Holo (HOT) is a decentralized peer-to-peer platform that is used for hosting applications built via the Holochain, which is a framework used by developers to create decentralized applications which do not utilize blockchain for their operation. According to the Starters of the network, it was created to eliminate the connection between the broader apps and the internet which were built using the Holochain. As a result, this creates an ecosystem and a marketplace whereby decentralized apps are easily accessible due to their hosting on the internet by the participants of the Holo network.
The platform is facilitated via a dedicated token system known as HoloFuel, a platform that is being tested publicly and actively so as to act as an accounting system that will be used to pay hosts for their services. In 2018, an ERC-20 token was minted by the project which is generally known as HoloToken. It was said to be used as an “IOU” which will be redeemable upon the launch of the HoloFuel.
The Holo platform is still currently under development and is expected to hit its alpha and beta testing phases sometime in 2022.
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History of Holo
The history of Holo can be traced back to its inception in 2017. The project was founded by Arthur Brock and Eric Harris-Braun, who recognized the limitations of the current centralized hosting infrastructure and envisioned a decentralized alternative.
In 2018, Holo conducted an Initial Community Offering (ICO) to raise funds for its development. The ICO raised ~$20,649,000, and it allowed Holo to gather the necessary resources to build its vision. Important milestones and developments in the project followed soon after. In 2019, Holo launched its Holochain technology, which serves as the underlying infrastructure for the Holo ecosystem. Holochain is a framework that enables decentralized applications (dApps) to run without the need for traditional blockchain consensus mechanisms, offering a more scalable and efficient alternative.
Since then, Holo has made significant progress. In 2020, the project released HoloPort, a plug-and-play hardware device built for hosting Holochain apps. The HoloPort acts as a personal server, enabling users to host and provide computing power to decentralized applications. In 2022, the project launched the Holochain Developer Education Initiative, committing upwards of $2 million to build and foster an ecosystem of developers.
Who are the Founders of Holo (HOT)?
The Holo network was co-founded by Arthur Brock and Eric Harris-Braun, both of whom are vastly experienced in contract coding. The duo first started working on the project as a portion of the Metacurrency project in 2016, a system that is essentially used as a tool for powering a future peer-to-peer economy. Based on its development, the Holo system was partly modeled after a cooperative peer-to-peer platform for decentralized apps known as Ceptr.
Brock is an experienced developer in the areas of alternative currency systems. As one of the founders of the Geek Gene platform, he aided and facilitated several community-building tools including over 100 alt currency solutions. He is also a co-founder of the emerging social enterprise, Leader Labs, and also open-source education foundations known as Agile Learning Centers. Recently, Brock was tagged as a fellow of the New Zealand-based Edmund Hillary Fellowship.
Harris-Braun on the other hand started programming fully in 1988. He is one of the developers of peer-to-peer communication software and also founded Glass Bead Software. He worked on a couple of projects over the years and in the process, he co-founded the Harris-Braun enterprise in 2003 which is essentially a freelancing software consultation and development firm. In the past, he has also served on the advisory board of the Schumacher Center for New Economics.
How does Holo work?
Holo (HOT) replaces the use of blockchain technology in the creation of decentralized applications. The project aims to establish a marketplace where decentralized applications can be accessed more easily. Holo aims to be a bridge between decentralized applications and users. The Holo network works with servers that provide storage and processing power for decentralized applications built with Holochain.
On the Holochain platform, users who develop decentralized applications can create their own projects. The currency used within the Holochain network is named Holo Fuel. Holo Fuel is used to cover the cost expenses needed for the development and growth of the Holochain network.
The native token of the Holo network is HOT. HOT is built on the Ethereum blockchain and works with the ERC-20 standard.
The total supply of HOT is limited to 177,619,433,541 HOTs.
What are the advantages of Holo (HOT)?
- Each node only holds a portion of a data nodeUnlike 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 offlineIf 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 greenBlockchains 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 networkThere 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 networkEver 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 (HOT)?
- Not anonymousThere is an algorithm of authorization. It is impossible to skip it.
- Uncertain future of the HOT tokenAs 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.
What is Holo (HOT) used for?
The Holo network is used for several purposes but its main driving force is the Hosting of a series of decentralized applications which were built using the Holochain. The Holochain itself is a system used for the development of specific kinds of decentralized applications which do not require the application of Blockchain technology to function.
The Network also has a dedicated cryptocurrency which is called Hot. The token can be used to execute transactions within the network. It can also be traded with other types of cryptocurrency to earn a profit for its holders.
What Is the Unique Point of Holo (HOT)?
According to the Holo network’s green paper, the platform is designed to act as a connector between the cryptocurrency world and the average users of the networks. The document highlights a series of innovations that, according to the platform, will “enable a large shift in the landscape of crypto applications and currencies,” such as the ability to host P2P apps online for mainstream users.
The network requires a collection of hosts that provide powerful processing power, as well as storage space for all decentralized apps built using the Holochain. The hosts have the dual option of either operating a specialized machine such as the Holoport. Or on the other hand, they can install computer software that runs in the background and allocates an increased level of processing power to Dapps built with the Holochain. The hosts on the network are paid in a token that Was specifically designed for micro-transactions known as HotFuel. Based on information from the Holo team, the platform has the capacity to support billions of transactions at the same time.
The business plan of the project was designed in such a way that its entire basis is on building a collection of applications and hosts. The platform is generally powered by the fees being charged on HotFuel transactions. This implies that its revenue is directly connected to the number of hosts and applications supported by the network.
How many Holo (HOT) coins are in circulation?
Right from March 2018, up until April 2018, the Holo network held an initial Community Offering. During the process, a total of 177.6 billion HOT tokens were minted via a demand determined process where 133.2 billion tokens were assigned for public sale and 44.4 billion tokens were kept in reserve for the team and company as a whole.
Upon the launch of the Holo cryptocurrency, HotFuel, Hot tokens could be swapped with HoloFuel tokens on a one-to-one ratio. Later in January 2019, the network stated that instead of burning its tokens after being swapped, they will be reserved and will serve as liquidity for the platform in the long run.
The creators of the HotFuel system have stated that it will have no supply limit, as it operates in a dynamic and incorporative credit system that allows users to have negative balances. The supply of the token will instead be controlled by an algorithm that will be based on the relationship between negative and positive balances on the system. According to the network, this will help provide a level of sanity to Holo prices and keep it stable.
HoloToken Vs. HoloFuel
HoloToken (HOT) is a placeholder and an IOU for HoloFuel. HoloFuel is similar to using ETH as gas on the Ethereum network. HoloFuel and HOT are designed differently and have different purposes. HoloFuel is designed to perform billions of daily micropayments (a.k.a. microtransactions) for hosting services and it works P2P. Meanwhile, HoloToken is an ERC-20 token that is primarily used for trading on crypto exchanges. HoloToken can be exchanged for HoloFuel at a 1:1 ratio.
HOT max supply is 177 billion. HoloFuel has a dynamic supply rather than a fixed supply. This means the HoloFuel supply will fluctuate according to market needs. The cumulative supply of HoloFuel will always be 0, just like credit and debit on a balance sheet.
Main Features of Holo
- Scalability: Holo’s peer-to-peer hosting model allows for horizontal scaling, meaning the network can handle increased demand by simply adding more devices to the network. This approach ensures that the Holo ecosystem can accommodate a growing user base without sacrificing performance.
- Security and Privacy: By decentralizing hosting, Holo reduces the risk of single points of failure and data breaches. Additionally, since each user maintains their own chain of transactions, data privacy is enhanced, as sensitive information is not stored on centralized servers.
- Incentives and Rewards: HoloFuel serves as the currency within the Holo ecosystem. Users who contribute computing resources to host applications are rewarded with HoloFuel, incentivizing participation and creating a self-sustaining ecosystem.
Holo Hosting
Holochain supports its decentralized applications using a distributed hosting system. Holo Hosting requires that users provide computational resources to host dApps on the network. In exchange for supplying the ecosystem with computational power, users can earn HOT tokens as a reward. In effect, HOT acts as the incentive system for the distributed hosting network and enables dApps to run without relying on centralized computer servers.
Is the Holo (HOT) Network secured?
Given that the Holo network was essentially created to provide a connecting bridge between the Holochain and the centralized internet, as such the system does not rely on regular consensus algorithms. This is in opposition to the regular systems used by other new-generation cryptocurrencies such as XRP and Dogecoin. Instead, the platform imputes a design mechanism in each decentralized app based on the Holochain which allows them to set their own validation rules and determine the secure hash chain to use to chromatographically store records.
When data is transmitted on the network across multiple nodes, random peers on the network stand as validators and receive required data in order to verify its validity. The validators on the network share verified data via a gossip protocol, and blacklist bad data.
The Holo system, by design, was created to be at the highest level of decentralization so as to reduce the series of risks associated with a singular entity having all the power. The connections that exist between the Hosts and applications are end-to-end encrypted due to the global distributed network of servers used by the Holo network.
The Future of Holo
Holo (HOT) is a pioneering project that aims to revolutionize peer-to-peer hosting through its decentralized infrastructure powered by Holochain technology. By leveraging the advantages of distributed computing and incentivizing participation, Holo offers a scalable, secure, and energy-efficient alternative to traditional hosting models.
Looking ahead, Holo has ambitious plans for the future of its ecosystem. Having reached its Beta release, the project is currently adding key infrastructure for resilience and security that moves it closer to a full-feature Alpha release.
With its unique features and advantages, Holo opens up new possibilities for dApps. As Holo continues to evolve, it has the potential to disrupt centralized hosting services and empower individuals to take control of their digital experiences.
How do I buy Holo (HOT)?
The advantages provided by the Holo network are next to perfect as its bridge application that eliminates the use of blockchain technology is relatively new to the cryptocurrency world. This has led to an increase in its adoption globally and by extension, its availability on several exchanges. Holo tokens can be bought through the steps below provide the right direction to purchasing its tokens.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy HOT through your trading account.
Holo(HOT) official website: https://holo.host/
Which Cryptocurrency Wallet Supports Holo (HOT)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Holo. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Holo wallet because offers a simple and interactive interface making it easy for people to navigate its system.
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