The blockchain-based internet provider Helium (HNT) has attracted considerable attention in recent months. During its latest funding round, Helium raised $200 million and was valued at more than $1 billion. Back in previous rounds of funding, GV, the venture capital arm of Google, invested in Helium. Now, other prominent venture capital firms have joined the effort. The new round of fundraising raised four times more money than all prior rounds combined. Investors would do well to be looking for companies with this kind of growth.
Helium Network: The IoT Unicorn
As the internet of things (IoT) becomes more prevalent, the company’s resourceful and creative business model enables it to meet the growing demand for dependable 5G internet. High-bandwidth 5G is required for state-of-the-art technologies like new cars, smart home appliances, and other advanced technologies.
The technology and service it provides is best described by Helium themselves:
Hotspots provide miles of wireless network coverage for millions of devices around you using Helium LongFi, and you are rewarded in HNT for doing this. And because of an innovative proof-of-work model (we call it “Proof-of-Coverage”), your Hotspot only uses 5W of energy.
Bullish Sentiments Among IoT Leaders
Statistics show that the Helium network is growing at an exponential rate since launching in 2019. As of today, there are more than half a million hotspots in 47,000 cities across 163 countries. Anyone can view hotspots around the world by using the Helium Explorer on Helium’s website.
Just for these reasons, many larger names in the industry have started to take notice. Current customers of Helium include Volvo, Cisco, and Schneider Electric. By using Helium’s IoT network, these companies can connect their products to the internet in a cost-effective manner.
Some of the most significant milestones occurred in 2021. Last October, Helium landed one of its largest deals when agreeing to partner with Dish Network to provide 5G for customers. The City of San Jose agreed to a similar partnership to provide low income citizens with internet.
Helium Provides Real World Utility
Helium has proven that their blockchain technology is a viable solution to satisfy the growing demand of 5G infrastructure. With additional money and more support, Helium is positioned as the blockchain of choice to support the Internet of Things.
Unlike some cryptocurrencies today, Helium provides real world utility. How many blockchains can say their technology is being used by local governments? Helium can. It is clear that the company has what it takes to revolutionize a burgeoning sector.
Promising Tech For Long Term Investment
The entire cryptocurrency market has been in a downtrend for more than five months. HNT is no different and has retreated more than 50% from its all time high in November. Movements in price should be evaluated but not scrutinized. It was only a matter of time that HNT would retrace at least a little after ascending more than 3900% in just 2021.
Investors should take the above into account but maintain focus on the big picture. Helium has supported major players in a broad range of industries. They offer a unique solution to a widespread problem. In the future more devices will need an extensive, reliable internet connection and Helium provides just that.