What is Holo?
Holo – The Basics
- Holo is a multipurpose decentralized platform, with a primary objective to create a hosting space for social applications. These applications will be hosted outside the centralized internet through a peer-to-peer infrastructure based on cloud computing.
- The Holo platform allows its users to host several distributed applications on their computers without any special hardware requirements or expertise. It compensates these users with revenue in the form of hosting prices that the users are free to choose.
Holo was co-founded by Arthur Brock and Eric Harris-Braun. Arthur has worked as an Artificial Intelligence professional at Hughes, GM, and Chrysler. He has designed a multitude of currency systems. Eric has experience in the field of software infrastructure. He has co-founded several cryptocurrency platforms.
What are the benefits of Holo?
- Holo’s central framework, named Holochain, is a system of blockchains in which every node operates on its separate blockchain. All the blockchains function with cryptographic keys that are unique to each node.
- This concept has removed the problem of scalability on blockchains, where every node had to update its record on a public network. Since each node has its own blockchain, therefore, no data is lost when a node goes offline. The primary public blockchain continues without any impact.
- Holochain employs a Distributed Hash Table (DHT) in order to verify data on every nodal blockchain. This table is maintained by the Holochain central chain. The developers have explained this concept through an analogy of the living organisms’ DNA. The hash table verifies and stores data from individual nodal blockchain like a living cell stores information in a DNA.
- Holo fuel is the crypto-credit that the users receive for their hosting services. Holo fuel is backed by a shared computing power between hosts that makes the network valuable, thereby, giving more purchasing power to the credits.
- All the transactions on the platform are recorded as double-entry accounting entries. Therefore, its internal accounting system is similar to a balance sheet which allows no minting, burning, or mining of coins. This way, the positive and negative balances are always equal, and Holo’s net currency supply remains nil always.
- The platform features a decentralized peer-to-peer (P2P) architecture wherein all the nodes differ from each other. It uses the Proof-of-Service protocol to generate invoices for the services that it offers. Its system acts as a bridge between the centralized web and blockchain.
- The process of conducting transactions on the platform involves the application provider first purchasing a hosting service. Next, the host generates signed service logs and submitting a PoS invoice. The app provider then makes the payment in the form of hosting credits.
- Holo records all transactions as double-entry accounting records. Every transaction that a user makes is attached to a promise of a transaction fee. This is not a request for payment. Instead, it is similar to the PoS process with a promise of payment.
- When the transaction fee promises reach a certain predefined amount, the next transaction settles these fee promises. There is no governing party that monitors this arrangement. This fee is the main source of revenue for the platform.
- Through this fee process, Holo ensures that its services are incentivized while also making sure that it does not charge high fees in comparison to the competing platforms.
- Sharing Economy: Holo promotes the concept of a sharing economy. It enables users to create interoperable cooperatives and communicate with large communities. They can share resources, no matter how small or large, through the micro-transactions facility offered by Holo.
- Secure Sharing: Holo offers a secure sharing system for the medical sector. The platform enables medical professionals to efficiently record and manage data supported by analysis and insights.
- Communication Ecosystem: The peer-to-peer infrastructure that Holo operates on enables the users to enjoy communication facility without being monitored on the centralized web. Users can relay data across platforms through Holo’s healthy ecosystem.
How is Holo different from other cryptocurrencies?
Holo constitutes various features and makes use of several concepts that distinguish it from the competitors.
- The project employs Holo fuel, an agent-centric approach to cryptocurrency. It is different from the data-centric approach that many platforms work on. This approach enables Holo to create a supremely efficient accounting system that functions without consensus-based distribution mechanisms.
- Holo is for the common internet user. It provides blockchain facilities and access to decentralized apps without the need for any additional software. This hosting system enables the users to use this platform without much technical know-how about cryptocurrency and blockchain.
- The platform is unique in connecting sharing of information with hosting. Its hosting model enables the users to grow their businesses with minimal capital input through cloud hosting. It seeks to provide business solutions by harnessing the potential of the cloud computing industry.
- The project is different from its competitors with regard to the fact that it comprises a network of blockchains, a community of app developers, a network for data hosting and sharing, and a thriving community.
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