Among the many more than 11,000 listed cryptocurrencies exist just a few initiatives that offer a revolutionary use case able to improve the way, in which society operates by the combination of blockchain expertise.
One such project is Helium (HNT), a decentralized peer-to-peer 5G wi-fi network that made headlines on Aug. 10 because of the profitable completion of a token sale that raised $111 million from a number of investors, together with Andreessen Horowitz.
Data from Markets Professional and TradingView shows that HNT value spiked 30% from a low of $14.03 to an intraday high at $18.14 following the fundraising announcement.
Three causes behind the rising power of the Helium community embrace a frequently increasing ecosystem of nodes that present protection for the community, new firms, and companions that make the most of the Helium community to trace and store information and the latest issuance halving that the protocol underwent.
The “People’s Network” hits 100,000 nodes
One of the largest elements boosting the legitimacy of the Helium community is its increasing community of nodes that surpassed 100,000 in July.
Rising demand for hotspots has resulted in more than 50 hotspot producer purposes being submitted by the Helium Improvement Proposal (HIP) 19 process and this alerts that the variety of hotspots may proceed to rise for the foreseeable future.
The network’s growth is further bolstered by the introduction of a new kind of hotspot that embraces a ‘Light’ hotspot and data-only hotspot.
As of August 10, there are 117,377 nodes working on the Helium community with the very best concentrations present in America, Europe, and China.
New data partners join the network
One other bullish issue behind HNT’s latest transfer is the increasing record of information companions utilizing the low-cost network.
The most recent firm to affix the Helium community for its information administration needs is Invoxia, an organization that develops GPS trackers for people and companies.
Some of the different companies that make the most of the Helium network to trace all manner of data from agricultural information to temperature readings include Salesforce, Conserv, Smart Mimic and myDevices.
Because the variety of operational nodes expands to supply wider network coverage for low-cost information monitoring, it’s probably that extra firms will use the community.
A number of elements scale back HNT’s circulating supply
A 3rd development that has put a positive strain on HNT value is the latest halving that lowers the month-to-month issuance of HNT from 5 million to 2.5 million.
Halving the quantity of HNT issued per day comes at a similar time that the network is including partners and expands its coverage. This has the potential effect of increasing demand and leading to the additional price growth as community exercise will increase.
The introduction of staking validators on July 23 is another protocol improvement that has led to constructive price pressure on HNT.
At the time of writing, more than 21.32 million HNT — 23% of the total supply — have been removed from circulation and staked on the network.
The latest fundraising round from venture capital giants like Andreessen Horowitz, Multicoin Capital and Alameda Research, is further proof that Helium is a fundamentally strong mission that has real-world applications and the potential to see additional growth within the quick and long term.
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