What is Holo (HOT)?
is a platform on which developers can run decentralized applications, or dApps. dApps are applications that do not run on a central server, but on the decentralized network. In this case, the dApps run on Holo's blockchain.
Developers can build their applications using the Holochain framework. Often Holo and Holochain are used interchangeably, when in fact there is a difference between these two designations. With such a framework it becomes a lot easier for developers to build their own dApp, because the basis is already offered. Developers can then focus more on the functionality of the application and less on the basis.
As a developer, you can set up your own Holochain within the network. This means that each dApp has its own chain. However, each chain can communicate with another chain, making it possible to use the functionalities of other dApps. Everyone who has their own chain is also called an 'agent' within Holo.
To run a chain (and therefore a dApp), you will need to set up a node within the network of Holo. This ensures that the network becomes more scalable as the number of applications increases. The more nodes there are, the less work each node has to perform. After all, a node handles the processing of transactions, and therefore the operation of the blockchain.
What can you use Holo for?
For developers, Holo could be an ideal solution. It is in fact possible to set up your own Holochain, in order to develop dApps in a "fairly simple" way. The framework of the chain is already developed by Holo, so you as a developer can fully focus on the functionality of the application.
It is possible to communicate with other Holochains. When a Holochain
runs a protocol, the application could use the functionality of the protocol. So you don't have to redevelop a particular function, if it is already available within Holo.
End users also benefit from this capability, as they can end up using better dApps.
The development and use of dApps is of course also possible with blockchains such as Ethereum or Solana. Nevertheless, Holochain differs from these blockchains. For example, it is not always possible to set up your own chain, not all blockchains offer frameworks, and many blockchains are not as scalable or secure as Holochain.
How does Holo work?
Holo combines hashing, digital signatures and Distributed Hash Tables (DHTs). That may not tell you much, as they are fairly technical terms.
A hash is the result of cryptography. Data is converted into a kind of "secret language. When you see a hash, it looks like a random combination of different characters. However, it is not as random as it seems. The content of the data determines what the hash looks like. Does one bit change? Then the hash will look completely different. In this way you can protect data from people who should not have access to it.
With a public and private key you can protect data and be the only one to access it. The public key is public, but the private key is private and should not be shared with others. When you combine these two keys, a digital signature is created. This is how you show that you are the owner of the data. After all, nobody else has the private key but you, and the digital signature can only be created with the right key combination.
Distributed Hash Tables (DHTs)
Normally, when you download something, you do so from a central server. The data is only available on this central server. Blockchains, however, are not central, but consist of thousands of nodes. DHTs allow you to download data from nodes in the blockchain network. When you need something, you send a message to the blockchain network asking if anyone has this data. The node that can deliver this data the fastest will then share it with you.
It is also possible to download different types of data to form one file. For example, 5 nodes each have 20% of the file on their memory. You download the 5 files and then own 100% of the complete file.
Holo Fuel (HOT)
is Holo's cryptocurrency, and has an important function within the network. The nodes in the network provide computing power, and they are rewarded for it. Each node is paid with HOT. So the value of this cryptocurrency is supported by the computing power the nodes provide. Holo therefore calls the cryptocurrency "crypto-credits.
You can use HOT perfectly for carrying out microtransactions (transactions with a low value), because you pay low transaction fees and transactions are processed lightning fast.
There is a total inventory of 177.6 billion HOT tokens. However, not all of these tokens are in circulation yet. By mid-2022, 173.3 billion tokens will be in circulation. This number may have already changed at the time of reading.
Where to buy Holo (HOT)
You can buy Holo (HOT) at Coinmerce
. If you have an account, you can quickly and easily buy HOT tokens on Coinmerce‘s platform. You can do that by going to the coin page of Holo, where you indicate in the purchase window how many tokens or for how many euros you want to buy HOT. You can pay with several payment methods, including iDEAL, Sepa, Bancontact, Giropay, MyBank and credit card. It is also possible to purchase Holo with different orders, such as a stop limit order.
In which crypto wallet can you store Holo?
After you purchase Holo from Coinmerce, you can find the HOT tokens directly in your Coinmerce wallet. Here you can leave them, because Coinmerce takes care of the security of all tokens. Thus, a large part is kept in cold storage. Of course, you can also send your HOT crypto coins to another wallet. Hardware wallets like Ledger and Trezor offer support for Holochain. For sending HOT you pay network costs. The amount is determined by the network.