Internet of Things companies want to issue coins, Helium receives USV and Multicoin Capital $15 million in Series C financing
Translator | Wang Ye
Editor | Lu Xiaoming
Produced | Odaily
Translator | Wang YeEditor | Lu XiaomingHeliumProduced | Odaily
As Coindesk reported on June 13,
With the support of two well-known investment institutions in the encryption industry, an Internet of Things (IoT) startup company established in 2013Plans to add cryptocurrency to its business model. The company announced on June 12 that it has received a $15 million Series C investment co-led by Union Square Ventures (USV, Union Square Ventures) and Multicoin Capital.
According to a Helium spokesperson, investors will receive equity in Helium and a portion of tokens generated over the next few years after its blockchain business goes live.
Previous investors in the latest round also include Khosla Ventures, GV (formerly Google Ventures), FirstMark Capital and German reinsurance giant Munich Re.
The new round brings Helium's total funding to nearly $54 million so far.
Helium was founded to create a low-cost data network that IoT devices can access using consumer WiFi as its backend. The company believes that current methods of transferring IoT data are too expensive. By reducing these costs, Helium says its network could challenge traditional communications infrastructure.
Helium CEO and founder Amir Haleem told CoinDesk, "Helium was founded in 2013, and we considered putting the cryptocurrency economy into Helium's data network a few years ago."white paper。 "Decentralized network of devices," which is a new term they invented to describe their product. Helium's network combines physical blockchains, wireless technology, and open source software to create a distributed blockchain platform purpose-built for the Internet of Things.
In May 2018, Helium announced plans to release a "decentralized device network" and released the project
white paper
Helium claims on its website that "the Internet of Things has failed." Their reasoning is that the Internet of Things has not lived up to expectations because of the chaos created by the tangle of various protocols and proprietary technologies.
Helium's "decentralized network of devices" combines physical blockchains, wireless technology, and open source software to create a distributed blockchain platform purpose-built for the Internet of Things.
Helium has also developed a new cryptographic consensus mechanism for this network to provide incentives for the expansion and maintenance of the network. Instead of wasting resources on mining functionality, Helium gateways provide a utility service that extends the network to a specific geographic area, verified by Helium's Proof of Coverage. As a result, gateways are rewarded with tokens for their efforts to contribute validation computing power to the underlying network.
The data transmission mechanism of the Helium network is as follows:
IoT devices will use the WHIP protocol to securely connect to multiple local gateways within transmission range. After joining the network, the device sends encrypted data to all gateways.
