HNT price activity over the last 7 days
Helium, as well as many other altcoins, are seeing positive effects from a change in market sentiment, as Bitcoin continues to develop traction and inflation recedes for the first time this year. HNT saw a 24 hour gain of around 47.6% by midday Thursday. Helium recently acquired a listing on DigiFinex, among the top 50 crypto exchanges in the world.
Nova Labs is continuing to draw feedback from the community to help refine HIP70, voting is still set to commence on September the 12th, just days before the highly anticipated Ethereum merge. Many investors are on edge, while rumors and speculation circulate on Twitter around what this will entail for users and investors in the Ethereum blockchain.
Like Helium’s possible move to Solana, the Ethereum merge has been swarmed by skeptics to lobby their predictions for possible outcomes, but the teams involved in these adjustments in architecture, backed by the will of the communities, are steadfast in their conviction an overhaul is the right move to make. Solana has been hailed as the fastest blockchain, capable of processing more payments a second, and handling more data, than all other blockchains combined. The growing number of developers on the network has outgrown Ethereum, a contender in provided service with, due to high gas fees, a transaction cap of around 15 per second.
With just days until voting for HIP70 is set to commence, a frenzy of excitement and confusion still surrounds the move. Helium activity has suffered under the growth of the network. For Token oriented folks, the rate of PoC has been a pain point. The goal is simplify the challenging system to a timed schedule. The best way to do that is to have a single oracle as the “server” that generates entropy and validating receipts, but stripping out the consensus protocol that makes this slow.
Proof of coverage wouldn’t happen on the Solana chain, but would be reported through an oracle to Solana. The move to SOL doesn’t automatically mean more rewards, but it will lead to more consistent activity. The distribution may look a bit different, but the 6.5% of HNT that was rewarded to validators will be redistributed to the mining rewards pool. Hotspots would not be mining HNT or SOL, you would be mining IoT or Mobile tokens. Today, Nova labs is hosting a router console service, and rather than serving as a bottleneck to onboarding they are eager for the community to develop on LNS.
Bottom line: Most users shouldn’t notice it’s on a different chain.
- The Helium Native Token will not become obsolete
- Proof-of-Coverage activity should become much more consistent and reliable.
Most importantly to note, Helium would not be stuck on Solana, if years down the line it was the wrong move the "oracled" data can be moved. The community will always have the right to suggest alternative solutions for the whole of the ecosystem to vote on. Nova will implement these changes to testnet to allow users to experiment with these changes and see them first hand. "Once you see it on the Solana end of things, a lot of those concerns go away." Founder of Helium Amir Haleem told listeners during a Twitter Space hosted solely to discuss HIP70. Users will be able to take advantage of low-barrier staking, a high-yield investment strategy to accrue interest on a token by leveraging it against the consensus mechanisms of a blockchain previously only available to high-tier investors with substantial capital, which will allow the community to participate in staking in a way that isn’t currently possible.