Welcome to the Helium FAQ
Helium is currently in the last stage before launch. All major hurdles have been taken and all major coding issues have been resolved. Devs and team are currently ironing out the last wrinkles and are preparing to launch the chain.
There is no definitive launch date yet. It'll be launched when it is ready.
Testnet is live. Join #testnet or #masternodes on Slack if you want to check it out.
The old FAQ was discontinued and can be found here
Last updated: July 31st 18:51 GMT
Join the slack to stay updated.
Anyone is more than welcome to make an account and suggest edits to this page.
The Slack is open for everyone and will undoubtedly attract scammers as well. Be aware of this.
Be careful to not click any phishing links sent through email or direct message. Known scams include fraudulent links to myetherwallet.com, neotracker.io and blockchain.info.
Slack moderators are: @craslovell, @RzeroD, @teela, @kristerv, @rhinomonkey, @richyjames, @cryptosteve, @faetos and @karmashark.
Since Slack doesn't fulfill the current needs of the community we will migrate to Discord soon. Until then it'll have to do. Slack has a 10k message limit so for purpose of transparency and historical record @Rzerod was kind enough to make the entire channel history accessible on: Slark (register for full functionality).
Never click links. Only use bookmarks or type in the URL yourself. Don't be spoofed.
Separate your accounts. Use one email address for exchanges. Use a different one for forums, airdrops etc. Keep your personal email personal. (protonmail is awesome)
Make back ups of everything, and back up your back ups. Hardware wallets rock. Encrypted USBs also do the trick.
A back-up wallet.dat is susceptible to forgotten passwords and Cosmic Death Rays. Best back up the private keys instead.
Turn on 2FA for all important accounts. Back up the codes. Cryptopia's PIN code 2fa is NOT safe. If you click a phishing link with this turned on you will still lose your money. Use Google Authenticator or email 2fa.
Never download wallet files from anywhere other than official sources like the website, github or the OP on Bitcointalk.
No, Steve won't be giving away Helium on Twitter.
- SPR Snapshot: October 10th 2017
- Helium release:
Q4 2017 Q1 2018 Q2 2018Q3 2018
- new Homepage TBA
- Whitepaper (soon to be updated)
- [Community forums] (https://heliumcha.in/)
- Helium News (Mailing list)
- SPR Wallet
- Initial announcement on BitcoinTalk
- Slack archives
It's been well over a year since the first announcement and we've indeed celebrated our 6 month snapshot anniversary some time ago so yes. Why is it taking so long?
The Helium team and community decided against a copy pasted clone of PIVX and instead decided to build our own code, based on PIVX.
This is easier said than done, especially when there is no real funding and the project is relying on volunteer effort. Daily progress is made in #dev however and anyone is welcome to join in.
The end result will be a product that meets industry standards and it will launch when its done.
This being an open source project and all: you are more than welcome to join us in slack to see if there is something you could contribute in getting us there.
Meanwhile: stay tuned.
Read a bit more about why this direction was taken under Code base
Wallets will be released before the network goes live and will be made available through the OP on bitcointalk, the website and github.
Helium will begin trading on Cryptopia as soon as everything is ready and launched.
If you had your SPR on Cryptopia during the snapshot you'll already see them on your balance. If you had your coins on a local wallet during the snapshot you will have to import your spreadcoin private key into the Helium wallet. There'll be a detailed tutorial on how to do that as soon as the wallet is ready.
As a direct consequence of shifting to POS there were some alterations made to total supply and emission rate. While a POW coin can have a limited supply a POS coin, by definition, can't. Because people might have joined the airdrop on the premise of a limited supply the developers are trying to stick as close to the originally proposed supply and emission rate as possible. You can find the proposed numbers here.
Many have asked why we are doing a coin redemption and a economic hard work / technical fork opposed to a straight ICO. This is a fair question and deserves an answer. Helium is not an ordinary project as it has deep ties dating back to DASH and more recently, Spreadcoin. The original plan was to make Spreadcoin into what Helium is going to be, a network of value utilizing both Master nodes and Service nodes. A plan was originally agreed upon to take Spreadcoin in this direction. Over time the lead developer on Spreadcoin brought forth a new vision which was not in alignment with the original plan - thus the economic fork of Spreadcoin and the technical fork of DASH. Since many of the previous members of Spreadcoin have come over to create Helium, we decided to keep as much of the old plan intact instead of starting over after several years of work. To understand the full history of Helium one must first read the Spreadcoin thread on BitcoinTalk.org, however here is a short summary on when and why we went in this direction: https://bitcointalk.org/index.php?topic=1045373.msg18030003#msg18030003
While the original plan was to stick with DASH code for the time being, the circumstances have changed over the last months. The DASH evolution update will be very big and it will not be easy for a 'small' project like Helium to easily implement those changes. Also, there is no reason to assume DASH will meet their target dates. This could mean that if Helium were to stick with DASH it could turn out to be a dead end road in a year from now. Out of several alternatives PIVX was chosen by the community as the most viable option since it doesn't suffer these issues and will allow Helium to implement its vision in the same way that DASH would.
Here is a little explanation from the PIVX website: https://pivx.org/reward-system/ Note that Helium will have its own parameters. Another good place to start is Wikipedia.
For some more in depth information on POS click here. or here
No (apart from a short period of 0 reward mining by the devs to kickstart the chain). Coin emission will take place through staking and masternode rewards. Since POS needs a sufficient % of coin supply actively staking to make sure the network is secure, and coins used as masternode collateral do not stake, it is important to balance the both. Helium will use PIVX' see saw mechanism to make sure a balance is maintained. (read a bit more on how that works here)
This is as endless a discussion as McDonalds/Burger King or Sylvester Stallone/Jean Claude van Damme but an interesting one regardless.
The POS/POW debate has been going on (with varying intensity) ever since Peercoin first implemented POS in 2012. As with most debates in the crypto-space it is mainly fought out by fundamentalists on both sides of the spectrum and as such it is very hard to find an unbiased overview of all arguments.
Without going into detail it is safe to say that on a purely theoretical level POW is probably more 'secure' than POS but this does not tell the whole story. POW coins do suffer from mining economics, hardware monopolies, multipool attacks* or bad code to name a few. These are all externalities that tend to be overlooked when discussing the matter on a purely theoretical level.
Having said that; it is always good to realize the potential weaknesses of ones consensus algorithm so a good start is to read up on some valid criticism from a POW advocate.
It is important to realize that Helium's decision to go with POS wasn't an ideological decision but a practical one.
*A multipool aims to always mine the most profitable coin and switches from coin to coin according to profitability. For smaller coins (and especially ASIC algorithms) this means that at any given time an unholy amount of hashpower can be directed towards their network. Multipools tend to 'slash and burn'. They mine low difficulty blocks and go elsewhere once the difficulty gets to high, leaving the affected coin with high difficulty blocks and no hashrate to solve them.
It probably will be. PIVX seems to be doing pretty well and there are plenty of other POS coins out there that have successfully averted "impending disaster". There is renewed interest in POS as of recently and you can expect all kinds of cool new ways of making POS even more secure to emerge in the near future.
The unfortunate consequence of switching to POS is indeed that your D3 is now even more useless than it was when you bought it. But you probably noticed this yourself already while mining other coins, awaiting HLM's launch.
The consensus of the community, team and devs at the moment is that Helium has a far larger chance of success by forking off PIVX rather than sticking with X11/DASH.
So the questions you should really be asking yourself are: what good are mined coins if they're worth 1 satoshi each and why did I buy an ASIC in the first place.
The above is intentionally rhetorical but in case you have further inquiries please reach out to Bitmain Customer Care at: +86 400 890 8855
Yes, if you look at current ROI on DASH and PIVX masternodes you'll find that the reward percentage is more or less the same. Helium will initially have a higher emission rate than the aforementioned and its implementation of see saw) will make sure that there is a balance between rewards for staking and running a masternode. Expect the percentages to be slightly slanted in favour of masternodes, since these are more costly.
You'll need a VPS to host it on. You can of course host it on your home computer but a VPS is easier, safer and cheaper. As the launch date comes closer the HLM team will release guides on how to set everything up.
Helium masternodes will not be much different from other masternode coins, so if you feel adventurous you can always buy a cheap masternode coin and set up a masternode for that to get familiar with how everything works.
nodeshare.in, node-vps.com , MP hosting, Mano Hosting (KR) and Node Supply will run dedicated hosting services for Helium masternodes. These providers have been community vetted.
ServiceNodes will perform for profit related services. An Uber type model will be created where the network and users rate providers.
The initial focus will be for Service Nodes to run fast relay networks, called Decentralized Digital Services Networks (DSDN). These will enable anyone to run a full Bitcoin node for anyone else, for a fee. Or users can run their own secure Helium Nodes, Bitcoin nodes, Monero nodes, etc. Basically a cloud blockchain provider.
It is undecided at this point, but devs have floated numbers between 5,000 HLM and 10,000 HLM. Devs have also stated that a service node may be priced as a flat rate in fiat, presumably so that the price remains somewhat fixed.
One of the things I want to avoid with Service Node is the barrier to entry on collateral. If we are asking you to buy a franchise, we can't also ask you to spend a lot of money on buying. 1,000 HLM right now it's relatively affordable, but what will happen in a few years time?
You'll be spending your working capital on buying the collateral and leaving you with little money to buy the franchise and then set-up your services.
That would potentially limit the numbers of people wanting to get involved. We do, however, need to have some collateral requirements. Perhaps this is the point at which we say that collateral for service nodes is flexible.
(...)one of my concerns is that we price out people who would otherwise be technically very good at running service nodes
Since the developers are attempting to prune the largest Bittrex wallet from the distribution the above list is not the same as the initial HLM ledger. Everything will be done in a completely transparent fashion however, so anyone can check what was done.
To insure against the remote possibility of a legitimate claim regarding the coins that will be removed from the distribution: there will be an additional 250k coins added to the distribution. These coins will be kept by the treasury and will later be burned/distribution/used for development according to the wishes of the community.
@gj (gjhiggins) did the development on the snapshot and the ledger transfer process. @gj was also kind enough to provide a very detailed and clear explanation of his work:
Accounts on Cryptopia have already been credited with a balance in Helium.
Your balance has been recorded on the block that will be used for the distribution of Helium. As long as you have your private key there is no need to keep the coins in your wallet. You will be able to claim your Helium by importing your SPR keys.
Bittrex was originally approached for facilitating the snapshot but decided not to participate. They have also made it clear that they will not credit their users with the airdropped HLM and will sell the airdropped coins at first opportunity. There is, unfortunately, nothing the team or community can do about this.
A preliminary estimate of the Bittrex wallets puts the amount at ~750k
Ideally not. Through analyzing the SPR blockchain it is possible to identify a large part of Bittrex' SPR addresses. As current community consensus is that Bittrex should not receive airdrop coins the team will remove them from the HLM distribution.
The team will not remove all the addresses associated with Bittrex. Doing so would mean a risk of false positives occurring and people not receiving coins they're entitled to. The address to be removed is SdbyXf2f1xCy5zPQVgELigaZgMusvmJNuE with a balance of 432870 Helium.
Helium never did an ICO and since there is no network and treasury yet the project is broke. Worse than that: costs like the Cryptopia listing were paid out of pocket by the founders and current development and PR is all paid out of pocket or done pro bono.
A small part of the coins will be used to reimburse @KarmaWolf (karmashark) for the Cryptopia listing. Another part will be put toward reimbursing those that paid for development regarding launch. #devpayments in Slack will be used to keep the community up speed as to where the money went.
What will happen to the remainder is still open. It could be burned, distributed to the community, put towards further development or used for another exchange listing. No decision on this has been made yet and whatever will happen rest assured that it will be agreed upon in full transparency and collaboration with the community.
The coins will be held in a 2/3 multisig wallet. @KarmaWolf will hold a key, @rhinomonkey will hold a key and @teela will hold a key.
@KarmaWolf represents the founders and the team. @rhinomonkey was the third person to join the Helium Slack and has a long history within the SPR community. @teela was put forward and voted into office by the people in Slack.
@RzeroD volunteered and was elected as first reserve for the treasury.
Spreadcoin is a pretty fun coin and there are lots of cool things you can do with it. The Helium and Spreadcoin devs decided to part ways and each coin will be headed a different direction. For some more info on where SPR is going check their bitcointalk topic, forums and website.
Helium's team are:
Jason Cassidy — Founder
Richy James — Operations
@jsykes — Operations
Mark — Development
James Gonzalez — Business
Steve Wand — Communications
Chris Lovell — Community Guru
Jon Gonzalez — Business
Roland Alexander — Business
@coins101 — Enterprise
@gj (gjhiggins) is doing a formidable amount of work getting the snapshot up to spec, making sure HLM can launch in the first place and will not leave without a lasting legacy of thought material and possible angles for future development. @richyjames is currently taking care of development on the launch phase with @gj, @faetos and several others.
In the meantime, Helium's most valuable asset is you. Decentralized means a couple of things and one of them is: if you want it, make it and if you make it its yours. So if you have something to add; drop by in #dev or hang around in #general and test the waters.
@coins101 put it like this:
I joined Spreadcoin in Feb 2015, after leaving DASH
just before Feb 2015, I spent several months trying to get the DASH lead dev to add services to DASH
he was focused only on competing with Bitcoin using only Instantx and coin mixing
I really wanted to go after services as Master nodes can do so much more than just coin mixing
I have been working on services for a second layer for a few years now, the first concept was to build accounts, so that people who knew zero about crypto could still use crypto the same way they use an online wallet service like Coinbase or PayPal
After I left, DASH investors liked that idea so much they got Evan to work on it - now called Evolution
We're building on that, but also adding some new dimensions associated with Smart Cities
The lead dev of Spreadcoin isn't a fan of Enterprise applications, so we've decided to part ways and so the work I and others have been doing for over 2 years will be moved into Helium
The million dollar question. Coins101, the co-founder of Helium (Karmashark/KarmaWolf being the other), was very active in Slack until November last year and then, apart from the occasional appearance on bitcointalk, more or less stopped engaging with the community.
As a result a lot has been reshuffled. @KarmaWolf is now leading the project. @richyjames is spearheading development and a fork of Dash was dropped in favour of working with PIVX code.
Why coins made the decision to 'go dark' is the two million dollar question of course and you might have noticed a lot of discussion on this in the Slack (and if you missed it, feel free to check the archives Coins' current involvement appears to be focused on enterprise, letting KarmaWolf run day-to-day operations, and not dealing with community business until he decides to re-engage.
One of the major nice things about a decentralized crypto (or Teal, cheers @gj) project is fortunately that nothing will ever depend on a single person and as such whether coins is indeed working on things outside of the spotlight or not isn't relevant for the success of the project.
For now this means two things: 1. The community will likely be brought up to speed somewhere in the near future and 2. The launch, development and goals of Helium will continue just as planned.
Currently this faq is written and maintained by @kristerv, @teela and you.
Helium Crowdfund Heroes:
@gjhiggins tied with @phire
@xojex and @kyle
Bitcointalk top Ninja:
@rhinomonkey, Wielder of the Swarovski Crested Belly Putter, General der Flakartillerie.
@e1ghtspace, Master of the Purple Robot Unicorn. Stringfellow Hawke
@overbuilt, God Emperor of Dune.
DISCLAIMER: quotes in this faq are verbatim. They were pulled from Slack so interpunction, capitalization and paragraphing might be edited for the sake of readability. Also: this FAQ is community built, supported and maintained. So if you don't like it: go ahead and make your own FAQ with blackjack and hookers.