The Helium Foundation on Thursday announced the migration of its decentralized wireless Internet of Things (IoT) network, the Helium Network, to the Solana blockchain. The foundation approved the decision after a successful community vote on the proposal.
Since its establishment in 2013, the Helium network has been operating on its own blockchain, known as HIP 70.
On Thursday, the foundation disclosed that a majority community vote of 81.41% approved the Helium Improvement Proposal (HIP 70) aimed at developing the network to meet user demand. The proposal requirements demanded participants to stake the Helium native token (HNT) in order to engage in the voting exercise.
According to the final results, 6,177 members voted in favour of the migration by staking some 12 million HNT ($57 million) versus 1,270 members who voted against the proposal.
The Helium Foundation stated that the transition will allow HNT to become more compatible with other projects and crypto applications in non-fungible tokens, decentralized finance (DeFi), and other Web3 applications.
Helium Foundation COO Scott Sigel said: “Solana has a proven track record powering some of the world’s most important decentralized initiatives, and they were an obvious choice for us to partner with. Moving to the Solana blockchain allows us to focus our efforts on scaling the network as opposed to managing the blockchain itself.”
Challenges to be Fixed
The proposal comes after the Helium core developer team recently called for the need to fix various technical issues to improve the network’s capabilities. Last month, the developers acknowledged that there have been challenges facing network participants with much reduced Proof-of-Coverage activity because of network size, blockchain/validator load, and packet delivery issues.
Their announcement came after node hotspot operators in the Helium subreddit in July posted about the dwindling rewards made from their efforts, despite the hundreds of millions of dollars worth of investment into Helium.
Such criticisms of the Helium blockchain project stirred a strong debate over the company’s long-term prospects.
As a result, the Helium developers made the proposal, dubbed HIP 70, on August 31. They forwarded the HIP 70 proposal to improve data transfer and network coverage abilities. They said the move is aimed to “bring significant economies of scale through the vast range of composable Solana developer tools, features, and applications.”
They said the move aims to scale Helium to meet the demands of builders and users as part of efforts to accelerate the decentralized wireless network of Helium 5G and over 945,000 Internet of Things (IoT) user-managed hotspot devices across the world.
According to the Helium Foundation, the migration will see Helium’s ecosystem tokens, including HNT, IOT and MOBILE tokens and Data Credits (DCs), soon be issued on Solana. Once the migration is completed, Helium will roll out a new version of the Helium Wallet App to be available for users, the foundation said.
The news comes after Nova Labs, the company behind the Helium network, on Tuesday formed a five-year deal with T-Mobile’s 5G services to embark on filling the gaps in Helium’s coverage. Blockchain.News reported the matter.
Helium is an open-source blockchain network designed to power Internet of Things (IoT) devices with wireless connectivity. Founded in 2013, the decentralized wireless network has grown to become a huge continuous wireless network across the globe. Helium has a presence in 65,000 cities and 170 countries, focusing on serving the Internet of Things (IoT) around the world.
Binance clarified on Sunday, September 18, that the “Binance Accounting System Vulnerability” incident previously stated by the Helium Foundation occurred on Binance.US, and Binance.com found no related problems, emphasising that user assets are safe.
The Helium Foundation said a bug found in Binance’s accounting system led to the misidentification of Helium Network’s MOBILE tokens for higher-value HNT, with users mistakenly receiving around $20 million worth of HNT tokens.
At the time of writing, Binance.US officials have not yet made any official response to the incident.
Arman Dezfuli-Arjomandi, a podcast host focusing on the Helium ecology, criticised Binance.US for actively maintaining communication with customers, opening up the transparency of relevant information as soon as possible, and announcing relevant compensation plans. exist
The podcaster revealed in a post on his official Twitter that: “Due to a bug in the exchange system, each deposited MOBILE token gets 1 HNT (1 MOBILE is only worth <0.001 HNT). The attackers dumped HNT tokens that did not belong to them into the market, causing huge downward pressure on the price.”
Founded in 2013, the Helium Network’s ever-expanding network of hotspots enables anyone to own and operate a wireless network of low-power Internet of Things (IoT) devices, while customers can build and participate by using a cryptographic token called the HNT award network for profit.
The HNT native token is a reward paid by Helium to hotspot hosts, while the MOBILE tokust launched last month, is a reward paid to Helium 5G hotspot infrastructure operators. Currently, there is a lack of liquidity in the market for MOBILE tokens.
Binance clarified on Sunday, September 18, that the “Binance Accounting System Vulnerability” incident previously stated by the Helium Foundation occurred on Binance.US, and Binance.com found no related problems, emphasising that user assets are safe.
The Helium Foundation said a bug found in Binance’s accounting system led to the misidentification of Helium Network’s MOBILE tokens for higher-value HNT, with users mistakenly receiving around $20 million worth of HNT tokens.
At the time of writing, Binance.US officials have not yet made any official response to the incident.
Arman Dezfuli-Arjomandi, a podcast host focusing on the Helium ecology, criticised Binance.US for actively maintaining communication with customers, opening up the transparency of relevant information as soon as possible, and announcing relevant compensation plans. exist
The podcaster revealed in a post on his official Twitter that: “Due to a bug in the exchange system, each deposited MOBILE token gets 1 HNT (1 MOBILE is only worth <0.001 HNT). The attackers dumped HNT tokens that did not belong to them into the market, causing huge downward pressure on the price.”
Founded in 2013, the Helium Network’s ever-expanding network of hotspots enables anyone to own and operate a wireless network of low-power Internet of Things (IoT) devices, while customers can build and participate by using a cryptographic token called the HNT award network for profit.
The HNT native token is a reward paid by Helium to hotspot hosts, while the MOBILE tokust launched last month, is a reward paid to Helium 5G hotspot infrastructure operators. Currently, there is a lack of liquidity in the market for MOBILE tokens.
Binance clarified on Sunday, September 18, that the “Binance Accounting System Vulnerability” incident previously stated by the Helium Foundation occurred on Binance.US, and Binance.com found no related problems, emphasising that user assets are safe.
The Helium Foundation said a bug found in Binance’s accounting system led to the misidentification of Helium Network’s MOBILE tokens for higher-value HNT, with users mistakenly receiving around $20 million worth of HNT tokens.
At the time of writing, Binance.US officials have not yet made any official response to the incident.
Arman Dezfuli-Arjomandi, a podcast host focusing on the Helium ecology, criticised Binance.US for actively maintaining communication with customers, opening up the transparency of relevant information as soon as possible, and announcing relevant compensation plans. exist
The podcaster revealed in a post on his official Twitter that: “Due to a bug in the exchange system, each deposited MOBILE token gets 1 HNT (1 MOBILE is only worth <0.001 HNT). The attackers dumped HNT tokens that did not belong to them into the market, causing huge downward pressure on the price.”
Founded in 2013, the Helium Network’s ever-expanding network of hotspots enables anyone to own and operate a wireless network of low-power Internet of Things (IoT) devices, while customers can build and participate by using a cryptographic token called the HNT award network for profit.
The HNT native token is a reward paid by Helium to hotspot hosts, while the MOBILE tokust launched last month, is a reward paid to Helium 5G hotspot infrastructure operators. Currently, there is a lack of liquidity in the market for MOBILE tokens.
The Helium Foundation says a bug in Binance’s accounting system caused users to mistakenly receive around $20 million worth of HNT tokens.
Binance discovered an accounting error last night that caused Helium’s MOBILE token to be mistaken for HNT and allowed users to send MOBILE balances to HNT wallets, which were then sold to the market.
The Helium Foundation said that around 4,829,043 MOBILE tokens were exploited by a bug in Binance’s accounting system, and the bug was not a blockchain issue and was isolated from the exchange.
Founded in 2013, Helium network is the world’s first peer-to-peer LoRaWAN wireless Internet of Things, also known as “People’s Network”.
The Helium Foundation has warned Binance and said:
“We advise token holders to suspend HNT and MOBILE deposits on Binance until a comprehensive situation update is provided,”
Helium is changing the way we connect and extend the world’s wireless networks. Helium’s ever-expanding network of hotspots enables anyone to own and operate a wireless network for low-power Internet of Things (IoT) devices, while customers can earn by setting up and participating in the network using a cryptographic token called HNT award.
Last August The Helium network, supported by Andreessen Horowitz, raised $111 million through the sale of its native token (HNT).
Earlier this month, Decentralized peer-to-peer (P2P) 5G wireless network Helium is proposing to migrate its own network, officially known as HIP 70, to Solana in search of more efficient operations.
Decentralized peer-to-peer (P2P) 5G wireless network Helium is proposing to migrate its own network, officially known as HIP 70, to Solana in search of more efficient operations.
Founded in 2013, Helium network is the world’s first peer-to-peer LoRaWAN wireless Internet of Things, also known as “People’s Network”.
Helium is changing the way we connect and extend the world’s wireless networks. Helium’s ever-expanding network of hotspots enables anyone to own and operate a wireless network for low-power Internet of Things (IoT) devices, while customers can earn by setting up and participating in the network using a cryptographic token called HNT award.
The Helium Foundation says it addresses current user needs by moving to the Solana blockchain to achieve faster transaction speeds, longer uptime and more interoperability with other blockchains.
Helium developers said that：
“Solana is a layer 1 blockchain that focuses on the importance of scalability and speed and the network does not compromise on security or scalability.”
Community voting on this proposal began on September 12 and ended on September 18.
As of now, the network has more than 1 million “hotspots” running on the Helium network, most of which are concentrated in the US, Europe and China.
The addition of large institutions such as Andreessen Horowitz also confirms the future prospects of the network.
On September 2, according to Coinmarketcap data, the HNT token lost 1.09% in the past 24 hours, with a market cap of $613,196,579. As of this writing, HNT is trading at $4.89.
In February, Helium raised $200 million in a Series D funding round led by Tiger Global and FTX Ventures at a $1.2 billion valuation.
With a growth of 1.30%, the combined crypto market capitalization has grown remarkably over the past weekend, considering the consistent onslaught the market has been experiencing across the board.
With recovery currently underway, here are the top 3 altcoins charting a more bullish upside in the market as the new week comes into view.
Cardano is one of the most renowned blockchain protocols around today with a goal of becoming the dominant smart contracts platform. Spearheaded by Charles Hoskinson, the founder of IOHK, ADA is currently changing hands at $0.5765. While this price figure is 81.48% below the coin’s All-Time High (ATH) price of $3.10, it is notably up by 22.06% in the past week at the time of writing according to CoinMarketCap’s data.
The growth in Cardano might have been triggered by the positive sentiments gleaned from CoinShares data that shows institutional money is gradually moving from Bitcoin (BTC) and Ethereum (ETH), into Cardano.
Helium (HNT)
Helium (HNT) is designed as a decentralized blockchain-powered network for Internet of Things (IoT) devices. The Helium protocol operates via a bespoke consensus mechanism called proof-of-coverage (PoC) which rewards users for contributing to mining (validating transactions) and ensuring stability.
HNT is amongst the high fliers altcoins in the Week-to-Date period and is up 27.69% to $9.30 per CoinMarketCap’s data. With the positive sentiments around HNT growing in recent times, chances are that it can beat its major resistance level of around $15 in the near future.
Waves (WAVES)
Despite underperforming at the time of writing, the 2.45% loss in the past 24 hours comes off as a slight correction WAVES will be experiencing as it has been on a tear over the past week, rising 95.82% within that time frame.
Waves has carved a niche for itself as a multi-purpose blockchain platform that supports various use cases including decentralized applications (DApps) and smart contracts. At a current price of $8.49, WAVES can outpace its peers should the bulls keep up with the accumulation spree.
Bitcoin’s (BTC) relief rally rose above $38,500 on Jan. 29, but the bulls are struggling to sustain the higher levels. For the past few days, Bitcoin’s sentiment has closely followed the U.S. equity markets. Hence, analysts warned traders to be careful and not to read much into any possible weekend rallies when traditional markets are closed because it could be a trap.
However, analysts at trading suite Decentrader said in a recent report that a “near-term relief bounce” is possible. The report also highlighted that “meaningful buyers” were stepping in and that could result in “a potential change in the higher time frame trend from bearish to bullish.”
Crypto market data daily view. Source:Coin360
The recent downturn in Bitcoin seems to have turned the JPMorgan analysts bearish as they believe the increased volatility could “hinder further institutional adoption.” In a note, the strategists have reduced their long-term theoretical Bitcoin price target from $150,000 to $38,000.
If Bitcoin extends its recovery, select altcoins could attract buying from the aggressive bulls. Let’s study the charts of the top-5 cryptocurrencies that could extend the recovery in the short term.
BTC/USDT
Bitcoin’s relief rally has reached the stiff resistance zone between $37,332.70 and $39,600. The 20-day exponential moving average ($39,475) is also present in this zone making this important for the bears to defend.
BTC/USDT daily chart. Source: TradingView
The downsloping 20-day EMA and the relative strength index (RSI) in the negative zone indicate advantage to bears.
If the sellers pull the price back below $37,332.70, the BTC/USDT pair could gradually drop to $35,507.01 and later retest the Jan. 24 intraday low at $32,917.17. A break and close below this support could clear the path for a possible drop to $30,000.
Alternatively, if the price turns up from the current level and breaks above $39,600, it will suggest a possible change in the short-term trend. The pair could then rally to $43,505 and later retest the 200-day simple moving average ($48,833).
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the 20-EMA has started to turn up gradually and the RSI has risen into the positive zone. This indicates that bulls are trying to make a comeback. If buyers drive the price above $39,600, the pair could reach the 200-SMA, which may act as a resistance.
On the other hand, if the price turns down from the current level and slips below $37,312.70, it will indicate that bears have not yet given up. The sellers will then try to pull the price to $35,507.01, which is an important support for the bulls to defend.
If the price rebounds off this level, it will suggest that traders are buying on dips. That may increase the possibility of a break above $39,600.
LINK/USDT
Chainlink (LINK) has been range-bound between $15 and $36 for the past several months. Several attempts to escape the range have failed, indicating that bulls are buying at the support and bears are selling at the resistance.
LINK/USDT daily chart. Source: TradingView
The bears pulled the price below $15 on several occasions in the past few days but they could not sustain the lower levels. This may have attracted buying from aggressive traders who are attempting to push the price above the 20-day EMA ($18.91).
If they succeed, the LINK/USDT pair could rise to the 200-day SMA ($24.75). Contrary to this assumption, if the price turns down from the 20-day EMA, the bears will again try to pull the pair below $15 and start a new downtrend.
LINK/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that bulls have pushed the price above the $16.88 overhead resistance. The 20-EMA is turning up and the RSI is in the positive territory, indicating that bulls have a slight edge.
If buyers sustain the price above $16.88, the pair could start an up-move to $20 and then to $23. Conversely, if the price turns down and plummets below $16.88, it will indicate that bears continue to sell on rallies. The pair could then drop to $14.
HNT/USDT
Helium (HNT) plunged below the 200-day SMA ($26.67) on Jan. 21, but the bears could not sustain the lower levels. The bulls aggressively purchased the dip to $20 and pushed the price back above the 200-day SMA on Jan. 26.
HNT/USDT daily chart. Source: TradingView
The recovery hit a wall at the 20-day EMA ($28.84) and turned down but the bulls did not allow the price to dip below the 200-day SMA. The price has been trading between the moving averages for the past three days.
This tight-range trading is unlikely to continue for long. If bulls drive and sustain the price above the 20-day EMA, the HNT/USDT pair could rally to $36 and then to the downtrend line.
This positive view will invalidate if the price turns down and plummets below the 200-day SMA. That may pull the pair down to $20.
HNT/USDT 4-hour chart. Source: TradingView
The price broke out of the downtrend line, indicating that the bears may be losing their grip. The bears tried to sink the price back below the 20-EMA but the bulls are attempting to defend the support.
The up-move may pick up momentum after bulls drive the price above $31 as that could signal a 1-2-3 bottom. There is a minor resistance at the 200-SMA but once that is cleared, the pair could start its march toward $40. Conversely, if the price turns down and plummets below $26, the pair could drop to $24.
Related:Bitcoin miners believe global hash rate to grow ‘aggressively’
FLOW/USDT
Flow (FLOW) has been in a strong downtrend for the past few months. The bears pulled the price below the strong support at $6 on Jan. 22 but have not been able to build upon their advantage. This indicates accumulation at lower levels.
FLOW/USDT daily chart. Source: TradingView
The bulls have pushed the price back above the breakdown level and the 20-day EMA ($6.41) today. If they sustain the price above the resistance level, it will signal a possible change in trend.
The 20-day EMA is flattening out and the RSI has recovered into the positive territory, indicating that bulls are on a comeback.
This positive view will invalidate if the price turns down from the current level and plummets below the $6 support. Such a move will indicate that bears continue to sell aggressively at higher levels.
FLOW/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the price is facing resistance at the 200-SMA. This is a critical level to watch out for because the previous recovery had faltered at this resistance. If the price turns down from the current level, the FLOW/USDT pair could drop to the 20-EMA.
If the price rebounds off this level with strength, it will indicate that bulls are buying on dips. The buyers will then make one more attempt to push the pair above the 200-SMA. If they manage to do that, the pair could rally to the overhead resistance zone at $9.27 to $9.70.
ONE/USDT
Harmony (ONE) is trading inside a large range between $0.16 and $0.36. The bears recently tried to sink the price below the range but the bulls firmly held their ground.
ONE/USDT daily chart. Source: TradingView
The price has rebounded off the support and the bulls will now try to push the ONE/USDT pair above the 200-day SMA ($0.19). If they succeed, the pair could rise to the 20-day EMA ($0.23) where the bears may again mount a stiff resistance.
A break and close above the 20-day EMA could clear the path for a possible rally to $0.28. Conversely, if the price turns down from the current level, the bears will attempt to pull the pair below $0.16. If they can pull it off, it will signal the possible start of a new downtrend.
ONE/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the formation of a symmetrical triangle pattern. The 20-EMA has flattened out and the RSI is just below the midpoint indicating a balance between supply and demand.
This indecision could tilt in favor of the bulls if the price rises and sustains above the triangle. That could suggest a possible trend reversal and the pair may rise to $0.22 and later to $0.26.
This positive view will invalidate if the price turns down and plummets below the support line. Such a move will indicate that the triangle acted as a continuation pattern.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The host of the popular crypto outlet Coin Bureau is detailing his 2022 crypto strategy and says he bought during the market-wide dip this month.
In a new video to his 1.78 million YouTube subscribers, pseudonymous trader Guy says that he went in on Ethereum (ETH) competitors Polygon (MATIC) and Fantom (FTM), king crypto Bitcoin (BTC), altcoin Cosmos Network (ATOM), and ETH itself during the latest crypto market pullback.
“The crypto market basically collapsed [in December], so I did what any rational person would do in such a situation: I bought the dip. I leaned into BTC, ETH, MATIC, FTM, and ATOM.”
Guy says that his round of purchases pushed Cosmos Network up to be 4.5% of his overall portfolio.
“If you’re wondering why that’s simply because ATOM is the interoperability hub for cryptocurrency and some of the largest cryptocurrency blockchains were built using the Cosmos SDK (Software Development Kit).”
ATOM is exchanging hands at $28.21 as of writing, a 25.5% decrease from its seven-day low of $20.95.
Guy then further reveals his portfolio, saying that its comprised 31% of ETH, 21.5% of BTC, 13% of smart contract platform Solana (SOL), 9% of interoperable blockchain Polkadot (DOT), 3% of decentralized network for the Internet of Things devices Helium (HNT), and 3% of gold-backed cryptocurrency PAX Gold (PAXG).
The host then says his trading strategy for 2022 is to start accumulating cryptocurrencies that provide infrastructure for non-fungible tokens (NFTs) other than smart contract platforms such as Ethereum for two key reasons.
“My plan in 2022 is to start picking up crypto projects that provide the infrastructure for NFTs and their related niches beyond smart contract cryptocurrency blockchains like ETH and this is for two reasons.
“First, I truly believe that NFTs will play a critical role in the future of cryptocurrency, especially when it comes to things like decentralized digital IDs…
The second reason as to why I’m planning on picking up NFT coins and tokens has to do with regulations. As I mentioned [before], the FATF (Financial Action Task Force) finalized crypto recommendations [and] it does not recognize NTFs as digital assets which means that all the draconian and dystopian stuff that FATF wants countries to enforce doesn’t apply to NFTs.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/PHOTOCREO Michal Bednarek/Alexxxey
