What Is Holo? | HOT Coin Introduction And Development
Holo is a multipurpose decentralized platform that has a primary objective to create an improved hosting space for social applications. These applications will be hosted outside of the centralized internet with a peer-to-peer infrastructure based on the cloud computing method.
The Holo platform allows the users to host multiple distributed applications on their computers without any sophisticated hardware requirements or expertise. It will compensate the users with revenue in the form of hosting prices that the users are able to choose on their own.
The co-founder Arthur Brock and Eric Harris Braun worked previously as an Artificial Intelligence professionals at Hughes and Chrysler. Brock designed a multitude of currency systems while Eric has experience in the field of software infrastructure. He has also co-founded multiple cryptocurrency platforms.
The central framework of Holo is named HoloChain and is a system of blockchains where every node operates on a separate blockchain. All of the blockchains function with cryptographic keys which are unique to each node. This concept was responsible for the removal of the scalability problem on the blockchains since every node had to update its record on the public network. Since each node had its blockchain, there was no data loss when a node went offline. The primary public blockchain continues to operate further without any impact.
Holochain uses the Distributed Hash Table (DHT) to verify data on each nodal blockchain. The table is maintained by the Holochain central chain. The developers explained this concept with an analogy of the living organisms’ DNA. The hash table verifies but also stores the data from individual nodal blockchain similarly to having a cell stores information in a DNA.
The Holo Fuel is the crypto-credit that the users receive for their hosting services. The fuel is backed by a shared computing power between the hosts and this makes the network valuable and gives more purchasing power to the credits. All of the transactions on the platform are recorded as double-entry accounting entries. The internal accounting system is similar to a balance sheet that allows no minting, mining or burning the coins. This way the balances are always equal and Holo’s net currency supply remains always nil. The platform also features the decentralized peer-to-peer architecture where all of the nodes are different.
With the proof-of-service protocol, the platform can generate invoices for the services that it offers. The system acts as a bridge between the centralized web and blockchain.
The process of making transactions on the platform involves the application provider first purchasing a hosting service and later the host is able to generate signed service logs and submitting a POS invoice. The app provider is able to make the payment by hosting credits.
Holo records all of the transactions and each transaction made by a user is attached to a promise of a transaction fee. However, this is not a request for payment but it is only similar to the PoS process with a promise of payment. When the transaction fee promises to reach a certain amount, the next transaction will settle the fee promise. There is no governing party which monitors the arrangement and the fee is the main source of revenue for the platform. With this process, Holo makes sure that the services are incentivized while also making sure that this does not charge so high fees in comparison to other platforms.
Holo promotes the concept of a sharing economy. It also enables the users to create interoperable cooperatives and communicate with huge communities. They later share the resources through micro-transactions which are facilitated by Holo. The platform offers a secure sharing system for the medical sector as well. The platform enables the medical professionals to efficiently record and manage data supported by the analysis and insights.
The Peer-to-peer infrastructure that Halo operates on enables the users to enjoy the communication facility without having to be monitored on the centralized web. The users can relay their data across platforms through Halo’s healthy ecosystem.
How To Buy The HOT Token?
Holo’s token is utility token for the participants of the ecosystem which contribute and utilize the platform. It is available for purchase on exchanges such as CoinCodex, Binance and IDEX.
For example, CoinSwitch is one of the largest crypto conversion platforms which allows the users to trade their cryptocurrency for the HOT utility token across other exchanges. You can choose from more than 45,000 pairs of crypto. What’s even more important, you do not have to rely on separate wallets but all of your transactions happen to and from your personal wallet.
The Hot tokens can be stored in any ETH wallet since it is a ERC-20 compliant token. On MyEtherWallet you will be able to store your tokens but first you have to generate a wallet address and finish the setup process. You will also have to add some ETH currency in order to trade your HOT tokens. Once the exchange is finished, you will have good amount of safe storage for your tokens.
Other storage options include hardware wallets or if you are willing to wait you can do so for Holo to launch its own wallet.
The Future For Holo
Holo has a well-stipulated paper that details the roadmap for the future of the company. The first quarter of 2018 the company made an amazing crowd funding campaign and ICO. Some of the most important areas for the quarter included the growth of the cryptocurrency network and the publicity among initial developers. The company introduced a few other features such as:
- Transaction bundling
- Performance benchmarking
- Gossip refactor
Holo also launched some refactor Core sevice apps such as Enhance Demo apps and Core Service Apps such as HoloChat.
The Holo alpha software was also tested in order for the new holochain alpha 2 to be launch. The team worked to integrate the pluggable governance for simpler app updates. The team worked on the first transaction with the use of the Holo fuel and it reached the mark of 2000 hosts. The phase involved the development of core app services such as:
- Holochain directory
- Holochain index
- DPKI and identity services
- Smart caching
The next target for the project is to include 100 million test transactions per hour via the Holo fuel and to also launch the Holo testnet operating on 10,000 host devices. This quarter is poised to launch the holochain beta version and the team wants to introduce the Holochain app store along with other 50 Holochain based apps.
Holo has a lot of features and makes the use of several concepts that make it so much different from other competitors. The Holo Fuel is an agent-centric approach to cryptocurrency and it is different from the data-centric approach that many of the platforms use. This approach enables Holo to create an improved ecosystem that functions without the consensus-based distribution mechanisms.