Helium Network aims to create a public decentralised network of hotspot providers around the world. To achieve this feat, Hotspot providers are rewarded with HNT token, the native cryptocurrency for the Helium blockchain. The hotspots covers low-power, wide area networking (LoRaWAN) devices which are common IoT devices around us such as sensors. Heliums LoRaWAN network distinguishes their service from other LoRaWAN Networks by creating public wireless infrastructures that are compatible with privately-run network servers. Mining HNT requires only installing LoRaWAN-compatible hotspots devices. To verify the devices, miners are required to provide Proof-of-Coverage in which miners have to prove that the Hotspots are located where they claimed it to be. This can be done by transmitting signals which can be detected by other nearby hotspots. For devices that want to use Helium Network, the devices will be required to obtain Data Credits (DC), which will be burned together with an equal amount of HNT when they use the Helium Network. DCs are pegged to the US dollar at $1 for 100,000 DCs. Therefore, for each 100,000 DCs burned, an equivalent of $1 HNT will be burned.

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Andreessen Horowitz, Khosla Ventures, Multicoin Capital, Alameda Research, Ribbit Capital, 10T Holdings, Karnika Yashwant, Digital Garage, Munich Re Ventures.