A lot of blockchain projects are built so far in order to provide decentralization. Holochain is one of the projects, which went a different route. In fact, it aimed to create a distributed network. In simple words, Holo (Hot) project aimed to replace blockchain as a platform for data storage, easy transactions and development of Dapps. As a result, this projects promises less middlemen, more user agency and better efficiency.
Holochain created by Arthure Brock and Eric Harris-Braun. The developer team believe that they developed an enterprise-grade platform, which is totally different from blockchain. In fact, they believe that it has the ability to scale and host Dapps with no limits. Holochain has its own native token called HOT. The HOT tokens sold out during the ICO to people who were interested to invest in this project. Holo is the 70th cryptocurrency in the CoinMarketCap ranking and there are 165,218,400,919 Hot tokens in circulation at the time of writing this article.
What is Holochain?
In simple words, Holochain is the backbone of HOLO project. It is a p2p basis distributed computing network, which can outperform blockchain technology and scale without limit. In fact, it works on a peer-to peer network rather than running through centralized servers. The developers believe that it’s a distributed cloud owned, which runs by its users. For this reason, it’s moving the blockchain to the cloud.
On the Holochain not only there is no limit for the number of users, who providing computing power, but also for the number of Dapps can be hosted.
Holo creates a cloud run by users. In fact, it offers a peer-to-peer web application by using spare computing power of users’ devices. As a result, it eliminates the middlemen.
Holo aimed to be something beyond as just a file hosting. This project aimed distributed crypto apps from small to large all the way up to Facebook scale. Of course it could be a really big goal and requires more contributors to its network in order to become a successful new internet.
What is HOLO (Hot) cryptocurrency?
Holo announced first as an ICO project in March 2018. It released 25 billion of Hot tokens as ERC-20 tokens. After a while this amount increased to 133,214,575,156. They allocated 75% of token for public sale and the remaining 25% held back for the future development. It’s notable that today there are 165,218,400,919 Hot token in circulation.
Users of this network need to buy a HoloPort in order to participate and earn Holo tokens. In fact, they receive HOLO cryptocurrency for their hosting services.
Interestingly, you don’t need to be a developer to become a host on this network. HoloPorts are plug and play with a simple instruction. Everyone could start it by buying and following the instructions. Whenever a distributed apps need hosting, your HoloPort will provide processing power and storage. As a result, you earn Holo tokens in return.
Benefits of Holo (Hot):
1- Every node on Holochain operates on its separate blockchain. It means that all the blockchains functions with cryptographic keys, which are unique to each node.
2- Holochain fix the scalability issue on the blockchain. Every node on this network has to update its record on a public network. It means, that each node has its own blockchain. As a result, when a node goes offline, no data is lost.
3- Holochain uses a Distributed Hash Table (DHT) for data verification on every nodal blockchain. This table is maintaining by the Holochain central chain. In fact, it’s similar to the analogy of the living organisms’ DNA. The hash table stores and verifies data from individual nodal blockchain. This process is similar to the living cell stores data in a DNA.
4- Users receive Holo fuel in return for hosting services. Holo fuel pegged to shared computing power between hosts. It makes the network valuable.
5- The internal accounting system is similar to a balance sheet. Therefore, it allows no minting, mining or burning coins. As a result, the negative and positive balances are always equal. The Holo’s net currency supply also remains zero all the time.
6- The platform has a decentralized p2p architecture. In this platform all the nodes are different from each other. The platform uses Proof-of-Service protocol in order to generate invoices for the services that it offers. In fact, the system plays a role as a bridge between the centralized web and blockchain.