Altcoin Project Targeting WiFi Revolution Outpaces Bitcoin and Crypto Markets, Soaring 82% in Seven Days

An altcoin project aiming to merge blockchain technology and wireless networks is in the midst of a rapid rise, far outperforming Bitcoin (BTC) and the altcoin markets at large.

Helium (HNT) shot from a low of $29.60 last Thursday to $54.05 in just seven days – a staggering 82% rally.

The token is now the 43rd-largest crypto asset on the market, with a $5 billion market cap.

Helium aims to build a fully decentralized and global wireless network powered by open-source technology.

The platform is designed to allow people and organizations to operate WiFi hotspots and earn HNT as a reward for powering the network.

HNT’s rally comes as the platform completes its first on-chain governance vote, allowing owners of the crypto asset to play a role in shaping the project’s future.

It also follows an announcement from DISH Network late last month detailing a new partnership with Helium.

The internet service giant says it will be the first major carrier to utilize Helium’s blockchain-based incentive model and allow customers to install their own 5G hotspots.

DISH Network is an early adopter of blockchain technology and first began accepting Bitcoin back in 2014.

DISH also announced a partnership with IOHK, the company behind Cardano (ADA), in September.

The two organizations are exploring strategic ways to further leverage blockchain technology with wireless communications.

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Helium and Dish Network Collaborate to Expand its Blockchain-based Distributed 5G Platform

The decentralized peer-to-peer (P2P) 5G wireless network Helium announced on Tuesday, October 26, a new partnership with Dish Network.

DISH has become the first telecom operator in the telecom industry to join the Helium 5G network ecosystem. This cooperation will expand the Helium node and deploy their own Helium 5G CBRS-based hotspots with dish customers while receiving HNT token rewards.

Helium network, founded in 2013, is the world’s first peer-to-peer LoRaWAN wireless IoT network, also known as “The People’s Network”.

Frank Mong, Chief Operating Officer of Helium, commented on the collaboration:

“Dish understands the potential blockchain can have on the wireless industry, and as the first major carrier to join The People’s Network, this partnership is real validation that the HNT incentive model is a powerful tool for deploying infrastructure at scale.”

Earlier, Helium 5G was approved by the community to provide connections for high-bandwidth devices such as mobile phones. FreedomFi predicts that Helium 5G can span more than 40,000 small cells by the end of 2022, making it larger than many small cell networks to date.

More and more network providers and operators or IoT companies, including Volvo and Cisco, hope to expand 5G roaming services for their customers on the Helium network.

The HNT token surged 42.2% to a daily high of $23.50 on October 26. According to Coinmarketcap, the HNT token was up 13.26% in the past 24 hours, At the time of writing, HNT was trading at $24.56.

As reported by Blockchain.News on August 11, The Helium Network, supported by Andreessen Horowitz, raised $111 million through the sale of its native token (HNT).

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Helium partners with Dish Network to expand its crypto-based distributed 5G platform

The ultimate goal of any cryptocurrency project is to achieve widespread adoption by offering a use case that offers real-world value that can be applied in every home across the globe. 

 Thanks to its user-run wireless network, Helium, a 5G Internet-of-Things-focused project, made a significant stride towards greater adoption as it revealed a new partnership with Dish Network on Oct. 26.

According to the announcement, the partnership will offer Dish Network subscribers the opportunity to run Helium nodes and earn HNT token rewards for sharing their 5G wireless service with those in their area.

This marks the first major carrier to integrate the Helium 5G network into its ecosystem and is a significant sign of validation for the project and its technology.

In comments with Decrypt media, Helium COO Frank Mong elaborated on the partnership and what it means for the future of the Helium network. 

Mong said,

“Dish understands the potential blockchain can have on the wireless industry, and as the first major carrier to join The People’s Network, this partnership is real validation that the HNT incentive model is a powerful tool for deploying infrastructure at scale. Together with Dish and FreedomFi, Helium 5G will have a much broader reach where the customer benefits from the flywheel of network incentives and the applications it enables.”

The Helium network sees exponential growth

The Dish Network partnership is the latest in a busy year of growth for the Helium network, which now has more than 256,000 individual nodes around the world operated by 93,561 users.

Helium network hotspot statistics. Source: Helium

This partnership with Dish Network was made possible by a community vote in April which approved the addition of a second 5G capable network to the protocol through a partnership with FreedomFi. This will allow Helium to offer support for devices like smartphones, tablets and laptops.

Helium has also received increasing support from multiple hardware manufacturers that have begun making hotspots compatible with the Helium network and this is expected to expand the network’s reach.

Related: Successful smart cities will be impossible without decentralized techs

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $16.45 on Sept. 29, the price of HNT has swelled 42.2% to a daily high at $23.50 on Oct. 26 as its 24-hour trading volume spiked 162.75% to $35 million.

HNT/USDT 4-hour chart. Source: TradingView

VORTECS™ data from Cointelegraph Markets Pro also began to detect a bullish outlook for HNT on Oct. 20, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. HNT price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for HNT began to pick up on Oct. 20 and hit a high of 78 around 93 hours before the price began to increase by 15.6% over the next two days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.