Helium Crypto Wireless Network To Launch New Tokens As Part Of Expansion

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In short

  • Helium will launch new MOBILE and IOT tokens as it expands its crypto-powered wireless network.
  • The token incentive network can also expand to include additional decentralized protocols.

Helium’s new concept – building a wireless network for sensors and trackers powered by token-rewarded node operators – has gained strong support. Nova Labs, the recently renamed startup representing the founders of Helium, today announced that the network will launch new crypto tokens tied to individual networks.

The move to a new model comes as Helium attempts to expand its offerings with 5G connectivity and more.

The existing HNT token will continue to exist and serve as a sort of “reserve currency” or “floor currency” for the expanding Helium ecosystem, said Nova Labs CEO and co-founder Amir Haleem. Decrypt.

Meanwhile, Helium will first launch a new MOBILE crypto token this month, which will reward people who operate a 5G node and contribute to the coverage of Helium’s latest network.

Early adopters running 5G nodes — there are around 5,000, according to Haleem — aren’t currently being rewarded for providing coverage for devices like phones and laptops. This will change once the MOBILE token comes online, ahead of Helium’s plans to rapidly scale the 5G network as hardware partners like FreedomFi seek to lower node prices.

In August, the network plans to launch a new IOT token that node operators will earn for the original LoRaWAN network designed for Internet of Things (IoT) devices, like sensors and trackers. The network now has more than 850,000 active nodes around the world, compared to 640,000 in mid-March. That tally has climbed rapidly since the start of last year.

Existing HNT tokens, whether earned through running nodes or purchased on secondary markets, will continue as they are even after the launch of the new MOBILE and IOT tokens.

Either of these tokens can be exchanged for HNT as holders please, a process Haleem likened to the old ability for US dollars to be exchanged for gold. However, this is a one-way process – Helium will not provide a way to replace HNT with MOBILE or IOT.

Additionally, upon launching the new tokens, Helium will allow MOBILE and IOT token holders to govern each respective protocol through a new sub-DAO, or Decentralized Autonomous Organization. A DAO is an online community created around a common goal, including protocol governance.

“As we saw with Helium, the network is constantly evolving,” Haleem said. “There are always new challenges. There are always new things to think about, and how to govern all these different protocols is a complicated question. I think putting it in the hands of token holders for each protocol is a really cool way to solve this problem.

New Helium Token Launches and Related Changes Are On The Way billed as “Chapter 2” for the network, and have been switched to a community vote that concluded on June 7. In the end, the HIP 51 proposal was supported by approximately 97% of the token share used to vote. Subsequent HIP 52 and HIP 53 proposals will eventually produce the new sub-DAOs for each protocol.

Helium will expand its token offerings to support new networks. Image: Helium

The adopted proposals and today’s announcement point to near-term changes coming to the Helium Network, but they point to a bigger change – a “network of networks” approach that may bring additional future protocols under the aegis of Helium in the future.

Helium could encompass a wide range of connectivity protocols, including Wi-Fi or content delivery networks (CDNs), for example, and the HIP 51 proposal paves the way for a decentralized VPN service. Boring Protocol also join the network.

The original IoT network continues to grow rapidly, and with the launch of MOBILE this month, Haleem said he expects the number of 5G nodes to accelerate as well. Over time, we could see Helium’s expanding cryptographic incentives model driving a wide range of distributed protocols.

“We wanted to find a way to add all these different protocols to Helium in a way that continues to increase the value of the whole ecosystem,” Haleem said, “and adds value to the people bringing these network protocols.

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