Holo 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.
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.
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.
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.
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.
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.