After thinking about a critical proposal for nearly ten days, the Helium community has: concluded a milestone vote to approve Helium Improvement Plan 70 or HIP 70.
Take a closer look at the proposal
HIP 70 has been in the pipeline for months and the proposed changes will significantly help the Helium network. The proposal introduced three major changes.
The first is moving proof-of-coverage to Oracles. Second, moving data transfer accounting to Oracles and finally migrating the Helium network along with its tokens, governance and economy to the Solana blockchain.
The team chose to migrate to Solana Blockchain rather than keep their own L1, partly because of Solana’s developer ecosystem, wallet compatibility, applications, Solana Mobile Stack, etc.
Under the proposal, a majority of 2/3 was enough to get the plan underway. Final figures after the vote showed overwhelming support for the proposal, with over 81% in favour.
No corners cut
The developers have stated that in an effort to ease the transition to Solana, the validator cooldown time will be reduced from five to three months.
Developers have also clarified that validators who remain deployed for the first seven days after migration are entitled to a 3x bonus of veHNT (voice escrowed HNT).
In addition to the above measures, the network will ensure that all Helium wallets are seeded with enough of Solana’s native token SOL, to facilitate 100 transactions. This is to make the migration process more efficient.
Helium’s core developers have assured the community that the migration will not change the foundations of the network or its original token HNT.
As for the motivation behind this huge step, the team clarified that the migration will make more HNT available to subDAO reward pools, enable consistent mining of the token, and make the data transfer process more reliable, resulting in a much more efficient functioning of the entire ecosystem.
HIP 70 will also implement earlier proposals such as HIPs 51, 52 and 53 in a better way.
Response from Blockchain executives
Scott Sigel, COO of the Helium Foundation, stated that by moving to Solana, the network will be able to fulfill “an ambitious mission of deploying and managing wireless networks at scale.”
Solana Labs CEO Anatoly Yakovenko said: “The voice of the Helium community to migrate to the Solana network is a great confirmation of Solana as the foundation for the next growth phase of the Helium ecosystem.”
According to data from CoinMarketCap, HNT was trading at $4.57 at the time of writing. Its market cap was $584 million, with $42.7 million trading in the past 24 hours.
Solana, on the other hand, was trade at $32.05 million with a market cap of $11 billion.
This post Deciphering why the Helium community approved the migration to Solana
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