Cryptoanalyst Weighs in as Helium (HNT) Falls on Suggestion to Migrate to Solana (SOL)
A popular cryptoanalyst remains bullish on Helium’s (HNT) long-term outlook despite the project’s recent steep correction.
In a new YouTube video, the anonymous host tells InvestAnswers’ 443,000 subscribers that Helium, a decentralized wireless network for the Internet of Things (IoT), is a “picture-perfect use case for blockchain.”
The project’s original token, HNT, has fallen by almost 40% in the past week following the announcement that the core developers of Helium are considering migrating the network to the high-performance blockchain Solana (SOL). HNT is trading at $3.82 at the time of writing.
The InvestAnswers host notes that the market sometimes values tier-one projects more than Web3 apps. He also says that he believes the migration can benefit both Helium and Solana.
“Helium is designed around proof-of-coverage, and POC – not proof-of-concept, proof-of-coverage – tries to continuously verify that hotspots honestly represent their location and the wireless network coverage they create from that location. Again, as everything with the blockchain, everything with the network, it has to be trusted and operational when people need it, and hotspots enable people to serve wireless networks for a very low-power Internet of Things devices… Now the architecture itself lends itself very well to Solana’s network.
The consensus mechanism has elements of proof-of-history not too far from proof-of-coverage, and Solana also comes out with his phone and wearable technology. And LongFi is perfect for powering this ecosystem, so the synergy can cut both ways as well, and this way Helium can focus on hotspots and LongFi and let Solana handle the scalability and the execution, so this is – for me, as far as I I’m concerned – a very exciting use case.”
LongFi is Helium’s peer-to-peer wireless network protocol.
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