Why move to Solana?
As announced by the Helium Foundation today, the proposal seeks to help improve Helium’s network efficiency.
“HIP 70 is a proposal by the Helium core developer team to improve the operational efficiency of the Helium blockchain significantly. To achieve this goal, the core developer team proposes moving Proof-of-Coverage (“PoC”) and Data Transfer Accounting to Oracles, which simplifies the system architecture and allows for the selection of a more scalable Layer 1 (“L1”) — specifically, Solana,” the Helium Foundation wrote.
According to the Foundation, if the community adopts the migration proposal, the network stands to benefit from “significant economies of scale”, including from the composability of developer tools on Solana, its blockchain features, and decentralised applications.
The migration will also improve Helium’s architecture, removing the bottlenecks caused by unnecessary on-chain transactions via Proof-of-Coverage and Data Transfer Accounting. The developers say moving onto oracles will massively boost packet communications and transaction processing times.
The developers say moving onto oracles will massively boost network reliability, scalability and efficiency. It will also allow greater rewards for miners.
“HIP 70 proposes transferring these processes onto Oracles which will resolve these issues and further stabilise the Network,” the developers said in the blog post.
The Helium community will vote on the proposal from 12 September to 18 September.