Chart downloaded from įirst, a refresher. Helium’s market price over the last year. But I’d like to put it into context and explain why it isn’t the indictment against the business model others may think it is while also explaining my own concerns about Helium’s future. Nova Labs CEO Amir Haleem didn’t refute that number. One of the biggest shockers in the article - and his related tweet thread - was the fact that Nova Labs, the company behind the Helium Network, made just $6,500 in revenue in June. He ventured into crypto in 2013 and is an ETH maximalist.Earlier this week, Liron Shapira, a self-proclaimed Web 3.0 skeptic, shared an article from The Generalist newsletter that dug deeply into the Helium Network and with it, his skepticism about the business. There would be more rewards for Helium hotspot owners, consistent mining, and data transfer reliability improvements. Investors are also said to benefit from the migration, including the addition of two million HNT tokens to reward pools each year. Validators will earn three times as much HNT during the first seven days of the transition. During the migration, Helium will also provide validators with a staking bonus. Moving to the Solana blockchain allows us to focus our efforts on scaling the network as opposed to managing the blockchain itself.”The Helium Foundation has stated that the transition will begin in Q4 of this year. Solana has a proven track record powering some of the world’s most important decentralised initiatives, and they were an obvious choice for us to partner with. The move would result in more of its native token HNT being available to subDAO reward pools, more consistent mining, more reliable data transfer, more utility for HNT and subDAO tokens, and increased ecosystem support.Talking about the move, Scott Sigel, the chief operating officer of the Helium Foundation, said in a public statement,“We have an ambitious mission of deploying and managing wireless networks at scale, and moving to Solana allows us to do that.

Helium tokens and governance will be moved to the Solana blockchain.

It also integrates seamlessly with Solana's existing ecosystem of consumer-focused applications such as Metaplex, Serum, Phantom, Raydium, Orca, Audius, and others. #Helium will be moving to the blockchain!👏🏼'The move to Solana advances the Helium ecosystem's mission of delivering secure, ubiquitous, and affordable connectivity through an innovative incentive model. Only 1,270 members, or about 18 per cent, voted against the proposal.Announcing the voting results, Helium Foundation said on its official Twitter handle,'🚨It’s official! The HIP 70 vote has ended. By staking over 12 million HNTs, the majority of the community members voted in favour of the move. A two-thirds majority was required for a vote to migrate the network to pass. To participate in the on-chain vote, participants staked the helium token (HNT). 81.41 per cent voted in favour of migration in the early Asian hours. The HIP 70 proposal was voted on early Thursday morning. The proposal was made public earlier on August 30.

According to the proposal,'The proposed changes in HIP 70 do not change the fundamentals of the Helium Network or HNT but provide several benefits to the Helium Network, including more HNT available to subDAO reward pools, more consistent mining, more reliable data transfer, more utility for HNT and subDAO tokens, and more ecosystem support.'The announcement comes after over 6,000 community members voted in favour of the Helium Improvement Proposal (HIP). It will also connect the world's largest decentralised wireless network with the fastest-growing crypto ecosystem. Its goal is to reduce reliance on internal blockchain operations and expand its ecosystem on Solana. The proposal confirms the migration of Helium's Proof-of-Coverage algorithm and data transfer accounting to Oracles. Helium's own purpose-built Layer 1 blockchain will be linked to the Solana blockchain with this proposal. The Helium Foundation made the announcement on Thursday. Image: ShutterstockHelium (HNT), a decentralised wireless network, has officially migrated to the Solana (SOL) blockchain.