Holochain (HOT): The cryptocurrency market is relatively new. It is barely a decade old since its debut in 2009. The blockchain technology, on the other hand, was first released in 2008. Bitcoin (BTC) was the first cryptocurrency to be created by an unidentified person popularly referred to as Satoshi Nakamoto. Bitcoin is not only decentralized but also not under any one central authority. It was not issued through a crowdfunding, therefore it cannot be turned “off” by any person, in this case, a ‘miner.’ Significantly, it is correct to say that Bitcoin is the epitome of virtual currencies, except for its various flaws relating to the speed of transactions and scalability (could also be improved).
The same cannot be said for most of the 1,926 digital assets listed on CoinMarketCap. Ethereum (ETH) paved the way for the creation of most of these altcoins. It is wrong to conclude that these digital assets are inferior to Bitcoin or Ethereum (disregarding the market capitalization). Because many digital assets in the market make Bitcoin look like an armature in its own game. These crypto projects are highly scalable, settle transactions extremely fast and support feeless transactions. In addition to that, they have real-world uses and have been hugely adopted across the world.
This brings us to shitcoins; the coins that promise their community ridiculous and unachievable things. Most of these coins have no way of guaranteeing the future. In addition, they deliberately withhold vital information such as names on the websites. Significantly, the coins do not account for validation and leadership; they are shorthanded when it comes to community participation and record low transaction volume as well as market capitalization. These are coins that do not possess long-term viability because of poor token security. Lack of a definite use case, poor technical features, and growth that cannot be accounted for are just but a few features that depict what shitcoin is.
Among other coins in the top 50, Holochain (HOT) somehow fits in the above description. Holo has within a short time since its launch in April 2018 after completing an Initial Coin Offering made it into the top 50 bracket. It is shocking how the team managed to raise 30,000 (ETH) which translated to approximately $20 million at that time with a community that is almost non-existent. Up to date, Holo Twitter followers are still under 10k while its market capitalization has continued to rise. Holo is currently ranked the 42nd largest crypto with a market capitalization of $181 million. This is a recipe for a perfect pump and dump.
However, when it comes to innovation and technology, the Holo team has that under wraps and well taken care of. Like Ripple they are trying to distance themselves from their issued token, (HOT) and are focusing on providing an alternative framework for developing decentralized applications (dApps). For this, I will give the team thumbs up!
The platform is working to ensure that data is not entirely depended on blockchain but on an agent-centric system. The network does not utilize a global consensus but incorporates an agent system where every agent in the system keeps a private fork. The private fork is in turn stored and executed on the blockchain using a distributed hash table. This helps the network to eliminate scalability issues. The decentralized applications running on Holochain are empowered to handle more while consuming fewer resources.
Holochain (HOT) is trading at $0.0014 at the time of writing following a 14% rise in the last 24 hours. It has a trading volume of $30 million up from $3 million (August 31). The crypto is surging in a bearish market, besides its market cap has grown incredibly from $106 million to $181 in the same period.