What is Holochain and what is it made for?
Holochain - an innovative and ambitious project
Looking through their website, you would notice the big ambitions of a group of highly tech-focused developers and engineers with the vision to create a truly decentralised, democratic, fairly distributed and secure internet. Holochain entails an online data storage system, the fundamentals of a social network, an identity management system and much more. Anything that can be proposed on the internet could be built on the Holochain.
Holochain allows developers to build decentralized apps with an aim to shift from data-centric blockchains to agent-centric systems. With Holochain, each agent in the public blockchain maintains a private fork managed and stored in a limited way on the public blockchain with a distributed hash table. This solves scalability issues and makes it possible for decentralised apps hosted on Holochain to do more with less than the traditional blockchains.
The traditional blockchain like Ethereum stores information via cryptographic hashes across a distributed network, where each member of the network independently verifies the network as a whole and maintains its integrity. This is one of the reasons why blockchain technology topples traditional technology.
However, because the entire blockchain must be verified by each member of the network, there are scalability issues. The more data being handled, the more restrictive transaction limits per second will be on the blockchain. This is a weakness and some cryptocurrencies have long transaction times.
Why the project got the name Holochain?
The technology uses holistic patterns for its functionality. Also, the systems resemble a hologram, in such a way that a coherent whole is pieced together from single components, as explained by the developers.
What is different about Holochain?
While blockchain based distributed ledger technologies like Bitcoin and Ethereum have scalability issues while consuming massive amounts of energy, Holochain is energy efficient and a ledger system on which Dapps can be built using peer-to-peer networking for processing agent-centric consensus systems between users. As a major benefit, Holochain functions independently while interacting with all other devices on the network providing a truly decentralised computing solution. On Holochain, developers can build Dapps for social networks, supply chain solutions, governance, sharing economy apps, collaboration, platform cooperatives and many more.
Through its agent-centric systems with adequate scalability, Holochain is revolutionizing data storage and transfer that can enable any edge device. Holochain enables any device to have its own ledger system. Every device on a network can now function independently while only requiring data synchronization when agreed upon by users. Thus, every user is in control of their own data, and never has to worry about their data being sold off to third parties.
Developers who build on Holochain will be able to build a new generation of decentralised applications that do not cause environmental havocs or abuse user privacy. On Holochain, users have control of their data.
HOT token swap to mainnet Holofuel coin
Note that Holochain has two websites, one for the Holochain blockchain and the other for the HOLO currency. “HOT” is an ERC-20 token created for their ICO which held from 29th March 2018 to 28th April 2018. With a 250 billion hardcap of tokens, HOT can be purchased on exchanges like Binance, IDEX, LATOKEN, Hotbit, WazirX etc.
There is an intended swap of HOT token for a mainnet token known as Holofuel, although the date is yet to be specified. Holofuel will be used for payment of transactions on the mainnet as well as fund the Holochain ecosystem.