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Prominent decentralized network provider for IoT devices, Helium network is witnessing the tremblence resembling the crypto winter. In June, 2022, the network announced the launch of a separate mobile network project. The network was said to be powered by different types of hotspot and its token would be MOBILE.
Such decisions can be seen as efforts from the Helium to come out of critical situations—crypto market downturn. However, critics disagree with this and hold skepticism if the Helium could pull off its ambitious plans.
Helium’s Initiative a Gimmick
International Computer Science Institute of Berkley’s researcher, Nicholas Weaver while criticizing the attempt of Helium Mobile. He opined the effort as yet another attempt of the decentralized network provider to create a distraction under the disguise of creating a decentralized wireless mobile network.
Weaver said that Helium had been trying to shift its model to cellular connectivity citing it for better understanding of people, but it’s more of an effort to continue the scam. He said it’s important for them to keep their dirty game going on.
Stats Prove Situation with Helium Crypto
The concerns of people like Weaver are evident given the significant drop in Helium’s revenue and its native crypto price HNT. The company was performing well initially and it took almost like a boom in the year 2021. At the time, Helium reported to install approx 90,000 hotspot devices every month. Some Helium hotspot power users even reported to generate HNT crypto worth 16,000 USD in revenue.
However, by July this year, several reports alleged Helium of cheating on their users and public about their clients. According to the reports, the company sitting at the valuation of approc 1.2 billion USD was spending only 6,500 USD on its data transfer operations. The rate of device installation also dropped to 15,000 only. And the revenue of hotspot users dropped to 10 USD per month only. Native crypto asset of Helium, HNT dropped by almost 90% from its ATH of 55.22 USD in November last year.
Helium co-founder and CEO, Amir Haleem says the IoT devices technology is still in its early age. To achieve its desired position, Helium would need to install hundreds of millions of Internet of Things devices. This could generate a lot of traffic in comparison to the current number of devices and also bring the company to a much better position.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
