Helium (HNT) is a decentralized blockchain-powered network designed for Internet of Things (IoT) devices. It aims to provide low-power, extensive-range connectivity for various applications, including smart cities and asset tracking.
Helium operates by deploying hotspots that create a global wireless network, providing coverage for low-power IoT devices. These hotspots utilize a consensus mechanism called "Proof-of-Coverage" to validate network transactions and secure the network, earning Helium tokens in the process.
Helium has a wide range of potential use cases, particularly in the IoT sector:
Helium was founded in 2013 by Amir Haleem, Sean Carey, and Shawn Fanning. Initially, it focused on creating a peer-to-peer wireless network. The company later shifted to a cryptocurrency-based model, launching the Helium Network Token (HNT) in 2017, with the network going live in 2019. Significant milestones include partnerships and expansions such as the integration with 5G networks and rebranding to Nova Labs Inc. in 2022.