Holo cryptocurrency (HOT): features, prospects, where to buy?

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03.06.2021 13:52
Holo cryptocurrency (HOT)

    The digital currency Holo, ticker HOT, is the internal currency of the Holochain project. Authors David Meister and Arthur Brock conceived Holo as a means of rewarding users for using the Holochain network. 

     

    Holochain is a resource for cloud storage and computation, a platform for decentralized applications. Holochain consists of a network of independent blockchains, the consensus in a transaction is required for a particular blockchain. Holochain does not use the entire network, as in the bitcoin blockchain, to conduct a transaction.

     

    The Holochain network is faster, with less power consumption. Instead of the PoW and PoS consensus algorithms, the Holochain network uses the DHT algorithm or Distributed Hash Table. 

     

    ALGORITHM FEATURES

     

    The DHT algorithm enables transactions without confirmation from all network members and without writing to a shared log, users need only create their own chain and conduct transactions within it — multiple channels are created, allowing any volume of transactions to be processed.

     

    Holochain data is stored by all participants of the network, the participants themselves are in this case hosts, placing Holochain data on their devices. Users are remunerated for hosting decentralised applications. Hosts choose which applications to host, and the network incentivizes users to host popular applications by paying for the hosting services with the project's currency, the HOT digital coins.

     

    HOT is an ERC-20 token. It cannot be mined; mining contradicts the Holochain project's main idea — to reduce energy costs. The creators of the project plan to eventually replace HOT with HOLO Fuel, a bartering token for exchanging data, services or hosting.

     

    This will happen when the capabilities of the project will be appreciated and the technology will be widely used by social networking developers, in logistics and other industries that require resources for data storage and computation.

     

    HOT is a digital coin on the Broex platform. Data about the current rate of HOT, changes for periods — year, month, week, day — are available in the personal cabinet.

     

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