Helium v1

Helium (HNT) is a decentralized blockchain-powered network specifically designed for Internet of Things (IoT) devices. It was launched in July 2019, with the mainnet enabling low-powered wireless devices to communicate and transfer data across its network of nodes. These nodes are known as Hotspots, which are a combination of a wireless gateway and a blockchain mining device. Users who operate these nodes can mine and earn rewards in Helium’s native cryptocurrency token, HNT. Helium was created to address the inadequacies in the existing IoT infrastructure, focusing on decentralization and improved communication capabilities​​​​.

Helium is used to improve the communication capabilities of wireless IoT devices. Its network participants purchase or build Hotspots to provide network coverage and mine Helium’s native token, HNT. The network operates on a proof-of-coverage consensus algorithm, allowing nodes to reach consensus even with highly variable connection quality. This makes it particularly suited for IoT applications. In addition to mining rewards, the network uses another token called Data Credits for transaction fees. Data Credits are non-exchangeable and tied to individual users, created by burning HNT. They are used to send data over the Helium Network, with their price fixed in USD. The Helium Network employs a Burn-and-Mint Equilibrium model involving multiple tokens, including HNT and Data Credits, to balance its token economy​​​​.

Helium was co-founded by Amir Haleem, Shawn Fanning, and Sean Carey in 2013. Amir Haleem comes from an eSports and game development background. Shawn Fanning is notably recognized for developing Napster, a pioneering music sharing service and one of the first mainstream peer-to-peer internet services in the late 1990s. Sean Carey had multiple development roles prior to Helium, including at advertising optimization firm Where, which was acquired by PayPal. The team at Helium, now consisting of members with experience in various fields such as radio and hardware, manufacturing, distributed systems, and blockchain technologies, aims to revolutionize decentralized wireless infrastructure​​.