- Helium developers announce a new governance proposal called ” HIP 70.”
- The new governance model will ditch its own blockchain and transition to the Solana network.
- The transition will improve data transfer speeds and network coverage.
The developers of the Helium blockchain network proposed a new governance model on Tuesday. The governance model is tagged as HIP 70.
The Helium Network developers announced the proposal in an attempt to improve the scalability of the network. Helium developers believe that this transition will improve in data transfer reliability.
The proposal was put across by the developers as the Helium Network attracted a notable growth of over 1 million hotspots. This has resulted in a wide array of use cases and increased data usage.
Helium employs a novel consensus mechanism, known as proof-of-coverage, to validate network connectivity. Several issues have popped up recently, including packet delivery issues and congestion on the network.
As per the details released on Github by the team, the new proposal will help to tackle the recurring issues of the Helium Network. Once the proposal passes with flying colors, the network will transition to the Solana blockchain.
There are a variety of advantages to integrating with the Solana ecosystem, including fast and cheap transactions and native governance primitives, but it also brings a whole host of new developers into our ecosystem.
The announcement also mentioned that the transition to the Solana blockchain will provide Helium wallet holders access to various applications, governance mechanisms, and various utilities.
The helium community has reacted favorably to HIP 70 and believes that the incorporation into Solana will be extremely advantageous to developers. The governance voting will happen on September 12 and will end on September 18.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
