What Is Helium?

Dec 27, 2022
4 min read

This blog post will cover:

  • About Helium (HNT)
  • Where did Helium (HNT) come from?
  • What are the advantages of Helium (HNT)?
  • What are the disadvantages of Helium (HNT)?
  • How to buy Helium (HNT) on SimpleSwap?

About Helium (HNT)

The Helium company is built upon a wireless P2P long-range decentralized system. Being distributed and global, Helium connects hardware worldwide through hotspots. Owners of the Helium crypto are enabled to be a part of the network and earn additional coins.

Helium has several basic components, here they are:

  • IoT - Internet of Things. These “things” operate upon sensors, software etc. They are basically used to exchange information on the Internet.
  • Hotspots - Helium hotspots are called nodes and transfer data from sensors to IoT and enable anyone to be a part of the wireless IoT community. The transmission of the data happens at the cost of cellular networks. Another purpose of Hotspots is that they broadcast radio signals via the Internet connection.
  • LoRaWAN - is a point-to-multipoint networking protocol that uses Semtech’s LoRa modulation scheme. That’s the technology behind the hotspots’ radio signals broadcast. The technology is about the connection of the radio waves with the LoRaWAN gateways. This connection ensures encryption and identification on the network. Helium is one of the largest LoRaWAN network in the world.
  • Proof of Coverage - it is the unique consensus algorithm created especially for the Helium crypto project. This consensus is the proof of the real physical existence of the Hotspots. PoC verifies their location and credibility of the coverage of the Hotspots.

The main idea behind the Helium project is that it should provide reliable wireless network coverage for all the involved to the system all the hotspots (nodes). The network operates its own cryptocurrency, HNT (Helium coin). HNT is mined by the users of the platform and doing so they provide and maintain the network coverage.

Where did Helium (HNT) come from?

The Helium trip to the crypto market began in 2013. From the very beginning the project was aiming to bring to the world a peer-to-peer wireless network. The creators were working and evolving in this manner until 2019 when the Helium cryptocurrency was launched.

The developers behind the Helium project are Amir Haleem, Shawn Fanning and Sean Carey - three co-developers who started the company back in 2013. Haleem has experience in eSports and game development; Fanning is one of the Napster developers - one of the first P2P internet services and music sharing platform; Carey has previously worked for PayPal.

What are the advantages of Helium (HNT)?

  • Adoption improvement
    Cutting edge technology that opens a totally new way of managing things on the Internet of Things and promotes its wide adoption.
  • Passive income
    Helium enables a passive income of HNT tokens by hosting hotspots.

What are the disadvantages of Helium (HNT)?

  • Costly to invest in
    The initial investment to the network is quite expensive.
  • Overload
    The queue to get a hotspot is quite distressing, as more and more users get involved in and the order of the hotspots increases significantly.

How to buy Helium (HNT) on SimpleSwap?

If you’ve come this far and want to know how to become the HNT owner, SimpleSwap is ready to help you, just follow the instructions below:

  • For example, you want to swap BTC for HNT. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select HNT in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. HNT will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to HNT exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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