An altcoin that has thousands of node operators in Turkey, especially in the Istanbul region, has been rallying for the last two days. The source of the intense demand was the migration process that will start in the first half of 2023.
A16z-backed altcoin project skyrocketed 32% after news
The related altcoin Helium (HNT) gained over 30% on Wednesday. It surpassed Bitcoin and Ethereum with its gains in the last two days. HNT is trading below $2.0 at the time of writing. At one point on Dec. 22, it climbed as much as $2.4. This momentum, which started on December 21, is now followed by a correction of around 15%. The source of the rally was a new update and the Solana migration scheduled for the first half of 2023.
Why is Helium (HNT) rising?
Helium Network is decentralized P2P 5G wireless network. It raised $111 million in a token sale led by Andreessen Horowitz in August. Thousands of operators from all over the world participate in the Helium network. Especially Istanbul, Izmir and Ankara are crowded in Turkey.
The catalyst for the HNT rally was the announcement that it would switch to the Solana network in the first quarter of 2023. In addition, project management is currently voting HIP 74, the 74th improvement proposal.
According to the official announcement, HIP 74 lays the groundwork for rewarding Helium Mobile Hotspot operators based on coverage and presence (status quo) only. Especially:
- Suggests a framework for counting coverage using res12 hexes;
- Recommends a framework to start including external data sources for calculating coverage, starting with Blocking Data Oracle. We expect this to be the first in a series of HIPs that include zoning and other data sources such as population density, feedback from carrier members of the MOBILE subDAO, Network users and Mappers.
What you need to know about the HIP 74
For a Helium 5G network to be successful, it must meet the reliability and usability standards that its users expect. To achieve this goal, MOBILE Proof of Scope (PoC) rewards have evolved. It now includes radio uptime data and backhaul speed tests to provide better network reliability.
However, in its current state, the MOBILE PoC is limited to rewarding radios that show consistent evidence of life regardless of the coverage provided. HIP 74 is the first step towards rewarding network builders for the quality of coverage they provide. Meanwhile, HIP-74 only affects MOBILE SubDAO, especially Wireless 5G Hotspot Owners and users of MOBILE Network. HIP-74 does not affect IoT Network or IoT Rewards.
cryptocoin.com We have included more details about Helium (HNT) in this article.
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