To enable the emergence of Web 3.0, IoT, PoS mechanisms, here are some initiatives by the Helium Blockchain that pay miners well for their contributions to the network.
The proof-of-work (PoW) consensus model is the mechanism that sparked the Bitcoin (BTC) revolution in 2009, and it was the consensus model of choice for many prominent projects in the crypto ecosystem’s early years.
Other consensus models, such as proof-of-stake (PoS), grew in popularity as the expense of operating mining rigs, the ongoing need to upgrade equipment, and environmental concerns caused the PoW model to lose favor with many.
As a result, initiatives that use a proof-of-concept strategy have had to evolve in order to keep up with market expectations. This has resulted in the rise of projects that attempt to construct Web 3.0 while also offering a more ecologically and economically responsible approach to PoW.
Let’s have a look at the Helium blockchain that allows people to donate their time and resources to network security while also earning a profit.
Helium Blockchain – Explaining The Basics
Helium (HNT) is a decentralized blockchain-powered network for the Internet of Things (IoT) devices that make use of a worldwide network of low-energy wireless “hotspots” that broadcast data through radio waves and store it on its blockchain.
The network employs a novel work method known as “proof-of-coverage” to verify that hotspots are delivering authentic wireless coverage and that miners are rewarded with the platform’s native HNT currency in exchange for assisting in-network coverage.
Throughout the year 2021, the Helium network saw enormous expansion. There are currently more than 309,000 active nodes.
The Helium network recently increased its capabilities by introducing support for 5G wireless capabilities, which included the debut of a new line of miners that can send the 5G signal.
Helium earlier announced on 26th Oct. that it has collaborated with Dish Network, giving Dish the first major carrier to join the Helium network and give its users the chance to run Helium nodes in return for HNT tokens. HNT price soared to a new all-time high of $50.82 USD on 15th Nov. shortly after these occurrences.
Helium Price Chart – Source: CoinMarketCap
Due to the utilization of braided chains, there is another project named Kadena (KDA), which is also a scalable PoW layer-one blockchain system that promises to be capable of processing up to 480,000 transactions per second (TPS).