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 Network Raises $111M through Token HNT Sale, Hitting a Three-month High

The Helium network, supported by Andreessen Horowitz, raised $111 million through the sale of its native token (HNT). HNT token rose by 25.78% within 24 hours, and the price hit a three-month high.

The decentralized peer-to-peer (P2P) 5G wireless network received a total of $111 million in financing from venture capital giants such as Andreessen Horowitz, Ribbit Capital, mobile operators’ eSIM service provider 10T, Multicoin Capital, and Alameda Research, according to Bloomberg report.

The funds raised this time will be used to accelerate the launch of Helium’s 5G network that provides Internet access and expand the use of mobile network operators and mobile virtual network operators. 

Ali Yahya, the general partner of Andreessen Horowitz, stated that the Helium network expands its unlimited coverage by rewarding wireless devices powered by the Helium blockchain that can mine its network token HNT——This move will “challenge centralized incumbents” and will also become a strong rival in the current telecom market.

Ali Yahya added that:

“Helium is transforming the way we connect to and scale wireless networks globally.”

After the news was released, the price of HNT surged from a low of $14.03 to an intraday high of $18.14. At the time of writing, HNT was trading at $18.10.

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

Helium’s expanding hotspot network, as of August 10, the network has 119,036 nodes running on the Helium network, most of which are concentrated in the United States, Europe, and China. The addition of large organizations such as Andreessen Horowitz also confirms the future development of the network in the future.

As reported by Blockchain.News on July 21, the well-known NFT trading platform giant OpenSea announced the completion of a $100 million Series B financing led by venture capital firm Andreessen Horowitz (a16z) and officially joined the crypto unicorn track.

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Altcoins Making the Biggest Moves in the Market Today: XLM, MATIC, and HNT

The global cryptocurrency market is gradually back on its feet after almost a week-long continuous downtrend. The major price correction was marked by the plunge of the crypto market cap to $1.45 trillion, from its high peak of over $2.4 trillion a few weeks ago. While Bitcoin (BTC) took the hardest hit with its market capitalization dipping almost by half, other altcoins also went on a freefall.

However, Monday seems to be heralding a profitable week ahead, with most cryptocurrencies parring off their losses. Here is a brief look into the three altcoins making the biggest moves in the market today.

Stellar (XLM)

Stellar is an open-source blockchain network that allows for the easy movement of money on a peer-2-peer level. The network’s native cryptocurrency, the XLM, showed massive revival on Monday after plunging from a 7-day high of $0.7 to a low of $0.3035. The coin’s current price of $0.4308 represents a 15.48% growth that perhaps a sign of a good time for the digital currency. Stellar is 53.82% below its All-time High (ATH) of $0.9381 set three years ago at the time of writing. 


Polygon (MATIC)

Polygon is a user-friendly platform for Ethereum scaling and infrastructure development. Its native token, MATIC, an ERC-20 token witnessed a short-lived runup to become one of the most valuable digital currencies by market cap. The token was increased by 40.08% on Monday at $1.46. At this current rate of growth, MATIC may soon retest its ATH of $2.68, which established about a week ago, according to data from CoinMarketCap.


Helium (HNT)

Helium and its native cryptocurrency, the HNT, is a decentralized blockchain-powered network for the Internet of Things (IoT) devices. At a current price of $14.70 and a 34.03% group over the past 24 hours, the coin is leading a new market revival, having plunged to an intraday low of $8.42. HNT is down by 31.34% from its ATH price of $21.17 set about two months ago. This ATH represents a new price discovery target should the current upsurge be sustained.


Hope for Consistent Market Recovery

The global cryptocurrency industry is experiencing a phase where it needs to redefine the centralization of power related to mining in China and the influence being wielded by such market movers as Elon Musk. A more steady and consistent market recovery will be ushered in when the market decouples from these forces. However, in the short term, crypto fundamentals will aid the recovery of Bitcoin and the hoard of altcoins out there.

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