Learned by 44 usersPublished on 2024.04.01 Last updated on 2024.10.15
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HNT Introduction
Helium (HNT) is a blockchain-based decentralized network aimed at providing seamless, economical connectivity for low-power Internet of Things (IoT) devices. The network was co-founded by Shawn Fanning, Sean Carey, and Amir Haleem with the goal of democratizing wireless communication.
Main Features:
HNT: Hindi Translation
Allocation Rules:
Total Supply: The maximum supply of HNT tokens is 2.23 million, with no pre-mining.
The founders of Helium (HNT) cryptocurrency are Amir Haleem, Shawn Fanning, and Sean Carey. They co-founded the Helium Network in 2013 and officially launched the project in July 2019.
According to the information provided, the following VC firms have invested in Helium (HNT):
Andreessen Horowitz (a16z): In March 2022, a16z along with Tiger Global and other institutions collectively invested in Helium.
Tiger Global: In March 2022, invested in Helium along with a16z and other institutions.
Multicoin Capital: In June 2019, Multicoin Capital co-led Helium's Series C funding round with Union Square Ventures, raising $15 million.
Union Square Ventures: In June 2019, co-led Helium's Series C funding round with Multicoin Capital.
Ribbit Capital, 10T, Alameda Research: In August 2021, participated in Helium's $111 million token sale.
The operation mechanism of the HNT (Helium) cryptocurrency is as follows:
Consensus mechanism: Helium uses the Proof of Coverage (PoC) mechanism, which is a consensus algorithm different from Proof of Work (PoW). PoC rewards hotspots for deploying and maintaining network coverage to ensure security and reliability of the network.
Mining process: Hotspots mine HNT by deploying and maintaining network coverage. These hotspots transmit encrypted data packets via radio waves, and the network rewards HNT based on coverage range and signal quality.
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Crypto Economy: HNT is the primary token used to reward hotspots and validators. HNT can be used to create Data Credits, the second token in the Helium ecosystem used to pay for network data fees. Data Credits are non-tradable, have no speculative value, and can only be created by destroying HNT.
Halving Mechanism: Helium's halving mechanism is similar to Bitcoin's, but occurs every two years. The first halving occurred on August 1, 2021, resulting in a halving of the annual HNT supply from 60 million to 30 million.
Validators and Staking: The Helium network uses the HoneyBadgerBFT consensus protocol, with validators requiring a stake of 10,000 HNT to participate in network validation. Users can also delegate staking through third-party providers.
In conclusion, the operation of the HNT cryptocurrency relies primarily on the proof of coverage mechanism, the deployment and maintenance of hotspots, and the data credit system to ensure network security and reliability.