The Impressive Surge of Helium Network’s HNT Token and Its Impact on IoT

The Rising Success of Helium Network’s HNT Token

In recent weeks, Helium Network’s HNT token has experienced an impressive rally, significantly outpacing many other cryptocurrencies. This surge is primarily attributed to the increasing adoption of Helium Mobile, a wireless phone service built on the Helium Network. Over the past seven days, HNT’s price has skyrocketed by more than 40%, reaching $5. This remarkable performance places it as the second-largest gainer among the top 100 cryptocurrencies by market capitalization, trailing only the meme coin dogwifhat (WIF), according to data from Coingecko.

In comparison, Bitcoin (BTC), the largest cryptocurrency by market capitalization, saw a more modest rise of 7%, a trend mirrored by the CoinDesk 20 (CD20) Index, which reflects broader market movements.

Understanding Helium Network

Helium Network is a decentralized blockchain framework designed specifically for the Internet of Things (IoT). It facilitates seamless communication and data sharing among devices through a network of small devices known as hotspots. These hotspots act as wireless gateways, rewarding their owners with HNT tokens for providing network coverage and verifying connectivity.

The Role of Helium Mobile

Helium Mobile leverages the Helium Network by connecting to these hotspots, enabling users to share data, communicate, and track their devices without depending on traditional cellular networks or Wi-Fi. This innovative approach has allowed the Helium Mobile subscriber base to skyrocket, with the number of users surpassing 100,000 early this month—a staggering increase of over 300 times in just one year, according to Helium Mobile’s internal data.

Recent Developments and Future Prospects

On July 12, Helium Mobile released a roadmap progress report that highlighted several key developments, including a pilot program in collaboration with major U.S. telecommunications companies to facilitate data transfer to the Helium Network. Additionally, the report introduced a licensing program aimed at enhancing compatibility with third-party hardware manufacturers. This will also include OpenRoaming compatibility, which will diversify data transfer options for hotspot owners, allowing Helium users and subscribers from any service provider that supports OpenRoaming to connect seamlessly.

Expert Insights

Tom Shaughnessy Jr., founder of Delphi Ventures, shared his thoughts on Helium’s potential, emphasizing its role in addressing real-world challenges through blockchain technology. He noted, “Their 5G offers better consumer pricing to retail since reselling home internet provides a cheaper per mobile price compared to a mobile plan directly with a carrier.” He elaborated, stating that a typical home internet service costs between $50-$100 per month, which can be resold to multiple users at a lower rate (e.g., $20/month Helium plans), as opposed to each individual paying for their own mobile plan at a higher cost. The achievement of reaching 100,000 subscribers and counting is indeed remarkable.