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1/ Thread 🧵: How a crypto project (Helium) can be the catalyst for growth in a relatively underdeveloped industry.
One of the most interesting parts of Helium (HNT) is that it has the potential to grow the IoT industry into what it was supposed to be.
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For the past 5 years the IoT has been a space with extremely high expectations from VC funds, but due to a number of reasons new innovations in the industry haven’t quite measured up to the hype. One of the main reasons is the cost of coverage for devices operating on the IoT.
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If the device moves, or is not located directly near a wifi source, then you will likely have to pay for a cellular plan for that device. That’s a huge cost and is the reason why many people won’t buy a product that operates on the IoT.
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(or if you’re an entrepreneur and you realize this, you wont create a product that operates on the IoT). One example that comes to mind are drones that are used to monitor wildlife.
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Since a drone used in that capacity is constantly moving and likely covering a large radius, a user has to factor in the cost of a cell plan/buying data for the device on a monthly basis. That’s hundreds of dollars a year per device.
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With the Helium network (which is still being built out and is already MASSIVE in regards to coverage), mobile/remotely located IoT devices will be able to get coverage at 1/25th the cost of a cellular plan. This will allow for more use cases and innovation in the IoT space.
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Another way to think about it is the success of Uber. It introduced a new business model with a low cost of entry that allowed anyone to be a taxi driver (vs. paying hundred of thousands of dollars for a taxi medallion).
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This resulted in more drivers on the road and thus more coverage in regards to where you were able to call a ride from. This model also brought more competition to the space and as a result the cost of calling for a ride dropped.
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Helium’s model allows for anyone with Wi-Fi to buy a hotspot and then use their existing Wi-Fi to spread coverage for +100x the range of that Wi-Fi for others to use. Helium is passing the cost of building out their network to the customer and rewards them with HNT tokens.
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Just like Uber sparked more innovation in the transportation business, Helium will spark more innovation and growth in the IoT industry.
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P.S. While Helium has already created the largest(and most affordable), IoT network on the planet, they have even bigger plans. The network has already expanded into the 5G space and due to its unique incentive model could successfully be a key player in providing global Wifi.
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I tried to keep this explanation of how HNT can grow IoT network as simple as possible. Keep it simple stupid. Must follows if you want to learn more about the Helium Network @JMFayal @RichhomieconE @fmong @jplat12 @amirhaleem @KyleSamani @TusharJain_ @rawrmaan
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