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TL;DR
Again in September final 12 months, there was a vote to maneuver from Helium’s personal Layer-1 blockchain, to Solana which was accepted by the neighborhood with 81.4% voting in favor of the transfer.
With a view to migrate from one blockchain to a different, an NFT to symbolize every bodily hotspot node operating on the Helium community was minted, which totaled over 991,000 Solana NFTs.
With a view to mint the NFTs, Helium used Solana’s model new ‘State Compression’ characteristic, being the primary most distinguished massive scale mission to take action.
As compared, it will be $32k on Polygon; $253k on the Solana know-how that’s generally used at this time; and…$33.6M on Ethereum.
Full Story
The place’re our fellow nerds at?? There may be some loopy stuff happening with Helium.
We’ll begin with some simple information and dial up the insanity as this story goes on…
Marketed as ‘The Folks’s Community,’ Helium incentivizes customers to share their wi-fi community with others, rewarding them with Helium’s HNT token in return.
Again in September final 12 months, there was a vote to maneuver from Helium’s personal Layer-1 blockchain, to Solana which was accepted by the neighborhood with 81.4% voting in favor of the transfer.
(Cool – so what?)
With a view to migrate from one blockchain to a different, an NFT to symbolize every bodily hotspot node operating on the Helium community was minted, which totaled over 991,000 Solana NFTs.
(Okay – however how do you mint virtually 1M NFTs with out it costing an arm and a leg?)
With a view to mint the NFTs, Helium used Solana’s model new ‘State Compression’ characteristic, being the primary most distinguished massive scale mission to take action.
In response to Solana, because of this fancy new know-how, creating these 1M NFTs value simply $113.10 in fuel charges (i.e. transaction charges).
As compared, it will be $32k on Polygon; $253k on the Solana know-how that’s generally used at this time; and…$33.6M on Ethereum.
Be at liberty to nerd out in your individual time right here, however suffice to say the financial savings are made by way of an innovation in the way in which knowledge is saved on the Solana blockchain.
Okay, so what are the takeaways?
Migrating from one L-1 blockchain to a different is a big endeavor; and from all experiences thus far, it is gone down with out a hitch. That is nice to see! Optionality breeds competitors, and competitors breeds development.
We’re beginning to see some fascinating initiatives combining blockchain know-how with {hardware} (i.e. Wi-fi nodes that reward customers with HNT; the Solana Smartphone and many others.). May the mixture of {hardware} designed particularly to be powered by blockchain know-how be the subsequent development space for Web3?
We’ll must see how this all shakes out within the coming weeks and months.
For now, we love the innovation.
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