Helium Community Approves The HIP 70 Solana Migration Proposal

The majority of the community supported the Helium Improvement Proposal (HIP 70) with almost 6,177 out of 7,447 votes in Favour of the move. 81.41% of voters support the Solana migration.

At the time of publication, Nova Labs’ blockchain-backed wireless network maintains its own decentralized network designed specifically for its wireless protocol. This network operates over 900,000 hotspots that are accessed by people worldwide.

However, scaling the approach seems to have been problematic so far. The Helium Foundation proposed that the network switch to a quicker and more efficient blockchain in an effort to overcome this impediment.

HIP 70 was released in August after the foundation engaged with developers to choose the most scalable network. Solana was selected as the top candidate, and the community was invited to vote on HIP 70.

Notably, Solana is a huge cryptocurrency chain. At press time, Solana’s market capitalization of around $11.45 billion makes it the ninth-largest blockchain and digital asset in crypto.

The network was apparently designed to provide scaling solutions, and rapid, low-cost transactions, and employs the same proof-of-stake mechanism as Ethereum’s most recent consensus update.

Foundation COO Scott Sigel alleviated the community that the transfer to Solana is consistent with the protocol’s goals and intentions to enhance the wireless network.

Sigel stated that scalability is a top focus for the network and that users would have access to a wide array of Solana-native solutions, ranging from decentralized applications (Dapps) to web3 solutions like wallets and markets.

The migration is scheduled for the fourth quarter of 2022, along with the introduction of a new wallet app for network users, according to a statement released on Thursday.

Also Read: Wintermute Warns Hackers To Return Money Or Face Legal Action

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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