HNT Crypto Rises as Nova Labs Points to the Future of Helium

Helium (HNT-USD) has just undergone a major growth period. It conducted a blockbuster funding round with participation from major internet service providers (ISPs) and Internet of Things (IoT) faithful. Moreover, Helium’s development team — previously Helium, Inc. — has rebranded to Nova Labs in a push to decentralize the project. But what’s next? Nova Labs is letting HNT crypto fanatics in on the coming changes to the network this week and stirring up much interest in the project.

The logo for the Helium (HNT) crypto.
Source: Shutterstock

The Helium network is one of the best known plays on Web 3.0 and IoT technology. It sells hotspots to users, which, once activated, provide wireless internet to other users in geographic proximity. The hotspot is best described as similar to a wireless router that anybody can connect to. The best part is that the project is decentralized, meaning the users themselves control the future of the network. Also, the users have full ownership over their own hotspots, meaning the collective of hotspot operators own the network.

For most of its lifespan, Helium existed as a simple IoT play; people with low-data sensors like pet-collars and other geo-trackers, as well as air-pollution monitors and the like, could connect these devices to Helium as a way to upload data to the internet. Late in 2021, Nova Labs took things a step further by rolling out 5G hotspots. Now, users can connect their computers and phones to the network, allowing Helium to take on centralized ISPs.

HNT Crypto Rises on Road Map Update From Nova Labs

Helium’s innovative model has brought much attention to the network. Indeed, since the rollout of the 5G hotspots, the network has enjoyed a partnership with Dish Network (NASDAQ:DISH), a $200 million funding round and a company rebrand. Today, the network keeps the ball rolling as developers lay out the road ahead.

Yesterday afternoon, Helium developers published a blog post looking into what’s next for the Helium project. Of course, being a decentralized network, the announcements are already known by community members; HNT coin holders vote to approve or deny changes to Helium. However, the news round-up is drawing new eyes to the project and has lots of investors buying up the HNT crypto today.

Of the coming changes to the Helium network, perhaps the most exciting to existing users are changes to the reward systems. 5G hotspot operators are receiving more rewards for hosting data transfers. Meanwhile, certain other hotspot operators will have a chance to passively earn through a “proof-of-coverage” mechanism. The post also makes interested investors aware of plans to implement off-chain oracles on the Helium network; this will help the network to most accurately calculate HNT burns through which users earn Data Credits.

As the news ripples across the Helium ecosystem, there’s a lot of excitement. Investors seem to be rushing into the HNT crypto, pushing transaction volumes up by 90%. The traffic is also boosting the coin’s value by 10%.

On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Brenden Rearick is a Financial News Writer for InvestorPlace’s Today’s Market team. He mainly covers digital assets and tech stocks, with a focus on crypto regulation and DeFi.

Article printed from InvestorPlace Media,

©2023 InvestorPlace Media, LLC