Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Borderless Capital Closes $10M HNT.Fund for staking and mining in the Helium blockchain

Cryptocurrency Jul 07, 2021 10:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Borderless Capital Closes $10M HNT.Fund for staking and mining in the Helium blockchain

Borderless Capital, the venture firm focused on expanding the Algorand ecosystem, has announced the closure of the $10 million HNT.Fund designed to mine and stake HNT, the native tokens of The People’s Network, an IoT-centric parallel network based on LoRaWAN technology and the Helium blockchain.

Limited Partners who joined the HNT.Fund include Adam Bain, former COO of Twitter; Sandeep Nailwal, Co-founder of Polygon; Woodrow Levin, CEO and Founder of Extend; Alvin Tse, General Manager of Xiaomi (OTC:XIACF) Indonesia; Jawad Ashraf, CTO and Founder of Terra Virtua; Aries Wang, Founder of Bibox exchange; Steven Tannanbaum, Deeb Salem and Joseph Naggar, partners at GoldenTree; CalChip Connect, major distributor of Helium hotspots; and Youbi Capital.

The HNT.Fund will focus on supporting the Helium blockchain by both mining and staking HNT. The network’s mining system is based on Proof-of-Coverage, an algorithm rewarding users who place and operate Hotspots connected to the Helium blockchain, physical LoRaWAN-enabled devices that support The People’s Network. The Hotspots are designed to create a low-power radio-based network that connects IoT devices to the internet, thus supporting the HNT blockchain ecosystem.

HNT Validators engage in block production and confirmation via a Proof of Stake mechanism where users commit HNT. Block production is performed by the Consensus Group, a group of validators chosen in a semi-probabilistic manner after each epoch. The HNT.Fund has committed to launching about 100 Helium validators, seeking to directly support the Helium blockchain Consensus The People’s Network has seen tremendous growth recently, with over 70,000 Hotspots supporting across 90 countries, while the network is getting close to expanding to 5G / CBRS devices later this year.

With Borderless’ core focus on Algorand, one of the primary upcoming initiatives for the HNT.Fund is creating a Wrapped HNT on Algorand, thus opening the token up to financial opportunities on the Algorand smart contract blockchain. With Algorand’s flexibility and high performance, Wrapped HNT will be used in both DeFi and CeFI applications, letting users earn yield or trade them on decentralized exchanges.

“We are connecting very synergic ecosystems. We see the Helium blockchain as the connectivity layer for hardware networks where it is possible to build the next generation of IOT devices and IOT applications and we have an unique opportunity to connect this with the future financial software provided by the Algorand network. Helping to bridge both ecosystems (hardware IOT network and software financial network) will make us to be a step closer to the society of the future and create value for both ecosystems at the same time” said David Garcia, CEO and Managing Partner at Borderless Capital

"We welcome Borderless Capital to the Helium Ecosystem and are glad to have their support on our vision of building global decentralized wireless infrastructure. We appreciate how this initiative can bring together both the Helium and the Algorand ecosystems and create opportunities for collaboration." said Scott Sigel, Head of Operations at The Decentralized Wireless Alliance, the Foundation arm of the Helium blockchain.

About Borderless Capital

Borderless Capital is a modern financial institution investing capital and co-building financial products that accelerate access, bootstrap adoption, and create value globally through the Algorand Borderless Economy. We do not stop with just investment. We also provide guidance and mentorship to grow our portfolio companies into successful and category leading businesses. As a thought leader in blockchain with deep expertise in the Algorand ecosystem, we advise our portfolio companies on go-to-market strategies to effectively build their network effect. In short, we leverage the synergy of our portfolio, partners network, and domain expertise to create value for everyone.

About the Decentralized Wireless Alliance

The Decentralized Wireless Alliance (DeWi) serves as the Foundation arm of the Helium ecosystem. The Helium Blockchain provides both an economic incentive and security mechanism to build peer-to-peer wireless networks that simplify connecting devices to the internet by allowing anyone to become a network operator and be rewarded for providing wireless infrastructure. DeWi provides a governing framework for the Helium Network, drives the Helium Improvement Proposal (HIP) process, hosts monthly community calls, and funds Helium ecosystem development through its grant program.

Continue reading on DailyCoin

Borderless Capital Closes $10M HNT.Fund for staking and mining in the Helium blockchain
 

Related Articles

Cryptoverse: The bonfire of the NFTs
Cryptoverse: The bonfire of the NFTs By Reuters - Jul 05, 2022 1

By Elizabeth Howcroft (Reuters) - The NFT dream isn't dead, but it's taken a big non-fungible beating. The market shone gloriously last year as crypto-rich speculators spent...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email