What is the Helium Network?
The Helium Network sets to provide bandwidth to the Internet of Things (IoT) devices that do not require a huge power supply. Helium sets to do this securely, without proprietary technology, and at very cheap costs to the users. The Helium Network is essentially a network of hardware devices called Helium Miners or Helium Hotspots that are set up all over the world by it’s community.
What is the Helium Miner or Helium Hotspot?
A Helium Miner, or Helium Hotspot, or Helium Hotspot Miner, is the hardware device that is used to create the wireless network of hotspots used for Helium’s Network. In the Helium blog, they describe as something “like a Wi-Fi router, but for devices sending small amounts of data over long ranges.”
At the time of writing, there are approx. 56,000 hotspots worldwide across major countries such as the United States, Europe, and China. All Helium mining and hotspot devices use a wireless broadband connection to deliver data over a long distance at a speed of 900MHz.
Although signals can push up to ranges of 25 miles, 10 miles is generally the quoted distance. This still greatly outpaces and outdistances the limited coverability of traditional 4G and 5G networks. Also due to its decentralized nature, the network could be built out faster than other centralized IoT / Internet of Things networks.
What are the Advantages of the Helium Network?
One of the major advantages of the Helium Network is the need for very little amount of power supply. The Helium Network provides greater coverage than 5G and is a more cost-effective approach to securing internet. Helium also stated they have plans to provide 5G coverage in the future.
What is the Helium Token (HNT)?
One major incentives for Helium miners is the Helium Token (HNT), which they receive for mining on the Helium Network. This token is used to process the peer-to-peer network transactions. The idea is that Helium users will be rewarded HNT tokens to for helping with the security and reliability of the network. Helium miners and users can then use these tokens on exchanges to convert them to other cryptocurrencies or fiat currencies. You can also buy $HNT directly from a miner or through an exchange.
How to Buy the Helium Token ($HNT) on an Exchange?
We’ll show you step-by-step how to buy HNT Helium tokens on the most popular crypto exchange, Binance.
Step 1:
Login to your Binance account and click “Trade” and then click “Convert”.
Step 2:
Once you are there, specify which cryptocurrency or stable coin you’d like to convert your HNT token to and the quantity. Then select the HNT token from the bottom dropdown menu.
Step 3:
Once you selected HNT as the toke you want to conver to, click “Preview Conversion”. On the next page, review the details of conversion before hitting “Convert”.
How to Mine Helium Tokens (HNT)?
Crypto mining enthusiasts looking to mine Helium tokens (HNT) can do so by purchasing a Helium hotspot device from one of the approved manufacturers of Helium. There are many brands of Helium miners to choose from that are approved by the Helium Network including the Bobcat Miner 300, RAK hotspot miner V2, Cal-Chip, Nebra, and SyncroBit to name a few. However, all Helium miner manufacturers are backlogged with pre-orders with a wait time upwards of 12-20 weeks at the current time of writing. You may be able to purchase them on the secondary market for a premium on marketplaces like eBay or find services like Bobcat Preorders for expedited delivery.
Future Outlook on Helium Network
Current forecasts from experts in the space see the global Helium Network reaching $18.18 billion in 2025. One of the leading forces for this growth is the increasing demand for consumer electronics. A second major driving force is the practicality of the technology which can be applied to industries such as diving, manufacturing, military, space, fiber optic, and more. Helium Network aims to create a world where internet access is decentralized while providing low competitive prices.
As the time of writing, the Helium Network Token is trading at $13. With technology moving towards a wireless world and Internet of Thing (IoT) technology becomes more significant and favoring convenience, an investment in Helium is worth a look for value investors.