One of the most common questions asked by crypto skeptics is: What can crypto be used for aside from financial speculation and crime?
It is a hard question to answer, partly because most of the successful uses of cryptocurrency have occurred within the economic sector or in closely related fields. Several crypto exchanges, NFT trading platforms, and video games involve the purchase and sale of crypto tokens.
So far, few cryptos projects have shown what I’d call “normie utility” addressing problems for people outside the crypto world that aren’t primarily about buying or selling digital assets and that cannot be solved with everyday, non-crypto technology.
Anyhow, recently, a new crypto coin has come to the cryptocurrency market named Helium. In this article, we will discuss everything that you need to know about Helium miner, helium network, and helium token. So, stay with us and keep on reading.
Helium Network and Token
It is a mining network called Helium. Later, the token will be based on proof-of-coverage (PoC), as opposed to proof-of-work (PoW), and will act as a decentralized Internet of Things (IoT) based on the Helium blockchain.
Helium miners frequently purchase specialized LoRaWAN transmitters to install on rooftops or balconies, in order to extend the network. The Bobcat 300 is one of these transmitters.
They receive helium coins in exchange (HNT). Coins are automatically entered into the Helium app, which is linked to the miner. The functioning algorithm verifies whether the hotspots are indeed where they claim to be in the blockchain. PoC regularly monitors the hotspots to see whether they are supplying their location and the wireless network coverage produced by that site.
How Much Money Can You Make Mining Helium?
The amount received by the miner is determined by the number of connected devices and their coverage. The network is appealing to e-scooter providers, who can use it to run their scooters and apps.
However, the Helium network is capable of much more: for example, if you connect a GPS tracker to your truck, bike, or dog, you can monitor the transmitters using an app. This also applies to thermometers and other measurement tools used in art galleries to monitor the environment around priceless pieces. Because of this, inner cities with high densities of the population are appealing to miners.
The amount of money you can make with your helium miner mostly relies on where you are, as well as the antenna, which can reach how many adjacent devices. This is because data is supplied to the network to verify that a hotspot is where it says it is, and adjacent hotspots frequently perform proof-of-coverage challenges.
These challenges are the units of work that the network must accomplish for this to establish and agree on new transactions that will be added to blocks on the blockchain. They are a major way that miners make HNT.
What is the Ideal Location for Helium Mining?
The first step is to establish whether you are in an ideal area for helium mining. The location of a miner has a significant impact on the quantity of HNT you make.
Start with checking how other miners in the area are faring; all hotspots in the network may be on the Helium Explorer. This explorer will display the number of hotspots in a hexagon and the amount of HNT mined by these hotspots over the last 30 days. This may not be a good indicator if there are too many miners performing poorly in your hex, nor if there are none.
The Development of Helium Community Apps
Since Helium community members control The People’s Network in 2,600+ locations across the world and manage approximately 15,000 Hotspots, it’s clear that the community is one of the most important components in making our decentralized wireless network operators. The People’s Network would not be nearly as large or expanding as quickly without the tens of thousands of community members who began independently delivering coverage throughout the world and spreading the word about Helium.
Many community members have developed their own methods to contribute to the general operation and growth of the ecosystem with such an active community that has taken part in establishing The People’s Network.
It may help others in getting started with Hotspots and onboarding IoT devices within our Discord community, managing a hosting programme to distribute Hotspots around the globe, or developing applications and materials for current and prospective Hotspot owners.
Helium community members are working tirelessly day and night to ensure others have the tools they may require to effectively extend and utilise The People’s Network.
As the People’s Network continues on its journey towards 2023, it has become critical to recognise and highlight the apps that are very beneficial to the ecosystem, serving almost every present and potential hotspot owner and host.