Holochain (HOT) Token Progress Report
Holochain is a scalable, “agent-centric” distributed computing network. Unlike other decentralized platforms, the “consensus” engine utilizes a validating distributed hash table (DHT), requiring only nodes that are actually exchanging data with one another to reach a state of agreement.
The network is built on the premise that data can remain in localized clusters, instead of being shared with every node. This architecture creates a shortcut to consensus, as finality is reached only on certain segments of the network as nodes interact with one another.
[bs-quote quote=”In other words, dApps (known as hApps) built on Holochain don’t sync with everyone on the network, making Holochain perform much faster than blockchains.” style=”default” align=”left” author_name=”Daniel Hockenberry” author_job=”Lead Analyst, Crypto Briefing” author_avatar=”https://cryptobriefing.com/wp-content/uploads/2018/08/Dani-Icon.jpg”][/bs-quote]
Instead, hApps can function in disparate clusters on the network, calling on outside nodes only if the need to interact arises.
It’s no secret that at Crypto Briefing, we admire this set-up: as pointed out in Andre Cronje’s Holochain Code Review midway through its crowd sale, the network lends itself well to use case scenarios like distributed social networks and p2p platforms.
Since these are some of the problems that projects with multi-billion dollar market caps are seeking to solve, we are particularly interested in the potential for their solution if it gains traction… and works.
Along with the Holochain network, the project introduces a decentralized hosting platform called Holo, offering everyday internet users access to hApps through their web browser.
Network hosts are paid in what the project refers to as “crypto-credits”, or Holo fuel.
Prior to launch of the network, however, Holochain have released HoloToken (HOT) for trading. With the introduction of Holo fuel, Holochain will attempt to achieve a certain degree of price stability for HOT, because the credits are, in theory, a means of transacting value backed by a real asset; i.e. computing power.
Following this logic, as more hosts come online and share computing power, the network will increase in value, with the purchasing power of Holo fuel increasing in relation to the services it supports.
Holochain Proposed Roadmap
Holochain updated the project roadmap in early August with revised milestones. Below are the main project milestones from the original roadmap, followed by the updated version.
- Q1 2018: Holochain GO Alpha 1 and Clutter release
- Q2 2018: Alpha 2 release, Holo Alpha made available to Indiegogo supporters
- Q3 2018: Alpha 3, including security audit and introduction of DHT parameter adjustment, HoloPorts shipped to hosts, first test transaction on Holo using Holo fuel
- Q4 2018: Beta release, App Store launch, 50+ hApps launch, partnerships established with projects launching other asset-backed currencies, testnet of Holo on 10,000 host devices
- Q3 (August) 2018: Holochain Rust Alpha 1 release
- Q3 (September) 2018: Holochain Rust Beta 1 release, Holo Pre-Alpha made available to Indiegogo supporters who contributed to first raise pre-ICO
- Q4 (October) 2018: HoloPorts ship to investors, Holochain Dev camps
Holochain Project Development Progress:
The Alpha 1 product, known as “Scout”, was released on May 26, 2018. The original roadmap in the greenpaper targeted a Q1 release, but was delayed because of the close timing to the close of the ICO in April.
Along with Scout, Holochain also released a p2p Twitter clone known as “Clutter” (the term for a group of Cats). Clutter is in a pre-alpha state, but the release serves to demonstrate both the ease and utility of building hApps. Clutter particularly lends support toward the viability of decentralized social networks built with Holochain.
Since the Alpha 1 release, Holochain have missed their original milestones for the Alpha 2 launch in Q2 and Alpha 3 launch in Q3. Mitigating concern about these missed milestones, Holochain has expanded their team and are still actively recruiting members.
On July 23, HoloToken benefited from the “Binance Effect”, jumping from $0.0006 to $0.001 within 24 hours of listing on the world’s largest cryptocurrency exchange. Consequently, Holochain received a significant increase in attention from the community, which could serve well to help long-term growth of the project and ecosystem.
According to the Holochain telegram channel, Binance will also list Holo fuel when it is released.
Holochain and Mozilla?
In August, we learned that Holochain had begun preliminary talks with Mozilla, confirming months of speculation on the subject.
In a Youtube interview with Mozilla CFO Jim Cook, he stated, “Holochain is speaking Mozilla’s language”, specifically citing the concept of “user agency” as an antidote to the growing concern over centralization of blockchain projects. Cook highlighted a high level of alignment between the two organizations, which both target decentralization of power in the digital realm. The outcome of this dialogue, if anything at all, remains unclear; yet the implications are staggering should an agreement for cooperation result.
Holochain and ICOs
A central aim of the Holochain project is to support other ICOs launching asset-backed cryptocurrencies. The original roadmap included a target to form partnerships with other ICO projects by Q4 2018. Holochain has already made progress on this front, announcing a partnership with Promether, a security-centric data transfer project. Holochain has also partnered with ProducersToken, which targets tokenization of agricultural assets.
Our Verdict on Holochain
Holochain represents one of the most dynamic, promising projects in the crypto space. While the project has experienced delays on both release of the network and platform, the team has maintained an impressive level of transparency and openness to keep the community aware of development progress.
For those wishing to view progress on the Rust Alpha 1 release, the GitHub is available here.
The ability of the team to deliver on the revised roadmap will provide critical support for missed milestones, yet the achievements made so far speak to the beginning of a viable ecosystem.
The release of the Alpha 1 along with a demo hApp, partnerships with two upcoming ICO projects, and public support from Mozilla CFO Jim Cook are all positive signs for the future for Holochain.
At the current price of $0.0006 USD, we’ll strongly consider adding some HOT to the bag.
Learn more about the progress of Holochain from our Telegram Community by clicking here.
Token Name: HOT
ICO Date: March 29, 2018
Raised: 30,202 ETH
Crowdsale Token Ownership: 75%
ICO Price: 1 HOT = $0.0002
Current Price: $0.0006
Token Return: 3.73x
Market Cap: $79,527,238
The author is not invested in Holochain