Holo is a digital token built around a new platform technology known as Holochain. The existing platform that runs on Blockchain technology suffers from a massive scalability issue.
In short, what this means is that the Blockchain platform cannot handle the rapid growth of users and the number of cryptocurrency transactions that result from it. This in turn makes the platform inefficient and also consumes a lot of energy.
Holochain aims to solve all these problems by providing a decentralized currency platform that allows users peer-to-peer networking for sharing or transferring Holo Cryptocurrency.
The holo currency is called Holo token or HOT. The Holo token functions differently from how a normal cryptocurrency works: the amount of Fuel is directly proportional to the number of engagements (between users) in the platform community.
Holo isn’t your typical cryptocurrency system. You can think of it as a digital bartering system. The whole concept of barter system revolves around the idea of exchanging goods of equal value.
Holo token (HOT) works on the principle of hosting or sharing data between different users.
Holo was created as a part of a larger project called the Metacurrency Project. The founding members of Holo were Eric Harris-Braun and Arthur Brock, both software developers. They initially developed software companies that were capable of executing their work in a unique and safe non-hierarchical manner.
Over time, some patterns started to surface in the way the users interact with each other. It became clear that users depended on much more than just money when it came to purchasing a particular product/ goods.
You can take a simple example such as purchasing a product from Amazon. You depend heavily on the product reviews in order to decide whether you want to purchase it or not. The same goes for any kind of purchase that you make online.
The non-monetary currencies (user reviews) seemed to play a more vital role in determining the product’s reputation and performance.
Holo was created using the same concept. It wasn’t/isn’t a typical online cryptocurrency, rather the primary aspect of Holo focuses on non-monetary currency. The Holochain was a dedicated platform to allow users to build and share non-monetary currency amongst the users.
A mutual credit accounting system — that’s what Holo describes itself as. They do not depend on the typical Blockchain platform to perform and secure transactions. Instead HOLO uses its own dedicated validation system known as the Distributed Hash Table (DHT).
Holochain software and hardware system is built in such way as to allow a more secured and trusted transmission of applications across a wide range of peer-to-peer connected network system.
Rather than depending on the node system where the users need to connect in order to access communication with each other, the users in Holochain platform can communicate with each other in an equally distributed way and exercise equal powers.
Holo can run much faster and efficiently than the normal cryptocurrency that works on Blockchain platform. The Holochain doesn't require you to sync apps for every minor update. This saves you a lot of your network data and most importantly time.
Holo doesn’t require you to make a copy of every little change in the system. This makes Holochain a much more efficient and affordable platform compared to Blockchain.
Also, this efficiency and stability allow Holo to be used in a much wider application where Blockchain apps cannot function. One such example is using Holo for accounting in microtransactions.
With its parallel architecture design and functionality, Holo can be used for running applications with billions of users. The system can expand (depending on the growth of users) and support all the user's application load simultaneously.
Holo users can easily make changes according to their particular needs. The users are free to adapt the apps or protocols in order to customize Holo according to their needs and convenience.
The users of Holo are free to extend the number of applications they want to use and share.
They can do that by linking one application to another and simply read or write into one another. Any application that a user can read from can be used for writing in another linked application.
The main and probably the most unique advantage of Holochain over other platform is that it allows every device on the network to obtain its own secure ledger. It allows the user to create a holographic model for data transfer and storage, allowing them to develop a decentralized application (dApp).
These applications can scale uniformly across a vast dimension of networks ensuring proper and better distribution of applications.
The decentralized application platform also enables every device connected to the network to have their own respective and independent functions. The Holochain only requires you to sync your data when necessary and not for every minor update like other platforms or only when the user grants access to do so.
In short, every user has total control over their respective data.
The first thing to note before purchasing Holo (HOT) is that Holo token doesn’t function like your other regular Cryptocurrencies.
You will have to first purchase Cryptocurrency in the form of Bitcoin (BTC) or Etherum (ETH) at coinbase (or any other exchange) and then proceed to exchange the for Holo (HOT) from the available market.
The first step is to purchase Bitcoin or Etherum from any exchange that accepts payment mode through your debit card.
Once you have purchased Bitcoin or Ethereum, you can exchange them or convert them to HOT from any of the listed exchanges:
After you’ve converted your BTC OR ETH to HOT, you can send/ spend it depending on your requirement. You can use any of the HOT wallets below to store your Holo token (HOT):
|Supply||178 Billion / 178 Billion|
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