What is Helium (HNT), and what sets it apart in the crypto world?
Helium is a decentralized network with its native token HNT. The blockchain was designed for the Internet of Things (IoT), the aim of which is to allow users to build their decentralized wireless chains.
How does Helium's IoT network work?
HNT miners set up hotspots for wireless coverage points. The hotspots build a special wireless infrastructure, making it possible for IoT devices to gain access to the internet. In return, miners get rewards in HNT for enabling device communication.
What's the role of HNT in the Helium network?
HNT is used for rewarding miners, transferring data credits, and participating in network governance.
Can I mine HNT, and how does it differ from traditional mining?
You can mine HNT, but it's a bit different from the traditional way of mining crypto. Helium's method includes setting up wireless hotspots to validate transactions between IoT devices.
What are "hotspots" in the Helium network?
Hotspots are special devices that enable users to own and operate a wireless network. Those also provide coverage and validate transactions for IoT devices, earning HNT during the process.
How can I participate in Helium mining?
To mine HNT, users need to set up a Helium hotspot. For that, an appropriate hardware and a reliable internet connection are necessary.
Is Helium's network open to anyone?
Yes, Helium's network is open and decentralized. Literally anyone can become a miner or own IoT devices.
What's the significance of Helium's "Proof-of-Coverage" (PoC) consensus mechanism?
PoC verifies where Helium hotspots are located, providing wireless coverage as claimed and ensuring network reliability.