Ultimate magazine theme for WordPress.

Helium relies on migration to Solana

helium Network has announced its official timeline for moving to the Solana blockchain. According to a helium publicationthe network proposes March 27, 2023 as the migration date. The migration will take place over the course of 24 hours and the existing Helium blockchain will be suspended during this time.

Data transfer and proof of coverage activities are not affected on migration day. A chain variable is used by core developers to initiate a chain stop.

After the persistent block, validators will stop producing blocks and chain followers like routers, blockchain nodes, and ETLs will stop synchronizing blocks and transactions. At this point, the network and account states are effectively frozen.

Additionally, transactions on Helium will not sync after the chain is stopped as the validators have stopped creating blocks. A final snapshot of the blockchain is taken and hotspots are issued as non-fungible tokens (NFTs).

According to the team;

Any rewards generated from Proof-of-Coverage activity in the last 24 hours can be claimed in your Helium wallet after the transition period. Oracles will update claimable credits and hotspot owners will be able to use the new claim feature.

The transfer to Solana was made possible by the September 2022 community approval of HIP-70 with over 80% yes votes.

Migrating proof-of-coverage and data transfer processing to oracles eliminates key scaling barriers for each of these core functional areas.

To ensure a seamless migration, a community-led upgrade group will oversee the migration process and have the final say on the migration date.

This group consists of a broad cross-section of technical specialists from the community and various stakeholders who will assess the migration, verify that adequate documentation is available, and voice any concerns before proceeding.

Also read; FTX Japan moves to refund its customers

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers

Comments are closed.

%d bloggers like this: