The Internet of Things project Helium is abandoning its blockchain to migrate to Solana. With this migration, the project aims for better stability and scalability.

Yesterday, Helium initiated the migration to Solana at 16:00UTC. According to the official announcement, the migration is estimated to complete in 24 hours.

Helium’s native blockchain has been halted after taking a snapshot. The developers will map the existing Helium tokens (HNT) and MOBILE to the Solana blockchain. Hence, tokens native to Helium blockchain will become Solana-native tokens after the migration.

The Purpose of Helium’s Migration to Solana

Helium’s official blog reads, “The migration will generally make the Helium Network faster, cheaper, and significantly more stable.” Furthermore, the IoT platform wants to utilize the developer ecosystem of Solana.

However, the community has criticized migration in the context of stability. A Twitter user questions, “Stable? How many times has Solana gone down?”

Solana has earned a bad reputation due to frequent outages. The most recent outage happened in November last year. The crypto community severely criticized the project, as the downtime became almost a monthly affair in 2022.

Even this year, Solana faced a technical issue in February that prevented users from completing transactions on the mainnet.

Exchanges’ Support for Migration

Centralized exchanges such as KuCoin, OKX, Crypto.com, Gate.io, and Bybit will continue supporting HNT post-migration.

In contrast, after a periodic review, Binance delisted the HNT token last month. The delisting announcement caused the token’s price to plummet by around 18% in 24 hours.

In September 2022, The Helium Improvement Proposal 70 (HIP-70) that discussed migrating to Solana received 81.41% of votes in favor. Out of 7,447 votes, 6,177 supported the migration, while 1,270 were against it.

#hnt #crypto2023 #Binance #crypto #blockchain

The Helium (HNT) Network has officially completed its migration to the Solana (SOL) blockchain, marking a significant upgrade for the project's scalability and reliability. According to the CEO of the Helium Foundation, Abhay Kumar,

"Migrating the Helium Network to Solana offers significantly more utility for the network, including faster transaction speeds and new smart contract capabilities. And now that core developers will no longer have to maintain a layer-1 blockchain, the Helium Foundation and other contributing organizations can direct more resources towards our shared goals of accelerating the growth of decentralized wireless networks and bringing new applications that create economic efficiencies and close the digital divide."

blog.helium.com

Helium focuses on building a network for the Internet of Things (IoT) powered by physical hotspots. The HNT token rewards participants for validating coverage and providing wireless hotspots. HNT is currently trading at $1.78, representing an 11% surge over the past seven days. On the other hand, SOL is trading at $21.96, down 5% over the past 24 hours and more than 11.5% over the past week.

The migration of Helium to Solana is expected to bring faster and more efficient transactions, benefiting both Helium and Solana in the future. With this significant milestone achieved, Helium is set to continue its focus on expanding its network and bringing new applications that enhance economic efficiencies and close the digital divide.

#hnt #helium #crypto2023 #dyor #CDD

Source: dailyhodl

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Web3.0 protocol Helium Network (HNT) has announced its successful migration to the Solana (SOL) blockchain. The announcement was shared via the protocol's official Twitter account and highlights the strong desire to switch to a relatively more scalable outfit to help achieve its overall end goal.

Helium is branded as a decentralized blockchain-powered network for Internet of Things (IoT) devices. Helium's migration to Solana was planned for several months with collaborations from both the Helium and Solana teams, respectively.

"Helium's core developers are thrilled to announce the completion of the upgrade from the Helium blockchain to Solana. This upgrade establishes a new era of scalability, expansion, and reliability for the world’s largest decentralized wireless network," the announcement reads.

The Helium Network migration to @solana is complete! 🎉 🎈 This is an incredible milestone for the global Helium community and ushers in a new era for a highly scalable and resilient Helium Network along with a new world of utility on Solana.https://t.co/Ip8bVmKeLJ pic.twitter.com/SR5eMbchsS

— Helium🎈 (@helium) April 19, 2023

According to the Helium protocol, migration to Solana will offer additional utilities for the ecosystem, and this will be embodied by faster transaction times and lower costs. As one of the top Ethereum killers around today, the smart contract functionalities of Solana will also be well harnessed by innovators within the Helium Network.

The innovation that can follow the migration of Helium to Solana knows no bounds, and both teams are ready for the next stage in each protocol's evolution.

Off to good start

According to an update on the migration from the Solana Foundation, as many as one million hotspots have been connected to the Helium Network since inception, and based on the bandwidth of the Solana ecosystem, they are bound to see additional use cases that encompass the worlds of decentralized finance (DeFi) and non-fungible tokens (NFT).

One good headstart Solana is giving Helium users is the minting of connected hotspots as NFTs, a feature that guarantees additional recordkeeping that would otherwise be highly cost prohibitive on competing blockchains.

With the migration, Helium is now part of an ecosystem of thriving innovators that can generally help it return value to its community in the long term.

#helium #solana #Binance #hnt #Binance