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10 Sep, 8 tweets, 6 min read

@helium

Helium Explains: The @helium Token

@helium

The @helium Network connects #IoT (and soon 5G) devices in ways never before possible and at a fraction of the cost of cellular, without users needing to deploy and maintain wireless infrastructure.

@helium

The Network's range is optimized for devices running on @helium #LongFi, a combination of #LoRaWAN and the Helium Blockchain. This opens up a number of use cases including asset tracking, supply chain logistics, agricultural #tech, & more, up to 10 miles+ from nearby Hotspots.

@helium

The @helium Token is designed to serve the needs of two primary parties on #ThePeoplesNetwork:
1. Hotspot owners, who mine $HNT for providing and maintaining coverage.
2. Enterprises and developers, who connect #IoT devices and applications to the Network using Data Credits.

Data Credits (DCs) are a $USD-pegged utility token derived from $HNT in a burn transaction and used to pay for all #IoT data and transaction fees on #ThePeoplesNetwork. One Data Credit costs $0.00001 (or, $1.00 buys 100,000 DCs), and Data Credits are produced by burning $HNT.

This $HNT to Data Credit relationship is based on a design called a "Burn-and-Mint" equilibrium and is intended to allow for the supply of $HNT to respond to Network usage trends such that, when equilibrium is found, the amount of $HNT that exists remains static month-to-month.

@helium

Since the community approval of HIP 20, the @helium Blockchain now uses a two-year halving schedule, which began on August 1st, 2021, for a maximum supply of 223M $HNT. Since August 1st, the Helium Blockchain has minted a target of 2,5000,000 $HNT per month.

@helium

Learn more about $HNT and the new wireless economy on the @helium website helium.com/hnt, and use the Network for your #IoT devices: helium.com/use.

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More from @helium

Helium

@helium

4 Apr

@helium

Helium Explains: The @helium Token

@helium

The @helium Token is the native cryptocurrency and protocol token of the Helium Blockchain. Its symbol is $HNT. The first $HNT was produced on July 29th, 2019 at 09:43pm UTC as part of the Network's genesis block. Prior to this date, there was no premine of $HNT.

@helium

Read 7 tweets

Helium

@helium

19 Mar

Helium Explains: $HNT Mining Rewards

Hotspots earn $HNT for building and securing network infrastructure and transferring device data. The amount of $HNT distributed to Hotspots depends on the type of “work” they perform based on the value to the network. Here’s a full breakdown of $HNT mining rewards.

Hotspots are chosen as a Challenger by the network to issue Challenges (encrypted messages over the internet) to a selected Hotspot, receiving 0.95% of token rewards for doing so. Hotspots can issue challenges to any location around the world 🌎, not just to local Hotspots.

Read 7 tweets

Helium

@helium

16 Oct 20

@Helium

One of the more unique aspects of the @Helium Network is the Consensus Protocol. Proof-of-Coverage (#PoC) is used for sybil resistance and to periodically select a new #HoneyBadgerBFT group.

Ask any Hotspot host and they will tell you how they dream of joining the coveted Consensus Group - a small group of Hotspots on #ThePeoplesNetwork that receives 6% of all $HNT mined per epoch.

@socrates1024

Let’s take a walk back in time, shall we? We first read @socrates1024 #HoneyBadgerBFT paper in 2018. Our implementation was similar to @ethereum, using the GHOST protocol and @bitcoin #NakamotoConsensus to select a winner for each block.

Read 10 tweets

Helium

@helium

15 Oct 20

Following our thread on the work of a Challenger in Proof-of-Coverage (PoC), it’s only fair we take a look at the Challengees who are key to successfully transferring packets, completing PoC challenges and earning $HNT!

The role of the Challengee is to prove to the Challenger that they are actually creating network coverage that #LongFi devices can use. For successfully responding to these challenges, the Challengee is rewarded in newly minted $HNT.

Challengees receive encrypted multi-layer packets wirelessly, via RF. Each layer of the packet is encrypted for specific Challengees in a sequential path. When a Challengee receives a packet and can decrypt it, they send their proof back to the Challenger via the #p2p network.

Read 6 tweets

Helium

@helium

14 Oct 20

The other day we shared a thread on the 5 types of work a Hotspot can perform to mine $HNT. Today we take a look at the work of a Challenger in Proof-of-Coverage (PoC).

Challenges are used by PoC to validate wireless coverage. As a Challenger, your Hotspot is chosen by the network to create a challenge, or encrypted multi-layer packet, over the Internet.

@helium

The challenge process begins with the Challenger selecting an initial target Hotspot, followed by a group of Hotspots known by the @helium blockchain to be within range of each other as a result of RF witnessing.

Read 10 tweets

Helium

@helium

12 Oct 20

How exactly do Hotspots mine $HNT? You asked. We answer.

The amount of $HNT Hotspots mine depends on the type of “work” they perform based on the value to the network. This validation of network contribution is accomplished by a new work algorithm called Proof-of-Coverage (PoC).

There are 5 types of work a Hotspot can participate in:

1. PoC CHALLENGER: Hotspots are chosen by the network to issue “challenges”, or encrypted messages, over the Internet to a target group of Hotspots. Challenges are used by PoC to validate wireless coverage.

2. PoC CHALLENGEE: Hotspots validate nearby wireless coverage by broadcasting challenges received from challengers using Radio Frequency (RF). The amount of $HNT each Hotspot earns depends on whether any of these RF broadcasts are received by other nearby Hotspots.

Read 7 tweets

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