Why Helium (HNT) Still Predicted As Good Long-Term Investment Despite Price Drop After Announcing Solana Move

1 min read

My suspicions have been confirmed. Now even an expert says what I’ve been thinking out loud since I heard about the Helium Solana migration proposal. It’s not a bad thing for the developers to want to move the project to a better blockchain so that they can focus on providing a better service to their community and users.

There is nothing wrong with saying, ‘Hey, Solana is better at running a blockchain than we are … so, let’s focus on growing and improving upon what we do best.’

Nothing wrong with that, indeed!

Helium Is Great Blockchain Use Case Example

A popular crypto analyst is still bullish on Helium’s (HNT) long-term prospects despite the project’s recent steep correction.

In a new YouTube video, the anonymous host of InvestAnswers tells his 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 native token, HNT, has tumbled by nearly 40% in the past week following the announcement that the core developers of Helium are considering migrating the network to high-performance blockchain Solana (SOL). HNT is trading at $3.82 at the time of writing.

Both Helium And Solana Will Benefit

The InvestAnswers host notes that the market sometimes values layer-one projects more than Web3 apps. He also says he believes the migration could benefit both Helium and Solana.

“Helium is designed around proof-of-coverage, and POC – not proof-of-concept, proof-of-coverage – tries to verify on an ongoing basis that hotspots are honestly representing their location and the wireless network coverage they are creating from that location. Again, like everything with the blockchain, everything with the network, it needs to be trusted and operational when people need it, and hotspots enable people to operate wireless networks for 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’s coming out with their phone and wearable technology as well. And LongFi is perfect for powering this ecosystem, so the synergy could cut both ways as well, and this way Helium can focus on the hotspots and LongFi and let Solana handle the scalability and execution, so this is – for me, as far as I’m concerned – a very exciting use case.”

LongFi is Helium’s peer-to-peer wireless networking protocol.

Originally published here


Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.