What is Helium (HNT), and what sets it apart in the crypto world?
Helium is a decentralized network with its native token HNT. The blockchain was designed for the Internet of Things (IoT), the aim of which is to allow users to build their decentralized wireless chains.
How does Helium's IoT network work?
HNT miners set up hotspots for wireless coverage points. The hotspots build a special wireless infrastructure, making it possible for IoT devices to gain access to the internet. In return, miners get rewards in HNT for enabling device communication.
What's the role of HNT in the Helium network?
HNT is used for rewarding miners, transferring data credits, and participating in network governance.
Can I mine HNT, and how does it differ from traditional mining?
You can mine HNT, but it's a bit different from the traditional way of mining crypto. Helium's method includes setting up wireless hotspots to validate transactions between IoT devices.
What are "hotspots" in the Helium network?
Hotspots are special devices that enable users to own and operate a wireless network. Those also provide coverage and validate transactions for IoT devices, earning HNT during the process.
How can I participate in Helium mining?
To mine HNT, users need to set up a Helium hotspot. For that, an appropriate hardware and a reliable internet connection are necessary.
Is Helium's network open to anyone?
Yes, Helium's network is open and decentralized. Literally anyone can become a miner or own IoT devices.
What's the significance of Helium's "Proof-of-Coverage" (PoC) consensus mechanism?
PoC verifies where Helium hotspots are located, providing wireless coverage as claimed and ensuring network reliability.
Can I earn passive income with HNT mining?
Yes, it's possible to do by setting up a Helium hotspot.
What's the potential for HNT's price appreciation?
HNT's price can be influenced by network adoption and demand for IoT connectivity.
How does Helium address security concerns in IoT?
Helium does it through decentralised blockchain, cryptographic measures, and the PoC consensus mechanism. All of those factors contribute to a more secure network's environment, discouraging any malicious actions.
Can HNT be used for more than IoT?
Yes, it sure can. For instance, HINT is free to be used within DApps and different protocols for lending, borrowing, or staking.
What's the role of data credits in the Helium network?
Data credits in the Helium network are used to pay for data transmission from IoT devices. This ensures fair usafe and network integrity. Data credits also contribute to the blockchain's decentralisation and sustainablity.
Can I use HNT to connect my own IoT devices to the Helium network?
Yes, HNT can be used to pay for data credits to connect your IoT devices to the network.
What's Helium's vision for the future of IoT?
Helium aims to create a decentralised, cost-effective, and scalable network for IoT devices.
Is HNT's supply capped, and how does it affect its value?
Yes, HNT's supply is capped. A maximum number of Helium tokens that can ever be created is 23 million coins. The capped supply impacts scarcity, inflation mechanism, and market perception.
What's the governance structure of the Helium network?
Helium's governance structure is based on a decentralized autonomous organisation (DAO) model. So, all decisions regarding the protocol and network upgrades can be accepted or not only trough a special voting with all HNT holders participating in it.
