What is Helium (HNT) and what makes it special? - Crypto in Plain English - Episode 210 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it19 Jul 2022

What is Helium (HNT) and what makes it special? - Crypto in Plain English - Episode 210 - by cryptohunt.it

What is Helium (HNT) and what makes it special?

Welcome to the cryptohunt jam where we spend one minute a day explaining crypto. In plain English.

You know that we really love when blockchains actually solve a real problem. Today, let's talk about Helium!

What if, instead of using an expensive cellular plan to connect all of your devices to the internet, you could use a cheaper alternative provided by the community?

That’s the idea behind Helium, a network of everyday folks worldwide who plug Helium-compatible transmitters into their home or business internet.

Whoever wants to use that community internet connection simply needs to have a Helium-compatible device and some Helium tokens, to pay for the data they use.

The hotspot’s host then gets those "HNT" tokens as a reward for transmitting that data. They can sell those on an exchange for cash, or apply them towards their own data usage.

This also incentivizes hosts to put Hotspots where there is no coverage yet: Because if you are the first one in that location, all data goes through you, and you earn more.

That's an example of how blockchains solve a real problem and create useful incentives. And while this will not replace your cell phone provider anytime soon, it is already used in devices like Lime scooters all over the world.

And tomorrow we'll look into a similar project that wants to use blockchains to create an alternative to Google Maps.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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