Helium's Latest Announcement Is the First of Its Kind, But I'm Not Buying Just Yet
Helium (CRYPTO: HNT), a cryptocurrency that aims to leverage blockchain technology to expand wireless internet coverage, is trying to prove that it is truly still "the people's network."
The Helium network is made of hotspots set up by users who earn small rewards in its native cryptocurrency, HNT, for contributing to the network and running a node. To participate, you have to set up a hotspot connected to Wi-Fi, which other peoples' devices can access, expanding internet coverage and capacity.
While all of that sounds great in theory, there have been some mishaps since its founding in 2019 that the blockchain is trying to remedy. Through some investigative journalism by Forbes, it was reported that around half of all the HNT was mined and sent to just 30 wallets within the first three months of the network's launch. Those wallets were owned by friends and family of Helium's creators and were worth as much as $250 million when Helium peaked last year.
Source Fool.com
