Helium is a decentralized currency and global payment network. Find out how it works today in our review.
What Is Helium HLM?
Helium, found online at HeliumPay.com, is a digital currency and payment platform that consists of both service nodes and master nodes. The goal of Helium is to create a new digital ecosystem “that increases security for blockchain networks while spurring innovation and commerce,” according to the official website.
Helium’s network is scheduled to launch later in 2018.
How Does Helium Work?
Helium lets users instantly send payments to anyone in the world. It’s a secure and private currency that also functions as a payment protocol.
The Helium mobile wallet promises to offer “unparalleled protection and privacy of all your finances.”
In more straightforward terms, Helium aims to offer payment services similar to PayPal, but without the risk of dealing with a centralized party. It’s like a decentralized version of PayPal that the users control.
The system revolves around Service Nodes and Master Nodes. The Master Node network is a group of computers that help maintain security by bringing a greater level of decentralization to the process. They act as a collective savings account “paying an attractive return on deposited funds.” Users can withdraw their funds at any time.
Service Nodes, on the other hand, offer cloud-like services through the Helium ecosystem. Service providers have an Uber-like rating system. Service providers are rated by the network and its users. One unique thing about Service Nodes is that anyone using the Helium network can run a bitcoin full node in the background just by launching an app on their smartphone.
Technically speaking, Helium forked off the DASH code. That’s why it has a similar Master Node system.
To become a Helium Master Node, you’ll require 1,000 HLM as collateral.
Service Nodes, on the other hand, will run fast relay networks called Decentralized Digital Services Networks, or DSDN. These will enable anyone to run a full bitcoin node for anyone else in exchange for a fee. Users can run their own secure Helium nodes, bitcoin nodes, and Monero nodes, for example.
These full nodes will be linked with an encrypted connection to an SPV running on a smartphone.
Overall, Service Nodes are essential to keeping long-term income flowing into the Helium ecosystem. This income is used to pay Master Node operators.
Helium Tech Specs
Helium’s token comes with the following tech specs:
- Total Coin Supply: 20 million
- Block Release: 7% per year
- Block Reward: 45% to miners, 45% to Master Nodes, 10% to project development funding (users choose the project)
- Algorithm: PoW-only (X11)
- Block Time: 2.5 minutes
- Difficulty Retargeting: Dark Gravity Wave
Who’s Behind Helium?
Helium posted its announcement thread in March 2017. That announcement thread mentioned two project co-founders, including Coins101 and Karmashark (the developers have not released their real names).
Coins101 built a payment company from a $200 startup to a company that was once valued at $80 million. That person later sold the platform to “one of the biggest banks in the world.”
Karmashark, on the other hand, left a successful career at BlackBerry to enter the blockchain industry in 2012. He’s an active and public presence in the space, and he serves as Vice Chairman at the Blockchain Association of Canada.
Together, the two co-founders wanted to use their experience to create a global blockchain-based payment platform.
Helium HLM ICO Conclusion
Helium is a decentralized currency and global payment network that aims to replicate the services of PayPal – but in a decentralized environment. The project is based on a fork of DASH. It uses a Service Node and Master Node system. Service Nodes provide services to the ecosystem in exchange for money, while Master Nodes are paid for running the system.
The project was first announced in March 2017. Today, as of February 2018, the company’s whitepaper and website are relatively brief, although the project appears to still be in active development. The developers aim to launch Helium later in 2018.
To learn more about Helium and to stay up to date on the latest news about the project, visit online today at HeliumPay.com.