Holochain

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Holochain is a new blockless decentralised currency and application framework. The​ ​ approach​ ​ used​ ​ in​ ​ Holo​ ​ does​ ​ not​ ​ waste computing​ ​ power​ ​ on​ ​ those​ ​ proofs,​ ​ nor​ ​ on​ ​ any​ ​ type​ ​ of​ ​ global​ ​ ledger​ ​ consensus​ ​ at​ ​ all. Holochain ensures​ ​ data​ ​ integrity​ ​ for​ ​ distributed​ ​ applications​ ​ through​ ​ careful​ ​ provenance​ ​ of​ ​ data​ ​ published from​ ​ each​ ​ agent’s​ ​ local,​ ​ immutable​ ​ chain.​ ​ Public​ ​ entries​ ​ to​ ​ local​ chains​ ​ are​ ​ then​ ​ shared​ ​ to​ ​ a content-addressable,​ ​ distributed​ ​ hash​ ​ table​ ​ (DHT).​ ​ Unpredictably​ ​ selected​ ​ peers​ ​ validate cryptographic​ ​ signatures,​ ​ enforce​ ​ data​ ​ schemas,​ ​ and​ ​ application​ ​ logic.

Holo​ ​ offers​ ​ a ​ ​ whole​ ​ new​ ​ breed​ ​ of​ ​ cryptocurrency.​ ​ Unlike​ ​ its​ ​ predecessors,​ ​ it​ ​ is​ ​ not​ ​ a ​ ​ crypto-token or​ ​ cryptocoin,​ ​ but​ ​ a ​ ​ mutual​ ​ credit​ ​ accounting​ ​ system​ ​ where​ ​ every​ ​ transaction​ ​ is​ ​ countersigned​ ​ on the​ ​ local​ ​ chains​ ​ of​ ​ both​ ​ counterparties.​ ​ This​ ​ allows​ ​ us​ ​ to​ ​ design​ ​ the​ ​ crypto-credits​ ​ to​ ​ forge​ ​ new patterns​ ​ of​ ​ social​ ​ and​ ​ market​ ​ behaviors​ ​ that​ ​ have​ ​ not​ ​ previously​ ​ been​ ​ possible.

Holo credits

Holo​ credits​ are​ priced​ in​ computing​ units:​ processing​ time,​ bandwidth,​ and​ storage.​ They​ are available​ for​ purchase​ from​ Holo​ as​ well​ as​ the​ whole​ community​ of​ hosts.​ They​ are​ also redeemable​ across​ that​ whole​ community​ for​ computing​ power.​ Even​ though​ credits​ can​ also​ be used​ for​ general​ financial​ transactions,​ as​ the​ number​ of​ hosts​ grows,​ that​ mass​ of​ their computing​ power​ stabilizes​ valuation.​ Hosts​ set​ their​ own​ prices​ for​ their​ computing​ power​ which will​ tend​ toward​ stability​ when​ averaged​ across​ a ​ large​ ecosystem​ of​ servers​ distributed​ across the​ planet.

Another​ feedback​ loop​ stabilizing​ the​ price​ is​ the​ fact​ that​ Holo​ hosting​ is​ feasible​ on​ commodity hardware. 34 ​ If​ the​ price​ of​ Holo​ credits​ rises​ significantly,​ people​ are​ incentivized​ to​ connect​ more computing​ power​ to​ the​ network.​ And​ since​ trades​ on​ exchanges​ are​ not​ likely​ to​ deviate​ wildly from​ the​ prices​ for​ which​ computing​ power​ is​ sold,​ this​ incentivization​ structure​ places​ a decentralized​ throttle​ on​ massive​ price​ pumps.​ This​ provides​ a ​ substantial​ centre​ of​ gravity​ for the​ price​ of​ Holo,​ tying​ it​ to​ the​ delivery​ of​ a ​ real​ world​ asset​ with​ practical​ value.

See also