Review: What you need to know about Helium Crypto
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With the Helium Hotspot, a host can earn cryptocurrency each time there is a connection to Helium’s peer-to-peer wireless network.
The amount of crypto earned by the hosts is determined by how much contribution they make to the Helium network.
The Helium network is a fast-growing network and it serves as a sure way to mine cryptocurrency without using an expensive server to run it.
The network’s goal is to enable millions of devices to have wireless connections at an affordable rate in a year.
What is Helium Network?
The Helium Network is a wireless network that provides coverage for IoT devices and is LoRaWAN enabled.
This network has various hotspots that give the public broad network coverage and in turn, gets compensated with the network’s native currency – HNT.
With the network provided by this hotspot, incentives are given through its blockchain.
In less than 2 years of operation, the Helium network has more than 25,000 hotspots globally, making it the largest network that uses LoRaEWAN in the world.
Helium was founded by Amir Haleem, Shawn Fanning, and Sean Carey in 2013.
Their mission is to connect more devices using their network. As more devices get connected, the Helium token or HNT is given as an incentive.
However, the first token produced was on the 29th of July, 2019.
Those who earn the HNT are Hotspot hosts or network operators and developers or organizations that use the network to connect devices.
The Helium Blockchain
The mainnet for the Helium blockchain was launched in 2019 and it has grown considerably ever since, particularly in North America and western Europe.
The blockchain provides hotspot incentives in form of HNT payments and it is the rock behind the largest LoRaWAN network in the world.
It uses an algorithm dubbed PoC. With Helium PoC, hotspots are verified.
The ability of the Helium network to provide wireless and reliable network coverage for devices connected to the network is a huge determinant of its success.
How one can earn HNT Tokens?
As stated above, HNT incentives are given to those who connect their devices to the hotspot provided by the network.
This is like rewarding the people who help the network grow by using their hotspots. However, if one is being given rewards, it is possible that the rewards will be earned in HNT tokens.
In April of 2021, over 60% of mining rewards were given to hotspot hosts or network operators as an incentive while 35% went back into Helium Incorporated.
The Helium Hotspot
The Helium Hotspot is a device that one can use to mine crypto and also use to broadcast through the Helium network.
Anyone who wishes to run the hotspot and participate in the network needs to purchase from a third-party agent or manufacturer.
There are 5 different hotspot versions and they are available as both indoor and outdoor versions.
How to maximize HNT earnings
One easy way of maximizing your HNT earnings is by procuring more hotspots. One trick you should have at your fingertips is to make sure that you set up your hotspot close to the location of other Helium network hotspots.
Currently, the best place where hotspots are growing is in the US.
Though, the UK and Europe are swiftly catching up with the coverage.
In order to earn more, the network has advised that your hotspot is not the only hotspot in your locality.
Though Helium experienced slow growth at its natal stages. But currently, it has rapidly grown from 7,000 hotspots in 2020 to over 25,000 hotspots in 2021.
Yet, the ground is fertile to harbor more growth for the Helium network. In the Asian continent, China has a number of hotspots. But, there is no representation in India, Australia, or Southeast Asia.
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