Log In
CoinEx Academy

What Is Helium Network and How to Buy HNT?

2023-04-19 11:24:27

The world is becoming decentralized as decentralized brings about trust and transparency. A lot of platforms, technologies, and services are moving from centralized proprietary systems to decentralized, open ones. Peer-to-peer networks such as Napster and BitTorrent paved the way for blockchain networks. Now Bitcoin, Ethereum, and other blockchain networks have shown the value of decentralized transaction ledgers. 

Helium Network is one of the blockchain innovations that disrupted the IOT network. In a nutshell, Helium Network is a decentralized network that enables devices to communicate with one another and with the internet.

In this article, we will be discussing what is Helium Network and HNT coin, the history of Helium Network, what makes Helium Network unique, and how and where to buy Helium Coins (HNT). Additionally, we will address some frequently commonly asked questions such as the number of HNT coins in circulation, the worth of HNT coins and finally, what gives HNT coins value.

What Is Helium and HNT Coin?

The Helium network is a wide-area wireless networking system that incorporates a blockchain and a protocol token (HNT). The blockchain runs on a new consensus protocol called the Helium Consensus Protocol, and a new type of proof called Proof-of-Coverage. Miners who provide wireless network coverage in a cryptographically verified physical location and time submit proofs to the Helium network and earn HNT coins. 

In addition to the blockchain protocol, the Helium Wireless protocol (WHIP) provides a bidirectional data transfer system between wireless devices and the internet via a network of independent providers that does not rely on a single coordinator. 

Devices pay to send and receive data to the internet and geolocate themselves, while miners earn tokens for providing network coverage and fees from transactions and for validating the integrity of the Helium network. 

The Helium network represents a significant step toward the decentralization of physical networks and the creation of a more resilient, secure, and open wireless network. In the Helium network, communication between devices is made possible through Helium technology, while data is sent across the network nodes. The network nodes are referred to as Hotspots in the Helium system.

In the Helium network, a Hotspot is a wireless network device that provides wireless coverage and enables devices to communicate with each other and the internet using the Helium network. The Hotspot serves as a node in the Helium network and is responsible for transmitting and receiving data from other devices and Hotspots in the network.

The Hotspot is an essential component of the Helium network, as it provides wireless coverage that enables devices to communicate with each other and the internet. In return for providing wireless coverage, Hotspot owners can earn HNT, the native cryptocurrency of the Helium network, by validating wireless coverage and transferring device data over the network.

The Brief History Of Helium (HNT)

The Helium Network was founded by Amir Haleem in 2013 as a network of LoRa gateway hotspots that could be deployed throughout an area by agreements with building owners, typically paid in conventional currency.

The Helium Network was created to provide a decentralized, secure, and low-cost wireless network that could support the Internet of Things (IoT) ecosystem. The founders recognized that existing wireless networks, such as Wi-Fi and cellular, were not designed to support the large number of low-power, low-bandwidth devices that make up the IoT.

To address these challenges, the Helium Network integrated blockchain technology, wireless communication protocols, and a new consensus mechanism called Proof-of-Coverage. The network allows individuals and organizations to become Network Operators by deploying Helium Hotspots, which provide wireless coverage and enable devices to communicate with each other and the internet.

In return for providing wireless coverage, Network Operators earn the Helium Network native coin HNT. HNT can be used to pay for wireless data transfer, purchase IoT devices, or trade for other cryptocurrencies or fiat currencies in decentralized and centralized exchanges.

Since its launch, the Helium Network has grown rapidly, with thousands of Hotspots deployed around the world. The network has been used for a variety of applications, including asset tracking, environmental monitoring, and industrial automation. The Helium Network represents a significant step toward the decentralization of physical networks and the creation of a more resilient, secure, and open wireless network.

What Makes Helium Network (HNT) Unique?

The Helium Network is unique due to its combination of several key components. Firstly, the network utilizes a Proof-of-Coverage system that allows miners to prove they are providing wireless network coverage in a computationally inexpensive way. This system is anchored using a Proof-of-Serialization mechanism that ensures an accurate representation of time relative to others on the network.

Another feature that makes Helium Network unique is that it is built on a purpose-built blockchain that is designed to service the Helium Wireless protocol (WHIP). This blockchain provides cryptographic guarantees of data transmission and authenticity, transaction primitives designed around WHIP, and more.

The Helium Consensus Protocol is a novel consensus protocol construction that combines an asynchronous Byzantine fault-tolerant protocol with identities presented via Proof-of-Coverage. This creates a permissionless, high throughput, and censor-resistant system that is unique to the Helium Network.

Another unique feature of the Helium Network is that it utilizes a new open-source and standards-compliant wireless network protocol called WHIP, which is designed for low-power devices over vast areas. This protocol runs on existing commodity radio chips without requiring any proprietary technologies or modulation schemes.

Finally, the Helium Network incorporates a decentralized wireless network (DWN) that provides wireless access to the internet for devices by way of multiple independent miners. This network allows routers to pay miners for sending data to and from the internet, while miners are rewarded with newly minted tokens for providing network coverage and delivering device data to the internet. Together, these components make the Helium Network a unique and innovative solution to the challenges of building a decentralized, secure, and low-cost wireless network for the IoT.

How to Buy HNT Coins?

There are several ways to buy HNT cryptocurrency, including decentralized exchanges and centralized exchanges. While DEXs provide greater privacy and control over your assets, they may also have lower liquidity and a higher slippage.

Centralized exchanges, on the other hand, provide greater liquidity and convenience.

CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including HNT, users can now trade easily and seamlessly. Here's a guide on how to buy HNT on CoinEx.

  1. To access CoinEx's services, register for an account by clicking "Register". Existing users can log in.
  2. After logging in, deposit funds into your CoinEx account using one of the supported cryptocurrencies or deposit methods supported by the exchange.
  3. After depositing fiat or cryptocurrency, go to the HNT trading page, choose a trading pair, and specify the amount of HNT to purchase.
  4. To buy HNT tokens, choose the appropriate trading pair, specify the desired quantity of HNT, and trade the paired token for HNT.

HNT frequently asked questions (FAQs)

How many HNT coins are in circulation? 

There are presently 143,335,000 HNT in circulation out of a total supply of 223,000,000 HNT. Helium has a limited supply, whereas no HNT coins were pre-mined. The rate of inflation falls over time, guaranteeing that the total supply never exceeds 223 million.

How much is HNT coin worth?

HNT coin is currently worth $1.43 as of April 2023. HNT had a 10% increase in the last 7 days. It is important to note that the cryptocurrency market is highly volatile and the price of HNT coin can fluctuate rapidly, so it's important to conduct your own research and invest wisely.

What gives Helium (HNT) value?

Helium's value is determined by its utility, technical viability, and technology. Helium's inherent value is instigated by the utility of its value proposition and its adoption of it. However, due to the volatility of the cryptocurrency market, the intrinsic value and market value of HNT frequently do not correspond.

What Is Shiba Inu and How to Buy SHIB?
What Is OriginTrail and How to Buy TRAC?