Helium IOT (IOT) is the protocol token of the Helium IoT Network, a blockchain-based network that incentivizes the creation of a decentralized wireless network for IoT devices. IOT tokens are mined by LoRaWAN Hotspots through data transfer and Proof of Coverage, and can be redeemed for Helium Network Tokens (HNT). The token is used to pay for network operations and is part of a broader ecosystem aimed at creating a global, open-source IoT network.
The Helium IOT (IOT) token is used primarily within the Helium IoT Network, which is a decentralized, blockchain-based wireless infrastructure project. It leverages the Solana blockchain for its foundation. Here are some key aspects of how IOT is used:
Mining and Rewards: IOT tokens are mined by LoRaWAN Hotspots through both data transfer proceeds and Proof of Coverage. This incentivizes participants to contribute resources and share the benefits of the network.
Governance: IOT is the governance token of the LoRaWAN IoT subnetworks, allowing holders to participate in decision-making processes.
Redemption for HNT: IOT tokens can be redeemed for Helium Network Tokens (HNT), which are the native cryptocurrency of the Helium Network. This redemption is facilitated through the Helium Wallet App or directly on the Solana blockchain.
Use Cases: The Helium IoT Network supports various use cases, including IoT devices, municipal infrastructure, logistics, embedded devices, wearable clothing, pet monitors, and more. These devices and applications utilize the network for data transfer and other purposes.
Data Transfer: IOT tokens are used to facilitate data transfer within the network, which is essential for the various IoT applications and devices connected to the network.
In summary, IOT tokens play a crucial role in maintaining and expanding the Helium IoT Network by incentivizing participation, governing the subnetworks, and facilitating data transfer and other activities within the network.
To store Helium IOT (IOT) tokens securely, it is recommended to use a cold wallet. There are two types of cold wallets:
Paper Wallet: This involves generating a public and private key offline and printing them on a piece of paper. The keys are printed in the form of QR codes, which can be scanned for future transactions. This method is considered secure as the keys are not stored online.
Hardware Cold Wallet: This is a physical device where you can store your cryptocurrency. Your crypto addresses and keys are kept in a USB drive device, and only the person possessing the USB drive can access the assets. Hardware cold wallets are preferred by many users, especially for storing large amounts of coins or tokens.
To buy Helium IOT (IOT) tokens, follow these steps:
Choose a Crypto Wallet: Select a reliable crypto wallet that supports the Solana network, such as Trust Wallet, Coinbase Wallet, or MetaMask. Download the wallet extension on Google Chrome or the wallet app from the iOS App Store or Google Play.
Set up Your Wallet: Create an account, provide personal information, and set a strong password. You will receive a secret recovery phrase or seed words, which you should note down carefully.
Buy a Base Currency: Choose a cryptocurrency exchange platform and buy a base currency like Bitcoin, Ethereum, or Tether. This will be used to trade for IOT.
Transfer Funds to Your Wallet: Withdraw your base currency to your crypto wallet by providing your wallet address and the amount you want to transfer.
Choose a Decentralized Exchange (DEX): Select a DEX that supports your wallet, such as Raydium or Pancake Swap. Ensure the DEX supports the Solana network.
Connect Your Wallet to the DEX: Use your wallet address to connect to the DEX. Then, select IOT from the list and enter the amount you want to trade.
- If IOT Is Not Listed, Find Its Smart Contract: If IOT is not listed on the DEX, find its smart contract address on Solana Explorer and copy it into the DEX to complete the transaction.
By following these steps, you can successfully buy Helium IOT tokens.
