All about HoloChain in One Shot

Holo is a peer-to-peer distributed network for hosting decentralized applications developed with Holochain, a DApp development framework that does not rely on blockchain technology. Holo’s mission is to act as a link between the rest of the internet and Holochain-based applications, providing an ecosystem and marketplace where DApps can be easily accessed because they are hosted on the internet by Holo network participants. In this article, we are going to understand HoloChain.

Introduction

Holochain is a peer-to-peer networking protocol and an open-source application development platform.

  • It enables you to build true serverless applications with high security, reliability, and performance.
  • Every user installs the app on their computer, generates and saves their data, and communicates with other users directly.
  • Cryptography and peer accountability also contribute to the application’s protection.

The Holo network will be supported by a token named HoloFuel, which is currently being tested and will serve as an accounting mechanism to pay hosts for their services.

  • In 2018, the project issued an ERC-20 token, HOT also known as HoloToken as an IOU that will be exchangeable for HoloFuel upon launch.

IOU is a signed document acknowledging a debt.

Holo is still in progress and is planned to be available for open alpha and beta testing by 2021.

Supply

ICO

  • From March to April 2018, Holo held an initial community offering.
  • 177.6 billion HOT is created through a demand-driven process.
  • With 133.2 billion HOT (75%) going to the general public.
  • 44.4 billion HOT (25%) going to the team and company.
  • There were no vesting or lock-up times for team tokens.

HoloFuel Released

  • After this, HOT tokens will be able to be exchanged for HoloFuel tokens on a one-to-one basis.
  • Holo announced in January 2019 that instead of being burned right away, the swapped HOT will be retained as a reserve currency to provide liquidity to HoloFuel holders.

No Upper limit

  • Also there would be no cap to the availability of HoloFuel.
  • It is intended to be dynamic and to have a credit system that allows users to have negative balances.
  • The supply will be algorithmically regulated, contracting, and expanding in response to demand and as the relationships between users with positive and negative balances shift.
  • Holo hopes that by doing so, the price of its tokens will remain relatively stable from moment to moment, rather than being subject to wild, speculative price swings.

What makes HoloChain Different

Step 1 : Agent-Centric Computing

  • As the primary system part, It begins with users rather than servers or data.
  • The program is designed from the user’s point of view
  • Each consumer runs their copy of the back end code, manages their identity, and stores their own private and public data.
  • Users can locate and connect thanks to an encrypted peer-to-peer network for each app.

Step 2 : Intrinsic Data Validity

  • Then It asks what kind of data integrity assurances people need to communicate meaningfully and securely with one another.
  • Since everybody has the rules of the game in their copy of the code, they can check that their peers are playing the game correctly simply by looking at the data they generate.
  • It uses cryptography to create authorship and detect tampering.
  • Problems: It is not very resistant as data can be lost when people go offline and it also does not prevent people from fabricating and presenting false data to others.

Step 3: Peer Witnessing

  • So to overcome the above problems this is the final step.
  • A random collection of devices witnesses, validates, and stores each piece of public data.
  • All cooperating participants detect modified or invalid data, distribute proof of corrupted actors or validators, and take countermeasures.

Use Cases

Holochain’s business strategy focuses on creating a peer-to-peer network of hosts and apps, contrasting its expected impact on app hosting to Uber’s and Airbnb’s effects on the taxi and hotel industries, respectively. Holo charges a fee for HoloFuel transactions, but its business model is closely linked to the network’s increasing number of applications and hosts. Below are some examples :

Hotel Management

  • Present Situation: Kevin has a small guest house that he wants to rent out to guests. He is, however, searching for an alternative to Airbnb. Kevin prefers to speak with people before agreeing to make them stay with him, and Airbnb prohibits attempts to exchange phone numbers before a guest has completed their booking.
  • Future Situation: Kevin will be able to access Ourbnb, a peer-to-peer home-sharing network run by the hosts themselves. When anyone visits the Ourbnb website, one of the computers in the group serves their requests and handles the booking. The host is paid in Holo for the work their computer did in exchange for making Ourbnb accessible to anyone with a web browser.

Records Management

  • Present Situation: Gwen now has medical history from eight different physicians at three different hospitals. However, if she moves to a new place, assembling the documents from all of the various places might be a nightmare.
  • Future Situation: Soon, she’ll be able to easily share her copies of her records with her new doctors and hospital using Holo. She will have a complete medical background in no time. Gwen is relieved to know that she is in charge of, owns, and manages her details.

Where to Buy

In India; Holo can be purchased through the WazirX. It has also been listed on exchanges such as Binance, Bitrue, and ProBit Exchange.

Hope you like it.

Hoping for a positive response.


All about HoloChain in One Shot was originally published in DataDrivenInvestor on Medium, where people are continuing the conversation by highlighting and responding to this story.