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What is Helium Mining?

What is Helium Mining?

Let’s first talk about the Internet of things or the internet of things

It is expected that in the next five years 75 billion devices or things will need some way in which to

Wirelessly connect to the internet right now connecting these things to the internet is tricky

It’s either too expensive to afford, cellular data plans or too power prohibitive what we need is a new network one where we can change the rules that’ where helium comes in

Helium’s long-range wireless technology and secure blockchain can build the ultimate network and the best part is actually

it’s built and owned by you, How do I build the network, building the people’s network is easy, simply get a helium hotspot or build your own using open source software and off-the-shelf hardware. Hot spots supply a low bandwidth internet connection over miles of range to thousands of devices using a wireless technology called long in exchange for building the network and providing connectivity as a service!

Hotspots mine HNT, a new cryptocurrency on the helium blockchain, unlike other networks The people’s network is paving the way to build wireless networks of the future!

By putting ownership in your hands while improving coverage and affordability for a new class of devices, similar to other sharing economies such as Airbnb, the helium blockchain enables a two-sided market.

And flips the traditional telecom model on its head on the supply side hotspot owners are incentivized to deploy a global wireless network, the people’s network and provide connectivity in exchange for earning, HNT on the demand side businesses and developers benefit from the people’s network with affordable and ubiquitous connectivity for their internet of things devices from the scooter and pet tracking to environmental sensing.

And crucial healthcare monitoring solutions a new class of devices finally have a way to connect over long ranges batteries can last years between charges and costs are a magnitude cheaper than other cellular alternatives.

Thanks to this unique incentive model the people’s network is the wireless network that we’ve all been waiting decades for the people’s network uses two units of exchange HNT a new cryptocurrency and data credits hotspots earn HNT by transferring data from nearby devices.

The more data transferred the larger the reward

Hotspots also earn HNT by simply building the network and participating in proof of coverage proof of coverage poc is a novel work algorithm!

That autonomously verifies all hotspots are real and located where they say they are in order to send data over the network devices must use data credits fixed in value data credits are created by burning HNT reducing the total supply to achieve a burn and mint equilibrium.

 

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