Helium was founded to create a low-cost data network that IoT devices could access using consumer WiFi as its backend.
Last year, Helium released a white paper for a decentralized wireless network that uses publicly available radio frequency to solve the last-mile problem of connecting IoT devices and the public internet.
The company sells its Helium Hotspot for $495. The device connects to users' existing home WiFi networks and serves as a hub for IoT devices in the area to feed data back to Helium's databases.
The Helium blockchain actually has two tokens: helium and data credits.
Once created, data credits can never leave the wallet that created them, except to be spent on the Helium network for transferring data.
Helium hotspots mine helium tokens in various ways, such as by performing operations that secure the network and also by providing useful services.
For the first several years, a diminishing piece of the monthly supply will go to Helium as the "Founder's reward," and the company can use some portion of this as a supply for its first customers.
If an IoT device is associated with a helium wallet, it can use the network anywhere it exists in the world, which Jain pointed out makes hardware creation much easier than the status quo, where different products have to be designed for different telcos everywhere a company wants to use them.
Once it proves out the IoT use case, Helium wants to pursue others.
Helium sees a competitive advantage in its architecture allowing the market to determine where to deploy and permitting users to send data with per-packet pricing, as needed.
Napster Founder's IoT Startup to Go Crypto With $15 Million Series C
Published on Jun 12, 2019
by Coindesk | Published on Coinage
Changpeng Zhao says Binance U.S. could launch in two months
Changpeng Zhao, the CEO of Binance, said that the company could launch Binance U.S. within the next two months.
A Different Look at Crypto Market and Top Assets, How Dominated Is It?
Market dominance between the top cryptocurrencies by market capitalization has changed over the last year.
South Korean Crypto Exchange Coinone Releases Criteria for Crypto Listing
South Korean cryptocurrency exchange Coinone has released a set of criteria for determining whether to list new digital currency projects on the exchange.
Reconciling Blockchain Technology With California Consumer Privacy Act
The California Consumer Privacy Act of 2018, which goes into effect on Jan. 1, 2020, has signaled a new push in the United States to strengthen and broaden privacy regulations, similar to the trends seen in the European Union through the passage and implementation of the General Data Protection Regulation.