For $5 a month, crypto is now covered for your cell plan

For $5 a month, crypto is now covered for your cell plan

  • The partnership allows Helium subscribers to use a combination of Helium and T-Mobile’s 5G networks while earning crypto rewards
  • Helium needs to increase the number of 5G touch points from 5,000 to 50,000 to meet T-Mobile’s goals

Decentralized wireless service provider Helium has struck a deal to connect its booming 5G network with T-Mobile’s cellular coverage.

The partnership is set to spawn what the companies have dubbed Helium Mobile, a subscription service starting at just $5 a month that runs Helium’s decentralized network alongside T-Mobile’s more established 5G network.

The idea is to reward customers with Solana’s original MOBILE tokens in exchange for sharing their data on the quality of Helium coverage. The initiative is scheduled to be launched in the first quarter of 2023.

Helium was rebranded as a crypto company in 2019 amid much fanfare, raising a $111 million project round led by Andreessen Horowitz.

Cryptocurrency startup works by relying on users Deployment of cryptocurrency mining hardware As nodes – which act as wireless hotspots – for rewards denominated in the original HNT token of helium. The company hopes to carve out a niche in the heavy-duty telecommunications industry by partnering with well-established companies such as T-Mobile.

Decentralizing Internet coverage has proven difficult for Helium. After its price hike in 2021 following a partnership with DISH Network, Helium’s HNT token has been dropping steadily throughout the year, hovering around 4 bucks After falling from its November high of $52.71.

When HNT crashed, it became difficult to profitably mine the token, which raised eyebrows when it came to the end result of helium. Helium also faced a backlash afterwards July at Mashable Report That wireless service provider listed Lime and Salesforce as partners on its website despite having weak, at best, relationships with both tech companies.

The network’s surprise vote to move away from its first layer to the Solana blockchain did little to ease investor fears.

Treatment in the eyes of helium? The monetization of cellular data, which the telecom giants own, but has not tried to make revenue through blockchain technology.

Helium initially used its own hotspots for small packets of Internet of Things (IoT) coverage — but it was Working on 5G network since 2021focusing on “small cell” hotspots that fill in the gaps in broadband coverage such as that of T-Mobile.

“99% of the data comes from streaming protocols like cellular, 5G LTE, and Wi-Fi. Very, very little actually comes from the Internet of Things,” Helium Mobile general manager, Boris Rinsky, told Blockworks.

Renski added: “[Helium’s token] The value is related to the amount of data on the network, so by adopting Helium 5G which is a protocol that has orders of magnitude larger than the data on the network [than IoT], we expect that this will positively benefit the entire helium ecosystem. “

Amir Halim teaser As for the partnership with T-Mobile, HNT sent up more than 10%. And there’s a consequence for cellular providers, too: Helium says its network isn’t designed to compete with their established coverage areas and pricing models.

We’re not saying, ‘Hey, we’re launching Helium Mobile. Bye, Verizon. Goodbye, AT&T said Rinsky. “This hybrid network where you have a macro network and a network of people working together can bring superior economics and a good experience to the end users.”

The main challenge in starting a telecom company – and one focused on crypto – is to build a vast network while the revenue is still meager. Helium network currently has less than 5000 5G hotspots. T-Mobile said It needs approximately 50,000 small cellular transmitters to complete its 5G infrastructure.

A T-Mobile spokesperson declined to comment.


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  • Jack Kupenick

    blockworks

    Editorial Trainee

    Jack Kopenk is an intern with the Blockworks Editorial Team. He is a rising student at Cornell University where he has written for the Daily Sun and serves as the editor-in-chief of Cornell Claritas. contact jack on [email protected]


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