Cryptocurrency: Expert on how financial system is being ‘remade’
Make the most of your money by signing up to our newsletter for FREE now
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Helium promises to disrupt current broadband technology and build a new decentralised network to run the internet. They claim providers of the network are incentivised because the internet hotspots they set up automatically ‘mine’ the Helium cryptocurrency. The Helium (HNT) cryptocurrency began the year with a low of $0.40 but has rocketed nearly 20 percent in the last 24 hours.
The current price of the so-called “People’s Network” is now hovering at around $14.
Former advisor to the Prime Minister, Dominic Cummings, noted the new cryptocurrency project.
Earlier this month Mr Cummings tweeted: “Consider how UK political parties are decades behind understanding how to use TV.
“No chance at all they’ll have a clue regarding things like Helium, a radically decentralised crypto network.
Dominic Cummings has backed the Helium cryptocurrency (Image: GETTY)
A Bitcoin ATM (Image: GETTY)
“This stuff will grow very fast outside regulation then suddenly shock SW1 as Facebook did.”
The network, which currently has 100,000 hotspot devices running across the globe, sees long-range wireless internet devices distributed to people’s homes, with the company claiming that a vast network will then be created that is “built and owned by you”.
Each hotspot that provides internet connectivity also mines HNT, the Helium cryptocurrency.
The company claims this is the compensation that Helium internet providers receive for operating the devices from their own homes.
Crypto news: EU plans restrictive cryptocurrency red-tape – INSIGHT
Britcoin POLL: Sunak planning digital currency – do you agree? – POLL
Cryptocurrency LIVE: Number of investors triple since 2018 – LIVE BLOG
Bitcoin has also soared in value today (Image: GETTY)
World-wide crypto ATMs (Image: Express)
The Helium network is designed to support devices of ‘the Internet of Things’ and “remains a pioneering force in the market”, according to cryptocurrency researcher at Securities.io, David Hamilton.
Mr Hamilton added that Helium’s indigenous cryptocurrency (HNT) “has a maximum supply of 223,000,000 tokens”, this finite supply makes it even more valuable.
Helium call this new network of internet hotspots, “the People’s Network”.
These hotspots then emit a low bandwidth internet connection with a range of many miles.
The company claim this combination of all the Helium devices will create a network that is powerful enough to run ‘the internet of things’.