Mr. Mong said.
So the company tore up its old business model and settled a new one. Instead of building its own network, Helium will decentralize it completely and allow users to build their own by purchasing and connecting their own hotspots. Participants will be paid in crypto tokens, and they will be able to vote on suggested ideas for changes in the network. If the value of those tokens increases, they will make even more money and set even more hot spots.
The new model, which was released in 2019, worked like a charm. Crypto fans started setting up helium hot spots and creating crypto tokens. They traded tips on Reddit and YouTube to increase their range of hotspots, attaching them to tall buildings or placing antennas on their roofs. Some hotspot owners claim to earn thousands of dollars per month in this way, although earnings have declined as more hotspots have been added to the network.
This, I have learned, is one of the superpowers of crypto – the ability to kick-start a project by providing an incentive to enter the ground floor. Not everything can be improved by associating itself with a cryptocurrency mining scheme. But in Helium’s case, crypto made sense as a way to encourage participation and give hotspot owners the satisfaction of creating something they own.
Philadelphia computer programmer Arman Dezfuli-Arjomendi, who hosts podcasts about helium, told me that decentralization of the network is the biggest selling point.
“If this network is built on some central platform, there is always a chance that the platform will be IPO or acquired, and all of a sudden this whole physical infrastructure that was created by the load of people is at the discretion of any company.” He said. .
I can find a lot about helium. Unlike many crypto projects, it is a real product that real people and companies use every day. The people involved are not shameless speculators and most people seem to be really interested in building a decentralized wireless network. (The main rule of Helium’s 140,000-member Discord Chat Server is that you are not allowed to discuss token prices.) And it will become more useful in the coming months, as new types of 5G hotspots make it possible to send data. On a faster network.