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From the Helium home page: > Using a Burn-and-Mint Equilibrium token model, The People’s Network utilizes two units of exchange: HNT and Data Credits. Here's
by yuan43 4y ago
From the Helium home page:
> Using a Burn-and-Mint Equilibrium token model, The People’s Network utilizes two units of exchange: HNT and Data Credits.
Here's a simple heuristic to separate "crypto" wheat from chaff: is a "utility token" involved? If yes, you are probably looking at a scam. If not, scam is less likely.
Here Helium gives off a strong aroma of eau-du-scam in that not just one but two tokens are involved.
Wait, there's more. A few hops through the home page leads to a GitHub repo with the following:
> In order to join the blockchain, every hotspot requires an onboarding code. This code is validated by a staking server and used to onboard a hotspot and pay the $40 staking fee. Currently, these codes are exclusively issued by Helium Inc and validated by their staking server at <staking.helium.foundation>.
https://github.com/helium/HIP/blob/main/0019-third-party-manufacturers.md https://github.com/helium/HIP/blob/main/0019-third-party-man...
So not only are there tokens, but there's a non-refundable fee to get going.
Maybe it's possible to run one of these projects without it turning into a MLM scam. But given enough time, even the ones with the best intentions seem to arrive at that destination.
- joewadcan 4y agoI think you're misreading. HNT was the original token and was a new chain. Data credits are just how the outside world burns those credits at a fixed price, so that they don't need to know about crypto. Not a token. And Nova Labs doesn't get any of that onboarding money. That is burned by the network.