Helium and the IoT: Mining with your own Hotspot

The IoT-company Helium from San Francisco announced that from now on the hot spots for Peer-to-Peer network are available. The Start-up wants to build a decentralized wireless network, where everyone can participate. For the provision of wireless connectivity will be rewarded by the owners of the Hotspots.

Brigitte Bernhardt
14. June 2019BTC$8.445,00 3.08%part Facebook Twitter LinkedIn xing mail

fight Many projects in the IoT area (Internet of Things) have with a range of challenges: often, the cost becomes prohibitive or the project is too complex. A new approach is being followed, therefore, in the case of Helium. The young company based in San Francisco wants to give the connectivity in the hands of the people. "The future is Peer-to-Peer" is the motto of the company.

New consensus, new opportunities

The Mining by using the Hotspots was also significantly less energy intensive than traditional consensus Algorithms, such as the Proof of Work used, so the. Order of magnitude: the consumption of a LED lamp. In the Helium-network the legitimacy of other nodes is done by using a "Proof-of-Coverage"Protocol. It is, therefore, the coverage of locations. In addition to the detection of the location of the Provider, the Helium uses a "Proof-of-Serialization", which is based on the rough time-log from Google, the Proofs of Coverage cryptographically synchronized to anchor. Frank Mong, Manager at Helium, wrote on 12. June, on the company blog:

this network can be an Explosion of new possibilities for reality: the forest fires use smoke or heat sensors that prevent Pets can be traced for miles, so you'll never be lost, and Bicycle owner can prevent use of positioning sensors thieves from stealing your bicycles.

the World's first wireless Peer-to-Peer network

the idea for The Start-up had Shawn Fanning (founder of Napster), Sean Carey and Amir Haleem already 2012. Excited about the "Internet of things" and the idea of a world in which everything is interconnected would be established in 2013 Helium. The step of Blockchain and a Utility Token to introduce the Team since 2017.

in 2018, announced the Start-up finally, a completely new kind of decentralised, to the wireless network. It should according to its own statements, the connectivity model on the head – similar to AirBnB in the lodging industry and Uber have changed the transport of persons fundamentally.

A new way of mining

the owner of a Helium-Hotspots can receive two types of rewards. There are Mining Rewards through the wireless coverage, and each Time a device using the Hotspot from connecting to the Internet. To the positive network effects, it is of course crucial that the size and coverage of the network increase. The more machines, the network, the more you can earn rewards Hotspot owners. This incentive will ultimately increase the demand, as a Hotspot Host to attend.

The first Hotspots will be delivering Helium in the next six to eight weeks in Austin, Texas. The country-wide shipping in the USA is to begin in the fourth quarter of 2019. The company plans, network coverage, international expansion. For all buyers outside the USA there is a waiting list. The Hotspots cost 495 dollars.

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