Another project that has recently gained attention is Helium. This decentralized peer-to-peer 5G wireless network made news on August 10 after completing a token sale that collected $111 million from various investors, including Andreessen Horowitz.
A few projects among the more than 11,000 cryptocurrencies listed on exchanges are extreme use cases that can improve the way society runs through the integration of blockchain technology.
HNT Price Increase
Following the fundraising announcement, the data from Cointelegraph Markets Pro and TradingView, the price of HNT increased by 30 percent, from a low of $14.03 to an intraday high of $18.14.
Three factors contribute to the growing strength of the Helium network. An ever-expanding ecosystem of nodes that provide coverage for the web. New companies and partners are utilizing the Helium network to track and store data. Finally, the recent halving of the protocol’s issuance limit.
In response to increased consumer demand, over 50 hotspot manufacturer applications have been submitted via the Helium Improvement Proposal 19 (HIP-19) process. It suggests that the number of hotspots will likely continue to grow soon.
The network’s expansion further develops with the advent of additional hotspots like “Light” hotspot and a data-only hotspot.
One of the most important things about the legitimacy of the Helium network is the network’s growing number of nodes. It reached 100,000 in July.
Another encouraging aspect driving HNT’s recent shift is the growing number of data partners taking advantage of the low-cost network.
Invoxia is a firm that provides GPS trackers for individuals and organizations. It has become the latest to utilize the Helium network for its data management requirements. More companies will use the web as the number of operational nodes grows to provide more comprehensive network coverage for low-cost data tracking at a lower cost.
Salesforce, Conserv, Smart Mimic, and myDevices are just a few firms that use the Helium network to track various data. It ranges from agricultural statistics to temperature readings.
The HNT Network’s Activity Rises
An additional protocol development, the implementation of staking validators, which took place on July 23, has resulted in positive pricing pressure on HNT. A total of 21.32 million HNT — 23 percent of the overall supply — was removed from circulation.
The network is adding partners and expanding its coverage simultaneously. As it reduces the amount of HNT it issues per day by half. As network activity rises, this can increase demand, resulting in further price hikes due to the increased demand.
Further evidence that Helium is a fundamentally sound project with real-world applications and the potential to see significant growth in the short and long term comes from the recent fundraising round. Venture capital giants such as Andreessen Horowitz, Multicoin Capital, and Alameda Research led the fundraising.
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