Helium Soars After Migration to Solana Confirmed – Play, Earn, Build & Connect!
• Helium Network has confirmed its migration to the Solana blockchain in March 2021.
• The move is intended to improve reliability and scalability for the protocol.
• A 24-hour blackout period will take place during the transition, with rewards generated from proof-of-coverage activity available to claim afterwards.
Helium Network Set To Migrate To Solana Blockchain
The Helium Network has announced that it will be migrating to the Solana blockchain in March 2021. This move is intended to improve reliability and scalability for the protocol, allowing it to increase its performance capabilities.
24 Hour Blackout During Migration
A 24 hour blackout period will take place during the transition, with all wallets, hotspots and network state coming off line while data transfer and proof-of-coverage activities remain unaffected. Rewards generated by proof-of-coverage activity in the prior 24 hours will be available to claim afterwards in a user’s Helium wallet.
HOTSPOTS Minted As Non Fungible Tokens (NFTs)
After the 24 hour halt validators will stop producing new blocks, with a final snapshot of the blockchain taken after all accounts and tokens have migrated over to Solana. Hotspots will then be minted as non fungible tokens (NFTs). HNT and MOBILE token holders do not need to do anything further in order to participate in this migration process.
Price Of HNT Token On The Rise
Since news of this planned migration broke out on February 17th, Helium’s HNT token price has been rising steadily at press time trading at $2.87, up 1.45%. Over a two day period following this announcement it had gained around 14% overall demonstrating confidence from investors in this upcoming shift over onto a more reliable platform that can handle increased scalability demands more effectively than before.
Working Group Formed To Oversee Transition Process
A working group of community volunteers is being formed by Helium network in order to oversee the entire migration process which commences on March 27th 2021 at approximately 1500 UTC/10:00 AM ET .