Helium (HNT), a blockchain-based network designed for the Internet of Things (IoT), has seen a price increase of 7% in the last 24 hours, reaching a trading price of $3.74.
This surge in HNT’s price comes at a time when the cryptocurrency market as a whole is experiencing a downturn. Currently, Helium has a market capitalization of around $601 million, placing it in the 106th position in global cryptocurrency rankings by market cap according to CoinMarketCap.
Over the past 24 hours, HNT’s trading volume has risen by 34%, totaling $12.2 million. During this time, HNT has been traded at a low of $3.5 and a high of $3.82.
Established in July 2019, Helium facilitates communication among low-powered wireless devices through its decentralized network. It accomplishes this by utilizing a comprehensive system of nodes for reliable data transmission and connectivity across IoT devices.
The recent increase in HNT’s price follows an announcement from the Helium Foundation on July 3 regarding the initiation of discussions on the newly introduced HIP-128 proposal.
This proposal from Helium suggests the creation of a new subnetwork called ENERGY within the Helium ecosystem. The aim is to incentivize users to participate in the energy market by contributing through solar energy production and battery storage.
Through the ENERGY subnetwork, Helium plans to empower homeowners by allowing them to participate in and benefit from energy markets, which have traditionally been controlled by centralized energy companies.
The network intends to support the integration and rewarding of Decentralized Energy Resources (DERs), such as solar photovoltaic (PV) systems and batteries. This will enable homeowners to contribute to grid stability and earn rewards through the network.
The new network offers several advantages, including the opportunity for existing Helium Hotspots to earn both IOT and ENERGY rewards. It will also facilitate the transfer of sensor data over the current IOT infrastructure, boosting network activity.
Additionally, the increased burning of Data Credits could potentially raise the value of HNT.
Helium’s expansion into the renewable energy sector will also expand its utility and market reach. Furthermore, by rewarding users for renewable energy production and storage, the network promotes environmentally friendly energy practices and helps reduce carbon footprints, enhancing overall sustainability.
Discussions regarding the proposal are currently ongoing and are taking place on Helium’s Discord channel.