Takeaways
- Helium Tokens will now be compatible with other cryptocurrency applications
- Over 6,000 members of the community voted for migration while only 1,000 people voted against it
The token holders of decentralized wireless provider Helium voted formally to switch from their own Layer-1 Blockchain to the Solana Protocol.
A majority vote by the community of 81.41% ratified on Wednesday the Helium Improvement Proposal 70 (HIP70) to develop the network in order to satisfy user demand. To participate in the voting, participants had to stake their Helium tokens (HNT).
In the final result, 6,177 of those who voted voted for migration with a stake of 12 million HNT (about 57 million dollars), and 1,270 members voted against.
Helium Foundation stated that the switch would allow HNT become more compatible to other projects and applications such as decentralized finance, non-fungible coins and Web3 applications.
“Solana has a proven track record powering some of the world’s most important decentralized initiatives and they were an obvious choice for us to partner with,” Helium Foundation CEO Scott Sigel stated in a press release.
“Moving to the Solana blockchain allows us to focus our efforts on scaling the network as opposed to managing the blockchain itself.”
Helium’s core developers team, known as HIP 70 (the Helium Core Developer Team), made this proposal on August 31. It was claimed that the change would improve efficiency. “bring significant economies of scale through the vast range of composable Solana developer tools, features, and applications.”
Helium is still working to develop revenue streams in the wake of Solana’s migration
Helium’s potential revenue had been a source of debate in the weeks before the proposal. Investors defended Helium, stating that it had just begun building its infrastructure. Revenue would follow later.
HNT is one of the native tokens of this project. It has fallen 90% since its peak in November last year, when crypto-prices peaked.
As a result, the impending Helium migration will see all existing ecosystem tokens such as HNT, MOBILE, and IOT issued soon on Solana.
A new version of Helium Wallet App is available once migration is complete, according to the network. A public history will be made available.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
