Holo crypto is one of the most intriguing and cool digital currencies in the cryptocurrency world right now.
And that’s because it’s number one priority is to free the information running on the internet and is allocated by a few big companies!
It’s a computing platform that aspires to replace the data-centric model to an agent-centric model, in which the users are in complete control of their personal data.
Its approach is most reminiscent of the Pi Network, which you can read about it here
Holo offers Peer-to-Peer web applications aiming to replace the middlemen by connecting user devices directly to each other.
This Peer-to-Peer connection happens in networks, the environment of which is secure, reliable and fast.
Holo crypto not only tries to compete with the traditional internet data holders such as Facebook and Amazon, but also presents itself as the app framework that is coming to replace Ethereum and the whole blockchain system!
Through this post you will learn some interesting things about this ambitious project like:
- What is Holo cryptocurrency?
- Holo crypto digital currency
- Holochain vs Blockchain
- Real use cases of Holochain framework – hApps
- Mining Holo crypto
What is Holo crypto?
Holochain is an open-source framework that gives the opportunity to users to create peer to peer applications;
- The main purpose is to create a completely decentralized system and as a result each individual user (in Holo is called agent) can store his data on his own device.
- Each individual user (agent) creates his own data, and he is the only one that has access to them.
- In the core of the framework there are some rules that define how valid data should look like.
- When an agent creates some data entries, he is waiting for his entries to be approved by other peer agents of his network, so that the other agents are accountable for these entries.
- If somebody is trying to cheat, soon will find himself outside his peer group.
The above is merely a short and generic description in this framework called agent-centric system.
In addition, this is exactly the innovation that Holochain brings to the table to compete with the data-centric blockchain approach.
- Holochain apps are called hApps
- Holo crypto does to web hosting the same that Airbnb did to hotels. Everyone can offer their computer for hosting hApps and get rewarded with HoloFuel (the Holochain’s currency).
Holo crypto digital currency
At this point we have two concepts to pay attention;
- HoloToken (HOT) is an ERC-20 token that Holochain powers and its price fluctuates around 0.009$.
- HoloFuel is the actual digital currency that Holochain has to offer and has not launched yet. After the launching, Holo Tokens (HOT) will be convertible to HoloFuel during a given swap period. It will be exchangeable 1:1 for HoloFuel.
At this moment the supply of HOT is small and temporary, while on the other side the supply of HoloFuel is dynamic and designed for long-term economic viability.
Holochain vs Blockchain
The Holochain’s creators biggest ambition is to convince the markets that their platform is more functional than blockchain.
The Holochain framework is a technology that operates differently from blockchain and as a result offers a unique advantage and value over cryptocurrencies like Bitcoin and Ethereum.
Holochain, like other cryptocurrencies such as Chia, have used the blockchain technology and identified its weaknesses.
As a result Holochain presented itself as an update to the cryptocurrency world.
The main advantages that Holochain offers over blockchain are the following;
- Energy efficiency. Blockchain mining process demands a great amount of energy in order to operate. Holochain on the other hand is a very energy efficient ledger system.
- Is an agent centric-system. Meaning that each agent has his own ledger and as a result he is able to act independently.
- Holochain Apps. Another advantage that derives from Holo crypto framework is the applications offered, since the applications help to bridge the gap between a public and private network.
Holochain may have some advantages over blockchain but this doesn’t mean that it is going to replace it for sure, since blockchain has been already tested in real world conditions for a long period of time and is proved to be useful despite its own drawbacks.
Holochain is still a fresh concept and it is unknown yet if it’s proved to be useful during the time.
Real use cases of Holochain framework – hApps
There are many aspects of our society in which Holochain can fit in with the use of hApps;
- Social Media – It’s already become obvious that Holochain provides security, speed and privacy. All these features are used for the creation of a social media platform which is called Junto.
- What is Junto? Imagine facebook as you know it but you’ll have the ability to possess your own data instead of keeping them in facebook servers in which you don’t have access. So in facebook your information belongs to facebook but in Junto your information belongs to you!
- Game developing – Roblox is a game for kids. While playing the game you can produce a big amount of money. You can discover Roblox here
- Internet of Things – An academic study conducted on IoT healthcare came to the conclusion that Holochain-based IoT healthcare system is significantly better compared to blockchain and other existing systems.
Mining Holo crypto
Like in the case of Chia cryptocurrency, in Holochain there is no mining.
The Proof-of-Work system that blockchain uses drives thousands of people to use their CPUs and GPUs.
As a result there is a constant waste of energy in order to earn cryptocurrencies.
In Holochain architecture users will be able to earn crypto by providing hosting services (SSDs, hard drives etc) for hApps.
That way it becomes very affordable for ordinary people like you and me to earn cryptocurrency!
Last thoughts
There is no doubt that the Holochain concept mirrors the ideal society that everybody should want to live in!
Although this by itself doesn’t mean that Holo crypto will take over, because first of all it hasn’t been tested in real world problems to see its performance.
Last but not least, Holochain gives the freedom to people to own their life.
But as Sigmund Freud said;
“People do not really want freedom, because freedom involves responsibility and most people are frightened of responsibility”
