Helium (HNT) Network officially completed its much-publicized migration to the Solana (SOL) blockchain on Wednesday.
Abhay Kumar, the Helium Foundation’s chief executive, says the upgrade will help with the project’s scalability and reliability.
“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.”
Helium focuses on building out a network for the internet of things (IOT) powered by physical hotspots. Helium allows IOT devices connected to the network to communicate and share data. The HNT token is used to reward participants for validating coverage and providing wireless hotspots.
HNT is trading at $1.78 at time of writing. The 162nd-ranked crypto asset by market cap is down 2.74% in the past 24 hours but up more than 11% in the past seven days.
SOL is trading at $21.96 at time of writing. The 11th-ranked crypto asset by market cap is down 5% in the past 24 hours and more than 11.5% in the past week.