Helium project announces migration to Solana

The Helium decentralised communications project team has proposed a protocol improvement that would involve migrating to the Solana blockchain.

Helium developers have proposed HIP 70, which would move PoC and Data Transfer Account to Oracles. This simplifies Helium’s blockchain needs, improving scalability, speed, and reliability. It also allows for more rewards for miners and a move to Solana. 👀 https://t.co/ZFSWmwYn8f pic.twitter.com/ztnahzGAet

— Helium Foundation🎈 (@HeliumFndn) August 30, 2022

Among other improvements proposed by the developers are the migration to oracles for data-transfer accounting and the confirmation of the Proof-of-Coverage (PoC) consensus algorithm. The solution is intended to reduce the requirements on Helium’s blockchain, improve speed and reliability, and enable the transition to Solana.

“Solana is a first-level blockchain that focuses on scalability and speed. The Solana Proof-of-History consensus algorithm allows transactions to be confirmed in the network lightning-fast without compromising security,” the team said.

With regard to the proposal to forgo developing its own blockchain, the Helium team explained that in recent years it has largely operated in firefighting mode. Over that period, a number of first-level network options emerged that could form the basis for the project.

“Rather than spending time and effort on improving Helium’s blockchain, it has become clear that the community could benefit from the developments and the aggregate resources of a larger ecosystem,” the developers stressed.

After the anticipated migration to Solana, HNT and Data Credits token transfers, as well as identity management, will be conducted.

The use of oracles will save validators’ fees (6.85% of HNT issuance) for the benefit of access-point owners.

“Migration to the scalable and fast Solana blockchain will allow the Helium ecosystem to achieve higher uptime, greater interoperability with other projects, and faster interaction with users while preserving security and low costs,” the developers stated.

Activation of the proposal will take place after it is approved by a community vote.

Earlier in February, Helium raised $200 million at a valuation of $1.2 billion, according to the media.

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