When getting into the world of crypto, there are so many different projects that it can be overwhelming. My first crypto project all began when my friend began hyping up some type of crypto smart network. After giving it a full week of research, I still came to the conclusion that purchasing the equipment I need to help grow the network is a lot more than I can risk. Since the equipment was out of stock, there wasn't a "fear of missing out."
Another week or two later, some time before starting work, I received a notification saying that the equipment was back in stock. I wasn't sure if it was some type of scam or not so I called the same friend who told me about it. He went on to check the notification to determine if it is legitimate. After a few minutes, he said we need to buy in as soon as possible. So I called up a few other friends to see if they wanted in on this. I was surprised to find out that another one of my friends wanted several thousand dollars worth. So I ended up maxing out two credit cards knowing my friend would pay me back for their portion.
By the way, this is the first time I invested into anything.
As I mentioned previously, this project is like a network. Imagine mobile networks like AT&T, Verizon and T-Mobile... They all provide decent coverage, but sometimes depending on where you live, one network provider might give better cell reception than another.
The goal for this crypto smart network is to provide as much coverage as possible all over the world. Before I go further, I want to explain what it means to be a smart network. For a smart network, you are looking at devices like smart dog collars that can send GPS coordinates whenever your dog runs away. Another device that was made for the network is a smart mouse trap. Whenever the trap captures a mouse, it will send out a notification. There are a lot more examples I can share but you get the idea.
Below is a picture of a smart mouse trap.
Now I will explain how this crypto smart network provides coverage. The equipment involves a very small computer and an antenna. Depending on what kind of antenna you purchase and if it is mounted outside or inside, it can provide a lot of coverage.
Most mobile network providers have dedicated cell towers where your phones or other devices connect. The advantage of using this smart network is that it is decentralized. It is decentralized because anybody can purchase this device and set it up outside their house to provide coverage. Decentralization in a network brings in more affordable costs. With more affordable costs, there will be more businesses creating smart devices for the network.
This is cool but why spend money to build the network?
The crypto side of this smart network incentives people to build the network by rewarding them in cryptocurrency. This is accomplished through what is called "Proof of Coverage" or "PoC" for short. With Proof of Coverage, about once a day, each device will send out a beacon signal. This beacon signal can then be witnessed by other devices. Depending on how many devices witness the beacon, it will determine the amount of coins that can be rewarded for both the devices that witnessed and the device that sent out the beacon signal.
This project is called Helium. My friends and I created a Facebook group where we can talk about everything related to the project.
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Hey, this looks like an interesting project! I hope you tell us more about it here on LeoFinance!
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Definitely! Stay tuned.
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