Will the Solana transition for Helium enhance scalability?
HNT is moving to the Solana blockchain. HNT is the helium token. The reason, according to Helium, is that their network has experienced multiple scaling problems. These problems were with Proof Of Coverage. Problems with data packet transfers, and problems with the purchase of data credits. A few blockchain halts have occurred, and problems have resulted from this.
Why is Solana? The Solana Mobile Stack (SMS) offers a new set of libraries for wallets and apps. It allows developers to create rich mobile experiences on Solana. According to Helium, they claimed they chose Solana due to its capacity to manage high throughput of transactions. Also for quick and affordable transaction fees, and the Solana saga phone.
The current lack of apps and services will play important role in the integration of HNT, MOBILE, and IOT tokens onto Solana. The “HIP 70 vote” is the Helium improvement proposal. It must be voted on in order to succeed. We would argue that this is not a done deal just yet. However, as in the past, what Helium wants passes because each vote is based on how much HNT you have in your wallet. (One validator voting with 10,000 HNT while the other with 100 HNT makes little difference when 100 people vote one way)
By switching from Helium to Solana, the network’s scalability would be greatly enhanced, resulting in significant scale economies. An Increase In Solana’s Efficiency. The processing of POC and data transfers by accounting oracles will be a novel way, which should lessen the complexity needed to run the blockchain. Due to the scalability issues we currently have, miners can take advantage of the current 14 receipts per beacon.
Solana and Helium
They might suffer as a result of this change because staked validators will no longer be required, but they will have two weeks to transition to governance or unstake. Validators’ HNT coins will change to veHNT if they choose governance. Validators have staked 38% of the total HNT at this time.
Helium suggests that for those who have hotspots, we should be able to beacon. Also, we should observe more without being hindered by the pace of the existing blockchain. An additional 6.85% of the incentives. It is estimated at 2 million HNT. It is currently given to validators and would also go to the miners. We are not sure if this is a good or terrible decision just yet; after all, Solana has just been the target of some unfavorable press due to the hack. Regarding its partners or lack thereof and the recent news of the Helium network, Helium has also received its fair share of bad press.
As the project relocates to Solana, developers have also suggested eliminating the Proof-of-Coverage mechanism. This action demonstrates great significance. At least in their current state, the protocols in use on the Helium blockchain are incapable to handle network applications. The creators claim that making the Proof-of-Coverage obsolete would greatly simplify the Helium Network.
The Helium network has received a lot of flak for lacking end-user demand. The criticism came in response to claims that the protocol had garnered $350 million in investment, but that the network was only making $6500 in income from data usage per month. The network has additionally had a four-hour network disruption.
