Helium developers propose to switch to the Solana blockchain
- The HIP 70 proposal to shift to the Solana blockchain aims to improve data transfer and network coverage.
- The members of the Helium community have also supported the proposal by voting in favor of the HIP 70 proposal which will start on September 12th.
Helium, the Internet of Things (IoT) blockchain network may transition to the Solana blockchain following the launch of the new HIP 70 governance proposal on Tuesday, August 30.
This comes as the developers at Helium proposed to improve operational efficiency along with scalability. They said 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 5G wireless network coverage to the Internet users.
Helium developers have proposed HIP 70, which will move the PoC and data transfer account to Oracle’s. This simplifies Helium’s blockchain needs, improving scalability, speed and reliability. It also allows for more rewards for miners and a move to Solana. 👀 pic.twitter.com/ztnahzGAet
— Helium Foundation🎈 (@HeliumFndn) 30 August 2022
Helium uses the Proof-of-Coverage consensus mechanism to verify network connectivity and distribute HNT tokens to Helium hotspot providers. Helium developers have stressed the need to fix a number of technical issues to improve the network’s capabilities. The developers noted:
During the last few 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 Helium’s GitHub page, the HIP 70 proposal seeks to improve these data transfers and network coverage capabilities. If the proposal receives a unanimous vote, all Helium-based tokens such as HNT, IOT and MOBILE tokens and Data Credits (DCs) will also move to the Solana blockchain.
Community members give a thumbs up
The members of the Helium community have responded positively to the HIP 70 proposal. They also believe that the integration to the Solana blockchain will also greatly benefit the developers. Jose Marcelino, one of the contributors to Helium so:
Amazing news from 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 are not afraid of change. The combination is simply fantastic.
Ryan Bethencourt, partner of Web3 backer Layer One Ventures, also called the HIP 70 proposal “huge” for Helium and Solana. Voting for the HIP 70 proposal will begin on September 12 and will be available to HNT token holders at heliumvote.com. Voting also ends on 18 September.
About Helium Network
The Helium network began operations back in 2013 on its original blockchain. For them, Ethereum was too slow and other options were not available at those times. As a result, Helium had no option but to build its own blockchain network.
Over the past decade, Helium has deployed over one million Helium hotspots worldwide backed by giants such as Google Ventures. However, Helium has faced several criticisms throughout its journey. Entrepreneur Liron Shapira recently criticized Helium Network for a lack of demand from end users.
This followed the news that the Helium network was only generating $6,500 per month from data usage revenue. These are quite small revenues compared to the $350 million raised by the platform. Recently, Helium Network also faced a four-hour outage. This affected the ability of HNT token holders to exchange their tokens and prevented Helium hotspot miners from receiving the rewards.
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