HNT Surges 7 Following Helium Foundations Introduction of ENERGY Subnetwork Initiative
Helium (HNT), a blockchain-based network designed for the Internet of Things (IoT), has seen its price rise by 7% in the past 24 hours, reaching $3.74.
This surge in HNT’s price comes at a time when the broader cryptocurrency market is going through a downturn. Currently, Helium has a market capitalization of around $601 million, placing it at the 106th position in the global cryptocurrency rankings by market cap, according to data from CoinMarketCap.
Over the past 24 hours, HNT’s trading volume has increased by 34%, amounting to $12.2 million. During this period, HNT has traded between a low of $3.5 and a high of $3.82.
Founded in July 2019, Helium enables communication among low-powered wireless devices by utilizing its decentralized network. This is achieved through a comprehensive system of nodes that ensure robust data transmission and connectivity across IoT devices.
The recent price surge in HNT follows an announcement from the Helium Foundation on July 3 regarding the initiation of discussions on the newly introduced HIP-128 proposal.
The proposal suggests the establishment of a new subnetwork called ENERGY within the Helium ecosystem. The objective is to incentivize users to participate in the energy market by contributing through solar energy production and battery storage.
Through the ENERGY subnetwork, Helium aims to empower homeowners, allowing them to engage in and benefit from energy markets that have traditionally been controlled by centralized energy companies.
The plan is 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 brings 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, thereby increasing network activity.
Furthermore, an enhanced Data Credit burn could potentially raise the value of HNT.
Helium’s expansion into the renewable energy sector will also broaden its utility and market reach. Additionally, by rewarding users for renewable energy production and storage, the network promotes green energy practices and helps reduce carbon footprints, thus improving overall sustainability.
Discussions on the proposal are currently ongoing and taking place on Helium’s Discord channel.
