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HNT jumps 7% as Helium Foundation unveils ENERGY subnetwork plan

hnt-jumps-7-as-helium-foundation-unveils-energy-subnetwork-plan
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HNT jumps 7% as Helium Foundation unveils ENERGY subnetwork plan

Helium (HNT), a blockchain-based network designed for the Internet of Things (IoT), has experienced a price surge of 7% in the last 24 hours, now trading at $3.74.

HNT’s latest surge comes at a time when the broader cryptocurrency sector is facing a downturn. Currently, Helium boasts a market capitalization of approximately $601 million, securing the 106th position in global cryptocurrency rankings by market cap as per data by CoinMarketCap.

HNT jumps 7% as Helium Foundation unveils ENERGY subnetwork plan - 1
HNT 24-hour price chart | Source: CoinMarketCap

HNT’s trading volume has soared by 34% over the last 24 hours, totaling $12.2 million. In the same timeframe, HNT has traded between a low of $3.5 and a high of $3.82.

Founded in July 2019, Helium facilitates communication among low-powered wireless devices through its decentralized network. The project does this by leveraging a comprehensive system of nodes for robust data transmission and connectivity across IoT devices.

The latest price surge in HNT follows an announcement from the Helium Foundation on July 3 about the beginning of discussions on the newly introduced HIP-128 proposal.

Helium’s proposal suggests establishing a new subnetwork called ENERGY within the Helium ecosystem. The goal is to incentivize users to engage in the energy market by contributing through solar energy production and battery storage.

Through the ENERGY subnetwork, Helium plans to empower homeowners by allowing them to engage in and benefit from energy markets, which have traditionally been controlled by centralized energy companies.

It intends 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 offers several benefits, including the chance 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, boosting network activity.

Meanwhile, enhanced Data Credit burn could potentially increase the value of HNT.

Helium’s expansion into the renewable energy sector will also broaden its utility and market reach. Furthermore, by rewarding users for renewable energy production and storage, the network promotes green energy practices and helps reduce carbon footprints, improving overall sustainability.

Discussions about the proposal are currently ongoing and taking place on Helium’s Discord channel.