Saturday, February 24, 2024

Helium Crypto Network Will Launch New Tokens Amid Expansion

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Helium crypto network will launch new tokens amid expansion plans as more protocols besides IoT and 5G are being developed so let’s read more today in our latest cryptocurrency news.

The Helium crypto network will launch a new MOBILE and IOT Token as it expands into a crypto-powered wireless network. The new network will expand to include additional decentralzied protocols. Helium’s concept of a wireless network for sensors and trackers will be powered by token-rewarded node operators and it already earned significant support. Nova Labs, the startup which represents Helium’s founder announced that the network will launch new crypto tokens that are related to individual networks. The shift to the new model comes as Helium tries to expand its offerings with 5G connectivity and more.

The existing HNT token will continue to exist and to serve as a reserve currency or a floor currency for the expanding Helium ecosystem as Nova Labs CEO Amir Haleem explained. In the meantime, Helium will launch a MOBILE crypto token this month which will reward people that operate a 5G node and contribute the coverage to Helium’s latest network. The early adopters that will run these nodes are about 5000 and Haleem estimated that they are not being rewarded for providing coverage for devices such as laptops and phones. This will change once the MOBILE token is live before the plans to scale the network as the hardware partenrs like FreedomFi seek to lower the prices for the nodes.

Helium will expand its token offerings to support new networks. Image Helium

The network plans to launch a new IOT token that node operators can earn for the original LoraWAN network designed for the Internet of Things devices such as trackers or sensors. The network has more than 850,000 active nodes worldwide and the number increased since the start of the year. The existing tokens will continue even after the launch of the new IOT tokens. Either of these tokens can be exchanged for HNT as holders please with a process that Haleem likened to the former ability for the US dollar to be swapped for gold. Haleem added:

“As we’ve seen with Helium, the network is always evolving. There’s always new challenges. There’s always new things to think about, and how to govern all of these different protocols is a complicated question. Putting it in the hands of the token holders for each protocol, I think, is a really interesting way of solving that.”

Helium’s new token changes are being billed as “Chapter 2” for the network and were passed with a community vote which concluded on June 7.

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