The concept of the Internet of Things (IoT) is becoming more and more popular. Devices in the system directly exchange data with each other. Intelligent devices are already able to order goods needed by their owner and perform payment transactions.
However, the existing financial system is not yet technically equipped for this. The best solution is a blockchain-based payment system, created taking into account the specifics of the IoT.
Several dozen projects are already claiming the role of such a payment network, and Helium is one of the most famous.
What is Helium (HNT)
Helium launched in 2019 and is a blockchain-based decentralized network. By connecting to network nodes, low-power wireless devices can exchange data.
Network nodes are access points, special combination devices that combine the functions of a wireless gateway and a mining device. That is, users who manage such nodes develop the network and receive a reward for this.
The goal of the Helium project is to identify the shortcomings of the existing IoT infrastructure and improve communication between devices.
What is interesting about the Helium project
Improving the communication capabilities of wireless IoT devices is becoming increasingly important. This project is most attractive for owners of such devices and those who are interested in the IoT space. In addition to the enthusiasm of the users, the development of the network and the expansion of the outreach opportunities are stimulated financially.
Network members create or buy access points. Each access point provides network coverage and simultaneously mines the HNT token.
For such a specific network, a new consensus algorithm was created – Proof of Coverage, which is based on the HoneyBadger BFT protocol. HoneyBadger BFT protocol is designed to achieve consensus in a network with variable connection quality.
There are two tokens operating on the network: HNT and Data Credits, which are tied to specific users and cannot be exchanged. HNT tokens are mined by mining, but staking is also available for owners of large amounts. In the long term, this can bring more profit than Vechain staking.
How to trade HNT
The HNT token is traded on several exchanges: Binance, Gate.io, FTEX. The main trading pairs are stablecoins and the US dollar. It is quite difficult to find an exchange that already supports a pair of HNT and ETH on your own.
The easiest way to exchange HNT for other cryptocurrencies is to use the capabilities of the LetsExchange platform.
The Smart Rate system will perform the most laborious part of the work in a matter of seconds. It will automatically find all available deals on the entire network and choose the most profitable one for you. To exchange HNT to ETH you need to fill in the exchange widget:
- In the upper field, indicate the HNT for sale and the amount of coins;
- Specify the ETH for purchase in the lower field;
- Indicate the address of your wallet;
- Deposit coins.
- Press the “Exchange” button.
After confirming the application, the coins will be exchanged and credited to your wallet. Exchange operations are available without registration and are performed without commissions.