by Rebecca Addison & The Atlantean
Last month, cloud hosting marketplace Holochain announced the launch of the Holochain Developer Education Initiative. As part of the new initiative, Holochain is committing $2 million to build and foster an ecosystem of developers.
Holochain can be used for hosting decentralized apps, serving as an alternative to traditional cloud computing. While the technology shares many similarities with blockchain, Holochain uses different methods to ensure that data is accurate, tamper-proof, and efficient enough to scale. As part of the initiative, Holochain will create a curriculum to educate experienced developers on how to code and build hApps and products on Holochain.
Let’s look at what sets Holochain apart from other technologies in the Web3 universe, the Holochain token, and where this platform is headed next.
Holochain is a decentralized peer-to-peer hosting platform much like those running on blockchain technology. Applications developed on the platform can run entirely on end-user devices because it allows for the development of microservices without central servers. However, while blockchain styles itself as decentralized, most blockchain platforms rely on cloud hosting services like Amazon, Microsoft, and Google. Instead of using a web hosting service like Amazon Web Services, Holochain is designed to utilize thousands of smaller ones via personal computers that are turned into hosting stations. Holochain hosts set their hosting prices and preferences, and are paid in HoloFuel. To participate, they download Holochain software that runs in the background of their computer. The platform currently has 1,000 developers and more than 28,000 hosts.
Holochain was designed to allow users to share collaborative data without centralized control. The technology is ideal for social networks and social media who don’t want a company like Facebook to control and own their data. There are additional applications for Holochain as well. For example, the technology can be used in supply chain management to organize data that is collaboratively shared and managed, but not under the central control of any one organization. Additionally, as with most technologies in the Web3 ecosystem, Holochain is especially suited for reputational or mutual credit cryptocurrencies. However, unlike other Web3 platforms, Holochain isn't the best platform on which to build a token or coin. Similarly, Holochain isn’t an ideal platform for storing private or sensitive data. Due to its collaborative nature, data stored on Holochain is accessible to every user on the platform.
Holo (HOT) is the Ethereum-based token that powers Holochain. HOT tokens are tradable for Holofuel, which is used on the network as both a reward for participation and as a measure of computational power. As with many other cryptocurrencies, the price of HOT has been cooling in recent weeks as the market continues to see declines. In April 2021, HOT reached its all-time high of $0.03126682. The token reached an all-time low of $0.0002189 in March 2020.
As of this writing, the price of Holo is $0.002324 with a 24-hour trading volume of $25,040,824. The current CoinMarketCap ranking is #82, with a live market cap of $402,730,583 USD. Additionally, it has a circulating supply of 173,328,567,615 HOT coins.
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