed, and reliability. It also allows for more rewards for miners and a move to Solana. 👀 https://t.co/ZFSWmwYn8f pic.twitter.com/ztnahzGAet
— Helium Foundation🎈 (@HeliumFndn) August 30, 2022
Helium uses the Proof-of-Coverage consensus mechanism to verify network connectivity and distribute HNT tokens to Helium hotspot providers. Helium developers have been emphasizing the need to fix a number of technical issues for improving the network’s capabilities. The developers noted:
In the last several months of the network, both have been challenging for network participants with much reduced Proof-of-Coverage activity due to network size and blockchain/validator load, and packet delivery issues.
According to the GitHub page of Helium, the HIP 70 proposal seeks to improve these data transfers and network coverage abilities. If the proposal gets a collective vote, all Helium-based tokens like HNT, IOT, and MOBILE tokens and Data Credits (DCs) will also move to the Solana blockchain.
Community members give a thumbs up
The Helium community members have responded positively to the HIP 70 proposal. They also believe that the integration to the Solana blockchain would also benefit developers to a large extent. Jose Marcelino, one of the contributors to Helium said:
Fantastic news from the the most incredible network on the planet. Helium and Solana have extremely hard working relentless communities and teams behind them from all backgrounds. We are builders and not afraid of change. The combination is simply mind blowing.
Ryan Bethencourt, partner of Web3 backer Layer One Ventures, also called the HIP 70 proposal “huge” for Helium and Solana. The voting for the HIP 70 proposal will start on September 12 and shall be available for HNT token holders on heliumvote.com. Also, the voting will end on September 18.
About the Helium Network
The Helium network started its operation back in 2013 on its native blockchain. For them, Ethereum was too slow and other alternatives weren’t available at those times. As a result, Helium had no option but to build its own blockchain network.
Over the last decade, Helium has deployed over one-million Helium hotspots worldwide backed by giants like Google Ventures. However, Helium has been facing several criticisms throughout its journey. Entrepreneur Liron Shapira recently criticized the Helium Network for lack of end-user demand.
This was following the news that the Helium network generated only $6,500 per month from data usage revenue. This is quite minuscule revenue in comparison to the $350 million raised by the platform. Recently, the Helium Network also faced a four-hour outage. This impacted the ability of HNT token holders to exchange their tokens and prevent Helium hotspot miners from receiving the rewards.
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