Holochain might be a new thing for you and you have reached here prolly due to its evolving popularity in the world of digital currencies. In the modern age, digital currencies have been like a jig-saw puzzle piece of our life, no one could deny how cryptocurrencies are crucial towards making their way in our lives.
Let’s learn what is Holochain, start off with a simple definition;
A simple question which has been around the discussion, and recently people have been looking out for a straightforward meaning of this new technology,
What is basically Holochain– we are going to spit out the facts about Holochain here;
Well, Holochain is a framework to ensure data integrity within a decentralized application by building fully distributed peer-to-peer (P2P) applications. Unlike the blockchain (which uses a data-centric approach), it uses an agent-centric approach.
There’s confusion between Holochain and blockchain, some of people confuse the concept of these technologies. The reality is quite different, blockchain is entirely different from Holochain but the only similarity is both technologies are designed to solve some of the same problems.
We thought it would be a good idea to frame Holochain in terms of blockchain at least with just one main aspect.
Little-known Facts about Holochain and Holo Cryptocurrency!
Holochain is different in a number of ways, let’s have a look at the facts!
- The independent methodology of Holochain makes it a more customizable and scalable solution.
- In agent-centric, the agent is actually a node that specifically runs its own blockchain that will connect to the public Holochain; the agent just has to manage and maintain its own blockchain (just for the understanding purpose we have quoted this example here)
- The cryptographic key that connects them to the public chain is unlike more traditional blockchains technology where all the nodes are required to maintain consensus on the network and keep a record of the state of the blockchain. To keep the consensus across the nodes of the massive blockchain requires an immense amount of electricity and is not an ideal solution or eco-friendly at all.
- Holochain doesn’t have to run with a huge capacity of electricity and isn’t necessary to maintain a consensus global. This fact makes Holochain a sustainable approach.
- Each agent in Holochain carries a private working that manages and stores in a limited way on the public chain.
- The stored data on each agent can even be accessed offline
- The Holochain creators compare the storage of data to the methodology of information stored in our DNA.
- Each agent on the network can function independently
Will Holochain replace the blockchain?
The verdict for this frequently searched and asked question is no, as blockchain has been out there in the market for a while, and replacing blockchain would be an arduous job for holochain. Blockchain is effective in combatting tampering of records and corruption-free, whereas holochain has its own implications in real world but it won’t replace blockchain.
Will Holochain replace the blockchain?
The verdict for this frequently searched and asked is no, as blockchain has been out there in the market for a while, and replacing blockchain would be an arduous job. Blockchain is effective in combatting tampering of records making it corruption-free, whereas Holochain has its own implications in real-world but it won’t replace blockchain.
Holochain has a variety of use-cases and some of them are mentioned as follows;
- Social media apps
- Platform-related apps
- Relationship management apps
- Collaborative apps
- Reputation systems
- Resource management apps
- Supply chain oriented apps
Working of Holochain!
A simple question sparked the idea of Holochain: if everyone held their own information, and made it available on demand to the network, what might come of that? Why do we need mining nodes when everyone can host their own? This massive replication could be avoided, which would obviously be more efficient. While simultaneously doing this, data integrity needs to be maintained. Every individual would have to ensure only their own data is represented to the network, so that others cannot misrepresent theirs. That is fundamentally what Holochain does. The Holochain-based application ensures the integrity of data without relying on anyone except the users themselves.
What Makes Holochain Technology Tamper-Proof?
Compared to diaries, source chains look like daily logs: each page and entry provides information about what happened and when, and a content entry describes what happened (for example, “I sent 100 units of currency to so-and-so.”). Some entries may have been published to the DHT and others may not have, but the headers, which contain the hashes, are always shared with the DHT. It is not necessary for me to publish the contents of my diary page, but everyone can see what I wrote there (which would lose validity if I tinkered with it even slightly) and they can determine the unique fingerprint associated with my entry.
Imagine that we have to send you 250 units because of some transaction we’re doing. It is required that I give you enough information from my diary to verify my account balance under the rules (encoded in DNA) of the app. It is possible for your computer to very quickly assemble all the pluses and minuses that appear on my transaction diary, my source chain. (Remember, there is global visibility of local state, to whatever degree is necessary for an action to be validated.) The DHT shows you exactly how many pages have text on them, so you know I am not hiding any pages.
NFTs on Holochain
After a successful combination of blockchain and NFTs, we are here with Holochain and NFTs. Holochain guarantees that every element on every user’s chain is unique, and it doesn’t get rarer than that. There is no need to change anything; you just need to track the transfer history. Building with Holochain apps assure no cost/charge for transaction fee and are so resource-efficient.
Holochain being a peer-to-peer distributed ledger technology seems to make an impact with their flawless working and methodology. Never confuse the concept of blockchain with holochain, as both technologies differ in nature and working. The thing that overlaps between them is both the technologies are scalable distributed platforms.