Helium’s native Blockchain was halted as the project transitioned to Solana. Following this development, the HNT price changed its direction to the south. The main purpose behind the migration of Helium to Solana is to increase the stability and scalability of the network and reduce the transaction costs.
Helium Blockchain, discontinued, HNT heading south!
Helium, an Internet of Things (IoT) project, is currently in the process of transitioning from its Blockchain roots to Solana, a Blockchain network known for its speed and scalability. According to the official announcement on April 18, the purpose of this major transition is to increase the stability and scalability of the Helium network. The network is built on a decentralized network of IoT devices that offer connectivity for low-power, long-range wireless devices.
Helium’s ambitious transition to Solana began yesterday at 16:00 UTC and is scheduled to be completed in one day. To ease the transition, Helium’s native Blockchain was paused and a snapshot of the network was taken. Helium tokens (HNT) and MOBILE tokens will then be committed to Solana’s Blockchain, effectively converting Helium’s native tokens into Solana’s native tokens. HNT price was adversely affected by these developments and started to decline. During the day, the altcoin price dropped from $1.90 to $1.70. At press time, HNT was trading at $1.83, down more than 3% on a daily basis.
According to Helium’s official blog post, the move to Solana is expected to bring significant improvements to the Helium Network, including increased speed, lower costs, and greater stability. In addition, the IoT platform plans to leverage the strong developer community and resources available in the Solana Blockchain ecosystem.
The altcoin community reacts
The announcement of Helium’s transition from its native Blockchain to Solana was met with mixed reactions from the crypto community. While some expressed concerns about the stability of the Solana network, others greeted the news with enthusiasm, calling it a “wise move” by one user. Another user said, “Solana is not very stable. Don’t pretend to be…” he tweeted.
cryptocoin.comAs you follow, Solana’s reputation for instability is not unfounded, as it has faced frequent blackouts in the past, and the most recent outage was in November last year. In 2022, the outage became an almost monthly occurrence, sparking widespread criticism of the project. Despite attempts to resolve the issue, Solana continued to face technical issues in 2023, and users had trouble completing mainnet transactions in February.
In September 2022, Helium Improvement Proposal 70 (HIP-70) was put to a vote to determine whether the project should move to Solana. The proposal garnered significant support, with 81.41% of the votes in favor of moving. Of the 7,447 games used, 6,177 supported the move, while 1,270 opposed it.
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