What is Holo?
This blog post will cover:
- What is Holo?
- Where did Holo come from?
- What are the advantages of Holo?
- What are the disadvantages of Holo?
- How to buy Holo on SimpleSwap?
What is Holo?
Holochain is a decentralized platform that can be used for various purposes. Holo provides a P2P infrastructure that allows to host and manage crypto apps, that can be customized. It is believed that Holo can operate faster than a blockchain system.
Unlike the blockchain, Holochain takes an agent-centric approach. Holochain consists of network agents, it is their job to maintain the source chain with their transactions. Moreover, Holochain uses DHT (distributed hash table) to make every node validate received data as well as data from the source chains. Everything that comes out from this network is an application. These applications create the network.
The other difference from the blockchain is that Holochain does not attempt to make a network consensus. Every agent (user) creates his/her own transaction history. Each user has his/her own hash-chain and digital signature. Everything that the user has to offer is signed. This feature may help to protect users from hackers. This is the way to form an immune system for the chain. Each user now сan see the malicious user and stop all kinds of communication with him.
Blockchain is limited, while it is believed that Holochain has unlimited capacity.
Despite the name, Holochain is not an actual blockchain, but rather a data integrity protocol that gives a “chain” to each participant. At the core of Holochain is the distributed hash table technology (DHT). It gets rid of the idea that there should be a decentralized ledger that all nodes need to be connected to. Instead, nodes are self-sufficient, meaning that they don’t need to be all connected to the network at the same time. This technology was patented by Holo in 2021 at the US Patent and Trademark Office.
Holo (HOT) is the project’s ERC-20 token. It can be used to validate transactions in the network, and it also serves as a means of payment for hosting apps (known as Holo apps, or hApps). Those who decided to hold on to their HOT will be able to exchange them to HoloFuel micro currency at a one-to-one ratio during the swap period. HOT, however, will still be an active token after HoloFuel is released: tokens will be moved to a reserve account and serve as a stability fund for Holochain.
Where did Holo come from?
Holochain was created at the end of 2016 by experienced programmers Arthur Brock and Eric Harris-Braun. Both of them have experience in creating currency systems. Arthur worked at GM, Chrysler & Hughes, where his field of expertise was artificial intelligence.
Eric worked with software and had experience designing cryptocurrency platforms.
They decided to tackle an issue plaguing two most famous blockchain projects, Bitcoin and Ethereum, — the inability to grow fast and provide high transaction speeds. If you want to stay on top of the cryptocurrency market, you need to be able to quickly process multitudes of transactions. The solution Brock and Harris-Braun found laid in replacing global consensus with separate forks. Every fork is looked after by a dedicated agent. Each of these individual nodes logs transactions, decreasing their completion time. Such a network is also easier to scale: just add more nodes that will log more transactions, and the problem is solved.
This reliable basis is created to support distributed applications, as the Holochain marketplace and ecosystem give users who are new to blockchain technologies easy access to applications. These apps are supported by the participants of the Holochain network and give users full control over their privacy and data. Holochain can be a foundation for apps that help govern and collaborate, serve as new social networks, and more.
What are the advantages of Holo?
- Each node only holds a portion of a data node
Unlike the blockchain, where each node has to store a full copy of a whole ledger, in Holochain each user only holds a part. This makes it possible to run lighter applications.
- No data loss if the node goes offline
If the node goes offline, it can result in losing transaction record or transaction failure. So it is important to protect data in case something happens with nodes.
- Go crypto, go green
Blockchains like Bitcoin that use the Proof-of-Work consensus to validate transactions and need mining to complete blocks consume massive amounts of energy, and it started affecting the environment. Holochain doesn’t require Proof-of-Work or Proof-of-Stake consensus for transaction validation, there is no need to mine to create new blocks, and each node in Holochain isn’t required to store the entire history of previous transactions. Taking all these operations out of the equation dramatically reduces the energy costs of running the network.
- User-centered network
There is no need for additional software. Holochain is designed for average users, thus it has to be simple to work with.
- Get income using an infinitely scalable network
Ever wanted to earn by simply hosting? All you need to do to start getting HOT tokens is to host hApps on your computer. The more users are ready to host, the bigger the network becomes and the more capable it is.
What are the disadvantages of Holo?
- Not anonymous
There is an algorithm of authorization. It is impossible to skip it.
- Uncertain future of the HOT token
As mentioned above, HOT holders will be able to swap their tokens to HoloFuel in the future. In addition, HoloFuel will be used to pay to host apps instead of HOT. The project hasn’t given a lot of information regarding the future of HOT, but it seems that HoloFuel might replace it completely.
How to buy Holo on SimpleSwap?
Let’s say you want to buy Holo. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select HOT in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. Holo will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
This is everything you need to know to buy HOT.
Thank you for reading this article! Make sure to check out our materials about other coins and tokens.