Holo crypto and its technology are a force to be reckoned with in the crypto scene at the moment. This cryptocurrency is aiding massively in the adoption of distributed applications. Moreover, its technology known as Holochain maybe outperforming existing blockchain; But how? What makes Holochain so unique? Let’s find out.
What is Holo crypto?
HOLO crypto is a token distributed on the Ethereum platform; it is a hosting platform that is decentralised and allows the use and development of decentralised applications (dApps); for users of the mainstream internet. The Holo crypto provides the crypto-accounting infrastructure that is hugely scalable; and is necessary for the managing and hosting of the decentralised apps.
The holo crypto is fairly young and has developed massively since its ICO where it released 25 billion Holo cryptos in March of 2018. Holo crypto is unlike typical cryptocurrencies as the traditional ‘tokens’ and ‘coins’ concept doesn’t work the same in a blockchain.
Here’s how it works.
Traditionally transactions must take place to transfer token back and forth from one wallet to the next; however, the holo crypto does not work that way. There is no movement with Holo and no transaction per se; it is more like an agreement.
Usually, when John pays Dave 20 coins in the existing blockchain; the 20 coins are shown as ‘removed’ from the wallet; from there they go to the mempool for hashing; and then sent to the destination wallet according to the address. And the confirmation of this transaction may take quite a bit of time.
Whereas if John pays Dave 20 coins using Holo crypto; then Dave’s wallet and John’s wallet just need to agree that; Dave should increase his wallet by 20 coins, and John decreases his wallet by 20 coins. Therefore, the result is the same; a secure and verified transaction; the only difference is that it is quicker and faster than the traditional method.
Holochain is the backbone of the Holo crypto project; it is a multipurpose platform that is decentralised and was designed to serve a hosting platform for social applications. The applications are to be hosted outside of the centralised internet; via a cloud computing based peer-to-peer infrastructure. With the Holo platform, users can host a lot of distributed applications using their computers; without any expertise or special hardware required. You don’t even have to be a developer; all you need to do is follow the instructions as they will be available.
The users of the platform receive Holo crypto as compensation for their hosting services; however, in the near future the holo crypto will be changing to holo fuel; and users would have to buy a HoloPort in order to earn or participate. Moreover, as distributed apps require hosting; processing power and storage will be provided by HoloPort, and just like that, you earn Holofuel.
Benefits in the usage of Holo crypto
1. Holo encourages the sharing economy concept by allowing users to interact with huge communities and develop flexible coorperatives. Holo offers a micro-transactions facility that allows users to share all kinds of resources no matter the size.
2. The medical sector also benefits from the Holo crypto as it provides them with a secure sharing system; it allows medical professionals to manage and record information reinforced by insights and analysis proficiently.
3. The communication ecosystem is another area that benefits. Users can enjoy the benefits of communication facilities; free from centralised web monitoring, thanks to the holo’s peer to peer infrastructure. The strong Holo ecosystem allows users to relay information across platforms.
It is possible for Holo crypto to aid in the adoption of distributed application in areas such as; mesh networking, the sharing economy and any areas that have clear use cases for eliminating the middleman. Holochain technology could be revolutionary in the cryptocurrency world. With the possibility of eliminating the need for consensus in blockchain; the development of blockchain technology could take a whole different route. The Holo crypto development team seems to be going in the right direction; however, as with everything ‘cryptocurrency’ only time will tell.