What is MNT coin

The MNT coin in the Helium Network plays a crucial role in incentivizing users to provide wireless coverage and verify its reliability, ensuring network stability and offering rewards for participation.

Nov 25, 2024 at 12:08 am

What is MNT Coin?

Launched in 2019, the Helium Network is a decentralized wireless network that provides low-power wide-area (LPWA) connectivity for Internet of Things (IoT) devices. The Helium Network is powered by a native cryptocurrency called HNT, which is used to incentivize users to provide wireless coverage and validate transactions on the network. In addition to HNT, the Helium Network also uses a second cryptocurrency called MNT (Mobile Notary Token). The MNT coin is designed to reward users who check the reliability of the network's coverage.

Key Features of MNT Coin

• Proof-of-Coverage: The Helium Network uses a Proof-of-Coverage (PoC) consensus mechanism to verify that Hotspots are providing wireless coverage. Hotspots are nodes on the Helium Network that provide wireless coverage and validate transactions. When a Hotspot provides coverage, it earns HNT rewards. To verify the coverage provided by Hotspots, the Helium Network uses MNT coins.
• Rewards for Packet Transfers: When a device sends data packets over the Helium Network, a small fee is paid to the Hotspots that provide coverage. The rewards are paid out in HNT and MNT.
• Slashing: If a Hotspot is found to be providing false or inaccurate coverage data, it can be slashed. Slashing involves removing HNT and MNT rewards from the Hotspot and redistributing them to other Hotspots on the network.

How to Earn MNT Coins

There are two main ways to earn MNT coins:

1) Provide Wireless Coverage: You can earn MNT coins by providing wireless coverage with a Hotspot. To do this, you need to purchase a Hotspot and connect it to the Helium Network. Once your Hotspot is connected, it will start providing coverage and earning HNT and MNT rewards.

2) Validate Coverage: You can also earn MNT coins by validating the coverage provided by other Hotspots. To do this, you need to run a Helium Network validator. A validator is a node on the Helium Network that checks the coverage data provided by Hotspots. If a validator finds that a Hotspot is providing false or inaccurate coverage data, it can report the Hotspot to the network. If the report is valid, the Hotspot will be slashed and its HNT and MNT rewards will be redistributed to other Hotspots on the network.

Benefits of Holding MNT Coins

There are several benefits to holding MNT coins, including:

• Earning Rewards: You can earn MNT coins by providing wireless coverage or validating the coverage of other Hotspots.
  -Network Stability: By validating the coverage of other Hotspots, you can help to ensure the stability and reliability of the Helium Network.
• Voting Rights: MNT coin holders have the right to vote on proposed changes to the Helium Network. This gives you a say in the future development of the network.
• Scarcity: There is a limited supply of MNT coins, which means that the value of MNT coins could potentially increase in the future.

Conclusion

MNT coin is an important part of the Helium Network. It is used to reward users who provide wireless coverage and validate the coverage of other Hotspots. By holding MNT coins, you can earn rewards, contribute to the stability of the network, and have a say in its future development.