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Helium Network

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The Helium Network is a decentralized wireless Internet of Things (IoT) network using the LoRaWAN system, tied to the cryptocurrency Helium Network Token (symbol HNT).[1] Nodes on the network are generally owned and placed by individuals in their homes or offices, and they are rewarded for their participation in the network in payments of HNT.[2] The network aims to provide connectivity to IoT sensor devices in areas where wireless or mobile coverage is minimal, or requires too much power.[3][4]

History

The Helium Network was begun by Helium, Inc. in 2013 as a network of LoRa gateway hotspots which could be deployed throughout an area by agreements with building owners, typically paid in conventional currency.[5] In 2017, the company's funds were running low, so it switched to a new strategy: offering individuals payment in cryptocurrency to operate individually owned nodes in their homes or offices.[6] These individually owned nodes are purchased at costs of up to $500 each, and the payments to owners vary based on data usage but can be as low as $.10 a month.[7] Hotspot operators would also have a vote in the operation of the network.[1] In 2022, Helium Inc. rebranded to Nova Labs Inc. and raised $200 million in a funding round led by Tiger Global Management and Andreessen Horowitz.[8]

Reports in July 2022 revealed that Helium had falsely claimed Lime and Salesforce as two of their major customers for years, despite neither company having a formal relationship with Helium or using the network.[7][9]

References

  1. ^ a b Roose, Kevin (February 6, 2022). "Maybe There's a Use for Crypto After All". The New York Times. Retrieved March 20, 2022.
  2. ^ "How blockchain is revolutionizing IoT". RCR Wireless. March 14, 2022. Retrieved March 21, 2022.
  3. ^ Sparkman, Worth (March 4, 2022). "Startup contributes $1 million to attract tech talent to NWA". Axios. Retrieved March 22, 2022.
  4. ^ Roose, Kevin (February 6, 2022). "What is Web3?". The New York Times. Retrieved March 21, 2022.
  5. ^ "What is Helium? And how does HNT work? (2022 edition)". kriptomat.io. Retrieved September 28, 2022.
  6. ^ Jr, Chuks Nnabuenyi (January 25, 2022). "Understanding the Helium Blockchain". CryptoTvplus: DeFi, NFT, Bitcoin, Ethereum Altcoin, Cryptocurrency & Blockchain News, Interviews, Research, Shows. Retrieved September 28, 2022.
  7. ^ a b Binder, Matt (July 29, 2022). "Web3 darling Helium has bragged about Lime being a client for years. Lime says it isn't true". Mashable. Retrieved July 30, 2022.
  8. ^ Miller, Hannah (March 30, 2022). "Crypto Wireless Company Helium Hits Unicorn Status". Bloomberg. Retrieved July 30, 2022.
  9. ^ Clark, Mitchell (July 29, 2022). "Helium says its crypto mesh network is used by Lime and Salesforce — it isn't". The Verge. Retrieved July 30, 2022.
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