What is cryptocurrency Holo (HOT) and how does it work?

What Is Holo (HOT)?

Holo is a peer-to-peer platform for distributed applications based on a cloud storage infrastructure. Holo provides a P2P market of apps where network participants can become hosts for decentralized applications distributed across the network by using their computational power and getting paid in return.

Holochain is the platform that connects users to the internet, with the Holo system acting as the medium of connection. Holochain applications are decentralized apps. However, instead of using the well-known term “Dapps”, Holochain apps are known as hApps. Holo aims to offer a more efficient and cost-effective system for developers who are working with decentralized applications, achieving its finality without the use of consensus algorithms that are traditionally used by blockchains.

Holo aims to create a new version of the internet, with the goal of creating a scalable environment where information that is stored, shared, and distributed is not seen or controlled by intermediaries or central authorities. With the use of a unique hashing function that lowers the cost of operations and running the system, Holo aims to revolutionize the way we use the internet by having it work in favor of people instead of corporations. 

How Does Holo Work?

Instead of using a traditional form of blockchain technology to verify transactions and generate new blocks while securing the network, the Holo and Holochain ecosystem uses a special hashing function. Holo is based on the Holo Distributed Hash Table.

The DHT is agent-centric, which means that it employs a single node that can individually verify transactions. Once verified by an individual node, the data is distributed to other nodes in the system which double-check the verification info for transparency and legitimacy. The capacity of the network to scale is reflected in the rising number of nodes and computational power, which often poses a problem in traditional protocols. However, DHT uses sharding to distribute data and scale the network traffic to make it optimal and run smoothly for hosted apps.

Due to the fact that Holochain doesn’t use traditional blockchain technology but instead uses hashing, the network doesn’t require staking or mining to verify transactions, create new blocks, and secure the network.

Who Are the Founders of Holo? (History of Holo)

Holo was founded by Arthur Brock and Eric Harris-Braun in 2017, with headquarters in Gibraltar. Holo was created with the goal of enabling hosting for apps within a peer-to-peer ecosystem, described as a post-blockchain platform powered by the DHT hashing function.

Holo collected over $20.4 million in two funding rounds, the last one taking place in April 2018, while the project is also funded by Cardinal Capital.

What Makes Holo Unique?

Holo is unique by virtue of its architecture as the Holochain platform doesn’t run on traditional blockchain technology but instead uses a hashing algorithm as a post-blockchain network. With the use of classic distributed ledger technology, Holo enables users to host and use various apps on the network, known as hApps. That is why Holo doesn’t require staking or mining to operate and run the nodes.

Holo achieves uniqueness, not only through the use of the DHT hashing function, but also with its architecture, which forms a P2P market where users can get paid for hosting applications developed by other users and deployed to the Holochain app.

What Gives Holo Value?

Holo gains intrinsic value from its technical capacity, technology, use case, and level of adoption. When it comes to market value, Holo is also affected by a multitude of specific factors, including the total supply of HOT tokens. The finite supply acts as an anti-inflation mechanism, meaning HOT tokens may provide a good store of value in the long term.

Holo value is affected by upgrades, updates, developments, and other news and events. What gives Holo further value is its utility and technical capacity in creating a P2P market for hosting apps.

How Many Holo (HOT) Coins Are in Circulation?

Holo has a limited total supply of about 177.6 billion HOT coins, out of which are already in circulation. The total number of coins in the circulating supply multiplied by the current price of HOT equals the market cap of Holo.

The market cap ranks Holo in comparison with its crypto peers, and also determines the market share of Holo.

Holo HOT

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Bitcoin BTC

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Ethereum ETH

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XRP XRP

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Other Technical Data

Distributed Hash Table, or DHT, removes the need for DLT in decentralized environments that allow the hosting of decentralized applications between network users. DHT doesn’t need all computing nodes to be working simultaneously and available at the same time, as individual operating nodes can verify transactions, then have the verification confirmed by neighbor nodes.

The system doesn’t require either Proof of Work or Proof of Stake protocols, or any other form of DLT-based consensus mechanisms, to generate new blocks and validate transaction data, instead relying on DHT which requires less energy for the same task.

Anyone can access Holo Host and host their applications through the Holo Hosting box which runs in the background of computers that run nodes with computational power. Thanks to this elaborate post-blockchain architecture, users can host their apps and rent computational power for hosting in return for rewards. Holochain acts as a bridge between the centralized environment that is the internet as we know it, and the decentralized environment that the Holo ecosystem represents.

How is the Holo Network Secured?

The Holo network is secured through the use of the Distributed Hash Table which ensures that an individual node can first verify transactions and participate in block generation before having this data verified by the rest of the nodes on the network. Holo distributes transaction data across nodes that have the task of double-checking the transaction data after individual nodes have verified it initially.

The neighbor nodes ensure that the data is valid and transparent, thus adding a layer of security to the network while maintaining transparency at the same time. Holochain is constructed with DHT at the core of its mechanism, providing a post-blockchain network that can scale and secure the platform without the use of protocols such as Proof of Work and Proof of Stake.

Even if an individual node acts maliciously and validates a false transaction, the rest of the nodes would recognize the malicious activity when double-checking data, which is how the Holo network is secured.

How To Use Holo

The Holo ecosystem is used as a peer-to-peer market for hosting applications and acts as a bridge between the Holochain app where applications are hosted and the internet, with the goal of making the internet more focused on people instead of corporations.

HOT coins can be used as the main payment method on the network, whereas network participants, who use Holo to rent computational power to other users for hosting apps, can earn HOT in return for their rental services. HOT coins can be held as an investment or traded for a profit in the live market of cryptocurrencies.

HOT was created to be an “IOU”, redeemable for the HoloFuel token upon its launch. HoloFuel is designed for microtransactions and will be used to pay hosts. Once HoloFuel is released, HOT can be swapped for HoloFuel in a one-to-one ratio, with the swapped HOT being held as a reserve currency to provide liquidity to HoloFuel holders.

How To Choose a Holo Wallet

There are plenty of places you could store your HOT and the type of wallet you choose will likely depend on what you want to use it for and how much you need to store.

Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical knowledge and are a more expensive option. As such, they may be better suited to storing larger amounts of HOT for more experienced users.

Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of HOT or more novice users.

Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your HOT, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.

Kriptomat offers a secure storage solution, allowing you to both store and trade your HOT tokens without hassle. Storing your HOT with Kriptomat provides you with enterprise-grade security and user-friendly functionality.

Buying and selling HOT, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.

Holo Hashing

As previously mentioned, instead of relying on mining or staking, as most other crypto platforms do, Holo uses a hashing algorithm, known as Distributed Hash Table, or DHT.

DHT ensures that transaction data is processed and verified with transparency without the use of a Proof of Work or Proof of Stake consensus mechanism. This is why Holo describes its technology as “post-blockchain”.

Conclusion

Holo is a unique project in the market of cryptocurrencies as it runs on a specific hashing algorithm without the use of DLT to facilitate the conditions for a P2P market. It provides cloud storage for hosting apps, which is how the value of Holo is defined – through its unique technical approach and capacity to scale. Hosting apps with Holo is more cost-efficient and effective, which is why Holo could become one of the leading platforms of its time in the long run.

Join the crypto revolution and start your Holo journey today.

Holo FAQ

How To Buy Holo

Buying HOT is as easy as visiting Kriptomat’s how to buy Holo page and choosing your preferred method of payment.

How To Sell Holo

If you already own HOT and hold it in a Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.

Holo Price

Holo price is subject to frequent changes and is in constant flux, which means that the price of Holo can change quickly within a relatively brief period. The market of cryptocurrencies is volatile, while cryptos are often affected by a great number of different factors that may influence the price of Holo and other digital assets.

As well as traditional factors such as market sentiment, the flow of cryptocurrency on exchanges, and the economy in general, the price of HOT is also affected by demand for HoloFuel and the level of adoption of the Holo platform.

The current HOT price is EUR.

The 24-hour trading volume of HOT is EUR. HOT is currently ranked of all cryptocurrencies by total market cap, with a market cap of EUR. It has a circulating supply of . 

Register now to begin your journey into the world of Holo and cryptocurrencies with Kriptomat!

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