blockchain Landmark Mobile Oracle

Decoding why Helium community approved migration to Solana

Reading now: 382
ambcrypto.com

After mulling over a critical proposal for almost ten days, the Helium community has concluded a landmark vote to approve Helium Improvement Plan 70 or HIP 70.HIP 70 has been in the pipeline for months and the proposed changes will help the Helium Network in a significant manner.

The proposal entailed three major changes. The first is moving proof-of-coverage to Oracles. Second: Moving Data Transfer Accounting to Oracles and lastly, Migrating the Helium Network along with its tokens, governance, and economics onto the Solana blockchain.The team chose to migrate to Solana Blockchain rather than maintaining their own L1 for reasons including Solana’s ecosystem of developers, wallet compatibility, applications, Solana Mobile Stack, etc.As per the proposal, a majority of 2/3 was enough to set the plan in motion.

Final numbers after the vote concluded revealed that the proposal received overwhelming support with more than 81% in favor.

The developers have stated that in a bid to smoothen the transition to Solana, the validator cooldown time will be brought down from five to three months.

Read more on ambcrypto.com
The website financemag.cash is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
DMCA