Helium, a decentralised wireless network powered by cryptocurrency, is gaining traction. This network is built by individuals who purchase and set up hotspots, which create coverage for low-power Internet of Things (IoT) devices. These hotspot owners are rewarded with Helium’s cryptocurrency, HNT.
The concept, conceived by Amir Haleem, is to create a ‘people’s network’, reducing reliance on traditional telecom companies. The hotspots, which use radio waves to connect to devices, are low power and have a wide range – up to 10 miles in open areas.
Despite Helium’s growing popularity, it has faced criticism. Some argue that the network’s security is not robust, potentially leaving users vulnerable. Others highlight the environmental impact of the network’s cryptocurrency, which requires energy-intensive mining processes.
Nevertheless, Haleem is optimistic about Helium’s future. He envisions a world where everyone can contribute to and benefit from a decentralised network. The company plans to introduce 5G capabilities, making the network even more appealing to the public.
As of now, Helium operates in over 119 countries, with more than 600,000 hotspots worldwide. The company’s success suggests a potential shift in how wireless networks are built and managed, moving away from centralised control towards a more democratic and inclusive approach.
Go to source article: https://www.nytimes.com/2022/02/06/technology/helium-cryptocurrency-uses.html