The blockchain platform Helium is contemplating switching to Solana from its own blockchain.
According to HIP 70, submitted by Helium’s core developers, a migration to Solana would enhance Helium’s performance, reliability, and capacity to serve more users.
The proposal said, “Solana provides many advantages to Helium, including but not limited to scalability, community, and composability.” This modification will have far-reaching effects on the Helium network and its users.
According to the plan, Helium would transfer all of its tokens, including HNT, IOT, MOBILE, and DC (Data Credits), as well as their governance and economics, to Solana.
Helium will manage its proof-of-coverage infrastructure and data transfer accounting capabilities using third-party data sources, as opposed to the blockchain or oracles.
In their proposal, Helium’s creators said that there were few layer-1 blockchain platforms when they originally established the network, therefore it made the most sense to construct their own.
Since then, however, the network has expanded, and it makes sense to migrate to an open-source platform such as Solana (which is designed to handle high amounts of transactions).
“There are now a multitude of L1 alternatives for expansion. Instead of spending time and effort on enhancing Helium’s L1, it became apparent that the Helium community could benefit from the innovations and shared resources of the wider industry,” the plan adds.
The plan also proposes a 6.85 percent increase in the proportion of HNT incentive tokens distributed to node operators or miners after the switch to Solana.
The creators anticipate that the re-distribution will push more than 2 million extra HNT to miners during the first two years, or more than $11.1 million at the present pricing.
In addition, the plan states that “The Helium community will acquire a robust ecosystem of hundreds of developers working on products that are only viable on Solana owing to its quick and inexpensive transactions.”
Community voting based on tokens will be performed from September 12 to September 18. The expected migration timetable has not yet been disclosed.
02 Feb 2023
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