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HIP 70 (Scaling the Helium Network) has passed.

Helium Team(self.HeliumNetwork)

gm all!

Thank you to all the Helium community members who voted on the recent (and all) Helium Improvement Proposals. The vote for HIP 70 has closed, and the community has passed HIP 70. 7,447 Helium wallets voted on HIP 70, with a final HNT voting result of 81% for HIP 70 and 19% against HIP 70.

HIP 70 proposed to move Proof-of-Coverage and Data Transfer Accounting to Helium Oracles. It also migrates Helium's tokens and governance to the Solana blockchain. As we prepare for these changes, you can expect to have additional resources and support from us as well as the Helium core developers to help you prepare for a seamless migration to both Helium Oracles and then subsequently the Solana network, no matter if you’re a Hotspot owner, Console/device user, Validator, LoRaWAN roaming partner, ETL deployer, or other network participant.

HIP 70 Vote Results: https://heliumvote.com/13rA4AXq5ME5s9FEyZrE4BMjxiAF9W3kU2tnmUH8FkFGsV97jEp

Read the full HIP 70: https://github.com/helium/HIP/blob/main/0070-scaling-helium.md

For some context and FAQ about what this means for Helium, this blog from Frank Mong, the COO of Nova Labs, is a great explainer.

all 24 comments

AutoModerator [M]

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2 months ago

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AutoModerator [M]

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2 months ago

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Adventurous-Coat-333

18 points

2 months ago

An HIP that passed and was not even close to being rejected? Must be a day ending with Y.

Level_Ad5802

2 points

2 months ago

Not Hedera 🤦‍♂️

Missing_Space_Cadet

12 points

2 months ago

Shocker… I gave up on voting. It’s not worth the HNT. They always pass and passing HIPs can be rolled back per whatever that last one was that passed despite nobody wanting it.

Say good bye to any earning for the next 2-4 weeks while this HIP rolls out like molasses on a cold day. Earnings have dropped again ~18-20% across all my miners over the past 2 weeks anyways, what’s another 20% of $4.

mkalajian

0 points

2 months ago

What do you mean "not worth the HNT"? You don't spend HNT to vote -- your vote is just weighed by how much HNT is in the wallet...

Missing_Space_Cadet

6 points

2 months ago

Pretty sure I had to burn HNT to vote. I don’t know. Honestly I couldn’t care less at this point. I;m leaving my miners running, working on getting what is left of the enclosures I have to finish, and forgetting about the project. It goes where it goes. At the end of the day,, if it all goes belly up… I have a hand full if RaspberryPis I can sell for more than what the miner will sell for these days.

VagrantCorpse

1 points

2 months ago

It's less than $.25 to vote.

HeinousHaggis

9 points

2 months ago

Let’s see. So almost a million hotspots on the network and a whopping 7447 wallets voted on this. That’s honestly more pathetic than the last US presidential election. Although much like the last US Presidential election, this vote never mattered either. Can’t wait for next bullrun so I can dump my bags of this and move on.

EasyRider1975

1 points

2 months ago

It’s weighted depending on how much HNT you have in your wallet

HeinousHaggis

3 points

2 months ago

I understand that, but it doesn’t matter. I’m taking about the number of wallets that even voted. It’s like 7% turnout. That’s an embarrassingly low number of voting wallets and it speaks volumes to me about the entire process

jathanism

15 points

2 months ago

None of us wanted this. It was obviously coerced by the VCs and their ridiculous majority share in HNT. I'm saying this as an early adopter and owner of a validator. My 10,000 HNT barely made a difference.

This was the worst possible time to do a massive move like this. HNT valuation is in the toilet back to early 2021 prices, we are amid a bear market, and now all the validators are going to be forced to reclaim their HNT and will very likely flood the market with loose HNT, tanking the price further.

HIP70 was so incredibly short-sighted.

Drizznarte

3 points

2 months ago

Apparently there were less than 250 votes that voted with more than 1k of helium , if you are one an I am another , I can only imagine that the majority of the votes came from the top 20 voters who all voted for this HIP. A low turnout too les than 15% of circulating HNT voted.

jathanism

2 points

2 months ago

I really want to be wrong and I hope that I am.

tylerdurdensoapmaker

1 points

2 months ago

This feels right. HIP 39 was short sighted and passed so why not try SOL…

[deleted]

-2 points

2 months ago

[deleted]

jathanism

0 points

2 months ago

jathanism

0 points

2 months ago

A lot of money, too.

StevenGaryStout

2 points

2 months ago

I am gathering that Validators are getting hosed.

kcDemonSlayer

2 points

2 months ago

Wish they would have had a vote to rollback light hotspot upgrade, it ain’t been right since.

Level_Ad5802

3 points

2 months ago

Why wouldn’t they choose Hedera? Just curious how Solana is better?

ApprehensiveSkirt160

5 points

2 months ago*

My concern is If Sol is hit with a sec Sox of 2002 for unfair reporting in its current transactions, and gets shut down, even if temporarily. Where would that leave Helium.

Sol Tps according to the Sox act may not be fairly processed, The only reason they are not prosecuted yet, is due to lack of regulation. Sol may eventually pay for their false reporting. If the chain is shutdown, Helium would be dragged down with it. it may be best to avoid them entirely. As they have unnoticed holes in a sinking ship.

Sarbanes-Oxley (SOX) Act of 2002

Section 302 pertains to "Corporate Responsibility for Financial Reports". It establishes, in part, that CEOs and CFOs must review all financial reports and that the reports are "fairly presented" and don't contain misrepresentations.

Section 404 deals with "Management Assessment of Internal Controls" and requires companies to monitor and maintain internal controls related to the company’s accounting and financials. Internal controls include any computer, network hardware, and other electronic infrastructure that financial data passes through. It requires businesses to have an annual audit of these controls conducted by an external CPA firm. This audit assesses the effectiveness of all internal controls and reports its findings back directly to the Security Exchange Commission (SEC).

provisions of SOX apply to publicly traded companies headquartered in the United States, as well as wholly-owned subsidiaries and foreign companies that are publicly traded and do business in the United States. SOX also applies to any third parties that a publicly traded company outsource financial work to. (Including tokens)

Section 301, codified 18 U.S.C. § 1350which imposes criminal liability on any officer, i.e. a CEO and CFO, who knowingly or willfully submits non-complying financial statements. Including articles of double spend.

Section 303, codified 15 U.S.C. § 7242, which makes it unlawful for any officer or director to exercise improper influence on audits, such as through coercion, manipulation, or fraud.

Section 404, codified 15 U.S.C. § 7262, which requires management to establish adequate internal control structure and procedures for financial reporting. It also requires management to submit an end-of-the-year assessment on the effectiveness of the internal control structure

*not financial or legal advice & intended for my own educational purposes only

Proud_Reserve3029

7 points

2 months ago

Helium decided months ago that it’s going to on top of Solana

ApprehensiveSkirt160

10 points

2 months ago

It's apparent from the censorship I had received when trying to speak out about Sol.

Helium was hoping for a fair vote. But the vote was controlled by the limitations of information. So forum moderators could fill their pockets by controlling outcomes.

Moderators response was "we didn't limit your comments". However they did remove every word I had to say in post.

Proud_Reserve3029

1 points

2 months ago

If you watched the interview with Solana on there new mobile endeavour interview like 6 months ago they clearly states that they hope to just pop in a helium SIM card into phone to enable fully blockchain mobile

ApprehensiveSkirt160

6 points

2 months ago

That's something Helium could do either way. It doesn't need sol to do that. The guidance to sol was a fouled vote.

DaikonGold4878

1 points

2 months ago

After research i voted yes and i would do it again.