Holo (HOT), an altcoin with many applications, is an open-source, peer-to-peer app framework. Its scalability means it could have the ability to impact many industries. In 2021, it saw highs of nearly $0.03, but in September 2021, the token hovered around $0.01. Learn more about Holo and how to buy HOT tokens in 3 easy steps.
What Is Holo (HOT)?
HOT is an Ethereum-based token that works to power Holochain, a peer-to-peer network where Holochain users store data and apps across the network. This agent-centric model centers around network agents. You earn HOT when you use your computing power for storage on the network. It is a decentralized chain that allows users to store data on a communal network instead of cloud software.
Holochain uses a distributed hash table (DHT) for governance. A DHT shares records of actions and does not allow for third party tampering of data or apps, eliminating the need for a proof of work or proof of stake method of verification. Instead, verification is supported by other users on the network.
Holochain also boasts an experienced development team, led by former intelligence employees and artificial intelligence experts. The team is looking to expand Holochain, allowing for the decentralization of existing apps like Uber and Airbnb.
Brief History of Holochain
Holochain was founded in December 2016 by Arthur Brock and Eric Harris-Braun. They teamed up to create Holochain after working on another peer-to-peer network. Combined, they have over 60 years of experience with alternative currencies.
The initial token offering of 25 billion units of HOT attracted investors such as the Woodstock Fund and Continue Capital. In June 2018, Holochain announced a partnership with Prometheus, aiming to protect its data and user anonymity. HOT hit an all-time high in April 2021 of $0.03157. It has since cooled off, but the hype surrounding the token and technology is still prevalent.
How to Buy HOT
Now that you are acquainted with the technology and history of Holochain, you may be interested in buying the token. The process to do so is fairly simple, involving just a few short steps.
- Open an online account.
The first step in purchasing HOT is to open an account on a crypto exchange. This simple step usually requires only an email or phone number. Because Holochain is a fairly new technology, not many exchanges or wallets support the token. However, it is offered on a few exchanges, such as Crypto.com and Binance. As the hype surrounding the project increases, you can expect it to be listed on more exchanges.
- Buy or download a crypto wallet (optional).
The next step in purchasing HOT is to use a wallet to store your HOT. While this avenue is not necessary, it can speed up the process and keep your digital assets safe from hackers.
- Make your purchase.
On Crypto.com, you use the search feature to locate HOT. Once you have located the token’s profile, you click the purchase button and enter the amount to purchase. After this, HOT is stored on your Crypto.com wallet. You then send it to a hardware wallet, such as Trezor, if you wish.
Best Cryptocurrency Wallets for Holo (HOT)
Compare these 2 wallets.
Best Hardware Wallet: Trezor
Trezor is a hardware wallet that is easy to use and lets you send and receive HOT. Once you have purchased a Trezor hardware wallet, you download its software onto your computer and create an account. You will be assigned a wallet address (typically a long string of letters and numbers), and then you can send and receive HOT through the wallet. Hardware wallets offer an extra level of security as opposed to software wallets. However, they cost money to attain whereas software wallets are typically free.
Best Software Wallet: Crypto.com
Crypto.com offers the HOT token and is easy to use. Opening an account is simple and quick. All you need is an email or phone number and a funding source. You can also send funds from another exchange like Coinbase (NASDAQ: COIN) to your Crypto.com wallet. To do this, you locate the desired coin on your Coinbase account and hit the send option. From there, you enter the wallet address associated with your Crypto.com account. Hit send, and the funds should be in your Crypto.com account. Either way, once you have the funds in your exchange account, you can purchase HOT tokens.
Keep an eye out for projects that take advantage of Holochain technology. These options range from social media to data storage and can greatly impact the future price.
Trade, Sell or Convert Your HOT
To sell or convert your HOT, you navigate back to the token’s profile and select the trade or convert option. On Crypto.com, you convert the token to Tether (USDT) or Crypto.com Coin (CRO.) However, the full list of convertible currencies can be found on coinmarketcap.com. While you cannot directly sell your HOT tokens for fiat (USD) currency, you can convert them to a stable coin, such as Tether (USDT.) You can then sell your stable coin for fiat (USD) and deposit it back into a bank account. Selling a cryptocurrency usually involves fees whereas converting to another coin does not.
Current Crypto Prices
September 2021 has shown a great deal of volatility in the cryptocurrency world. Currencies such as Ethereum and Cardano have risen dramatically but also saw drops of over 30%. HOT is down 27% on the month at the time of writing but is still up 1,500% on the year. Prices change every day, and nobody knows where prices will go. While some say crypto may be entering a bear market, others view the drop as a minor setback. Either way, the increased volatility is defining the current market.
Is Holochain a Good Investment?
Holochain has the chance to decentralize many aspects of technology. It could potentially compete with huge firms like Facebook (NASDAQ: FB) and DoorDash (NYSE: DASH). However, these firms have not launched a great deal of this technology, so the idea of eventual competition is mostly speculative. If technology is released and shows positive results, however, the impact Holochain can have and the price it may reach could be colossal.
Is Holochain a good deal?
Holochain is expected to rise 67% by the end of 2023, so yes, it is a good investment.
Why is Holochain rising?
Holochain is rising because it was granted a U.S. patent, which makes it an even better investment.
Who owns Holochain?
Holochain is owned by Arthur Brock.
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