THE DAILY ENCRYPT

September 25, 2022

Helium Community Vote in Favour of Moving to Solana’s Blockchain

Voter turnout was overwhelming in favor of moving Helium's native network from Solana. 80% of voters voted in favour on Thursday morning....
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Voter turnout was overwhelming in favor of moving Helium’s native network from Solana. 80% of voters voted in favour on Thursday morning.

Helium community members voted to move the decentralized WiFi network, previously known as HIP 70 to the Solana Blockchain.

Voting for the HIP 70 proposal was completed early Thursday morning. 81% voted in favor of migration in the early hours of the Asian hour. To vote on the on-chain, participants staked Helium tokens (HNT). To pass a vote to move the network, a majority of two-thirds was required.

More than 70% of the helium community voted for the move to Solana

The move was supported by 6,177 members of the community who staked more than 12 million HNT. Only 1,270 people voted against it.

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The migration to Solana was proposed by Helium developers to scale the protocol via more efficient transactions and interoperable. All tokens, governance and applications will be transferred to the network.

Scott Sigel, the COO of Helium Foundation stated that Solana has a track record of powering important decentralized initiatives around the globe. Moving to Solana Blockchain allows us to concentrate our efforts on scaling and not managing the blockchain.

Tokens will be offered on the Solana Network

HNT, MOBILE, and IOT will be issued on the Solana Network. These tokens will remain the Helium ecosystem’s tokens. A new version of the Helium Wallet App is available once the migration is completed. The history of the Helium L1 blockchain will also remain public. The new application will be available to users by updating their wallet app. Holders of HNT can also access other wallets in the Solana ecosystem such as Phantom and Solflare.

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Despite overwhelming support for migration, not all have voted in favor of the network’s decision to move to Solana. Borderless Capital, an Algorand-focused VC backed by Helium took to Twitter last week to ask the network to reconsider its decision to move to Solana and instead choose to go to Algorand.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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