Helium IOT

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Discover Helium IOT's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Helium IOT?

Helium IOT (IOT) is the protocol token of the Helium IoT Network, a blockchain-based network that incentivizes the creation of a decentralized wireless network for IoT devices. IOT tokens are mined by LoRaWAN Hotspots through data transfer and Proof of Coverage, and can be redeemed for Helium Network Tokens (HNT). The token is used to pay for network operations and is part of a broader ecosystem aimed at creating a global, open-source IoT network.

How is Helium IOT used?

The Helium IOT (IOT) token is used primarily within the Helium IoT Network, which is a decentralized, blockchain-based wireless infrastructure project. It leverages the Solana blockchain for its foundation. Here are some key aspects of how IOT is used:

  1. Mining and Rewards: IOT tokens are mined by LoRaWAN Hotspots through both data transfer proceeds and Proof of Coverage. This incentivizes participants to contribute resources and share the benefits of the network.

  2. Governance: IOT is the governance token of the LoRaWAN IoT subnetworks, allowing holders to participate in decision-making processes.

  3. Redemption for HNT: IOT tokens can be redeemed for Helium Network Tokens (HNT), which are the native cryptocurrency of the Helium Network. This redemption is facilitated through the Helium Wallet App or directly on the Solana blockchain.

  1. Use Cases: The Helium IoT Network supports various use cases, including IoT devices, municipal infrastructure, logistics, embedded devices, wearable clothing, pet monitors, and more. These devices and applications utilize the network for data transfer and other purposes.

  2. Data Transfer: IOT tokens are used to facilitate data transfer within the network, which is essential for the various IoT applications and devices connected to the network.

In summary, IOT tokens play a crucial role in maintaining and expanding the Helium IoT Network by incentivizing participation, governing the subnetworks, and facilitating data transfer and other activities within the network.

How do I store Helium IOT?

To store Helium IOT (IOT) tokens securely, it is recommended to use a cold wallet. There are two types of cold wallets:

  1. Paper Wallet: This involves generating a public and private key offline and printing them on a piece of paper. The keys are printed in the form of QR codes, which can be scanned for future transactions. This method is considered secure as the keys are not stored online.

  2. Hardware Cold Wallet: This is a physical device where you can store your cryptocurrency. Your crypto addresses and keys are kept in a USB drive device, and only the person possessing the USB drive can access the assets. Hardware cold wallets are preferred by many users, especially for storing large amounts of coins or tokens.

How to buy Helium IOT?

To buy Helium IOT (IOT) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that supports the Solana network, such as Trust Wallet, Coinbase Wallet, or MetaMask. Download the wallet extension on Google Chrome or the wallet app from the iOS App Store or Google Play.

  2. Set up Your Wallet: Create an account, provide personal information, and set a strong password. You will receive a secret recovery phrase or seed words, which you should note down carefully.

  3. Buy a Base Currency: Choose a cryptocurrency exchange platform and buy a base currency like Bitcoin, Ethereum, or Tether. This will be used to trade for IOT.

  1. Transfer Funds to Your Wallet: Withdraw your base currency to your crypto wallet by providing your wallet address and the amount you want to transfer.

  2. Choose a Decentralized Exchange (DEX): Select a DEX that supports your wallet, such as Raydium or Pancake Swap. Ensure the DEX supports the Solana network.

  3. Connect Your Wallet to the DEX: Use your wallet address to connect to the DEX. Then, select IOT from the list and enter the amount you want to trade.

  1. If IOT Is Not Listed, Find Its Smart Contract: If IOT is not listed on the DEX, find its smart contract address on Solana Explorer and copy it into the DEX to complete the transaction.

By following these steps, you can successfully buy Helium IOT tokens.

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History of Helium IOT

The Helium IoT (IOT) token was introduced to the Helium Network through community proposal HIP-52 and subsequent proposals. The first IOT tokens were minted following the Solana migration on April 18, 2023. The IOT token is mined by LoRaWAN Hotspots through both data transfer proceeds and Proof of Coverage mechanisms.

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How Helium IOT works

Helium IOT (IOT) is a cryptocurrency token that plays a crucial role in the Helium IoT Network. Here's how it works:

Minting and Distribution

IOT tokens were introduced through the community proposal HIP-52 and are further defined in subsequent proposals. The first IOT tokens were minted following the Solana migration on April 18, 2023. The mint address for IOT is iotEVVZLEywoTn1QdwNPddxPWszn3zFhEot3MfL9fns on the Solana blockchain.

Token Allocation and Emissions

The IOT token follows a similar minting schedule to HNT, with a maximum supply of 200 billion. The issuance is scheduled to have halvings every two years, aligning with HNT issuance halvings. The emissions schedule was created in HIP-52 and confirmed in HIP-77, with detailed allocations for each year.

Redemption for HNT

Protocol tokens like IOT are backed by HNT and can be converted to HNT. Each network within the Helium Network is allocated a pool of HNT based on the Network Utility Score. The redemption ratio is set algorithmically by the treasury swap contracts based on this Network Utility Score. The Helium Wallet App serves as the primary platform for exchanging IOT to HNT, and this transaction can also be performed directly through the Solana blockchain.

Mining and Earning IOT

IOT tokens are mined by LoRaWAN Hotspots through both data transfer proceeds and Proof of Coverage. Hotspots earn IOT by providing wireless coverage and transferring data from nearby devices. The more data transferred, the larger the reward. Additionally, Hotspots participate in Proof of Coverage challenges to validate the network and earn rewards.

Network Participation and Utility

The Helium Network is a global, distributed network of Hotspots that create public, long-range wireless coverage for Internet of Things (IoT) devices. Hotspots mine and are rewarded in IOT, which ensures robust and extensive coverage for low-power IoT devices. The network uses LoRaWAN technology, which can reach dozens of miles or kilometers and connect devices inside buildings.

Blockchain and Interoperability

The Helium blockchain was developed exclusively to encourage the development of real, decentralized wireless networks. The project migrated to the Solana blockchain in April 2023, making HNT natively compatible with projects within the Solana ecosystem. This move also increased the utility of MOBILE and IOT tokens, enhancing the network’s utility and reach for IoT applications.

Hotspots and Network Participation

Hotspots are decentralized devices that earn cryptocurrency by providing IoT network coverage and validating transactions. They use special devices called LoRaWAN transmitters to provide long-range wireless coverage. The network automatically assigns proof-of-coverage tests to verify the location of hotspots, ensuring the reliability and security of the network.

Overall, the Helium IOT token is a critical component of the Helium IoT Network, incentivizing the operation of LoRaWAN hotspots and facilitating the growth of a decentralized wireless network for IoT devices.

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Helium IOT's strengths

The token Helium IOT (IOT) has several strengths that contribute to its value and potential in the cryptocurrency market:

  1. Decentralized Infrastructure: The Helium Network, which IOT is a part of, allows for the creation and maintenance of a distributed wireless network by incentivizing participants to contribute resources and share the benefits. This decentralized approach ensures a robust and resilient network.

  2. Scalable and Secure: The network leverages the Solana Blockchain, known for its high scalability, low latency, and robust security. This foundation provides a reliable and efficient environment for the IOT token to operate within.

  3. Multi-Use Case Support: The Helium Network supports various use cases, including IoT devices through the LoRaWAN network and high-speed mobile connectivity via the 5G network. This broadens the potential applications and user base for the IOT token.

  1. Incentivized Participation: The Helium Network employs a token-based system to reward participants and encourage network growth. This incentivization mechanism ensures active participation and contributes to the network's overall health and expansion.

  2. Unique Consensus Algorithm: The network uses a unique consensus algorithm called Proof of Coverage (PoC), which rewards participants for verifying wireless network coverage. This mechanism adds an additional layer of security and validation to the network.

  3. Governance Token: IOT is the governance token of the LoRaWAN IOT Subnetworks, giving holders a say in the direction and development of the network. This governance role adds value to the token as it allows holders to influence the future of the network.

  1. Redemption to HNT: IOT tokens are backed by HNT and can be redeemed for HNT, providing a level of stability and flexibility for token holders.

These strengths collectively contribute to the potential value and utility of the Helium IOT token, making it an attractive option for investors and users interested in decentralized wireless infrastructure and IoT applications.

Helium IOT's risks

Helium IOT (IOT) is a decentralized blockchain-powered network for Internet of Things (IoT) devices. The financial risks associated with Helium IOT include:

  1. Market Volatility: The value of Helium IOT can fluctuate significantly due to market demand, the overall state of the cryptocurrency market, technological developments, regulatory changes, and economic and political factors.

  2. Risk of Losing Investment: Investing in Helium IOT carries the risk of losing part or all of the investment. It is crucial to only invest money that can be afforded to lose and to conduct thorough research before investing.

  3. Regulatory Risks: Government regulations can significantly impact the value of Helium IOT. For example, if regulations make it difficult for the network to operate, the value of the token could decrease.

  1. Network Utilization: The value of Helium IOT is derived from the need to burn it to create data credits. If the network is not utilized, the value of the token could decrease, leading to a downward spiral of network providers and users.

  2. Security Risks: IoT devices, including those on the Helium network, are vulnerable to security breaches and cyber attacks. This could lead to a loss of confidence in the network and a decrease in the value of the token.

  3. Competition: Helium IOT faces competition from other IoT networks and technologies, such as those offered by large ISPs. If these competitors offer more attractive solutions, the value of Helium IOT could decrease.

  1. Technical Flaws: Critical technical flaws in the blockchain or network could lead to a loss of confidence and a decrease in the value of the token.

  2. Power Consumption: IoT devices, including those on the Helium network, consume power, which can be a significant cost factor. If power consumption becomes a major issue, it could impact the adoption and value of Helium IOT.

  3. Data Management: The large amounts of data generated by IoT devices can be difficult to manage securely, which could lead to data breaches and a loss of confidence in the network.

  1. Risk Score: Helium IOT has a high risk score based on its market volatility and potential for manipulation, indicating that it is a relatively high-risk investment.
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Did Helium IOT raise funds?

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Helium IOT’s team

  • Amir Haleem: CEO of Helium, who co-founded the company in 2013 with Shawn Fanning. Haleem has been instrumental in shaping Helium's vision and strategy, particularly in integrating blockchain and cryptocurrency into the IoT network.
  • Shawn Fanning: Co-founder of Helium, known for his role as the founder of Napster. Fanning, along with Haleem and Sean Carey, established Helium Systems in 2013.
  • Sean Carey: Co-founder of Helium, involved in the company's early stages and has spoken at events about the project's development.

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The fundamental analysis assistant for crypto value investors.

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