Holochain

From Organic Design wiki
Revision as of 20:39, 24 December 2017 by Nad (talk | contribs) (See also: Holochain's ICO (Initial *Community* Offering))
Cone.png This article or section is a stub. Stubs are articles that have not yet received substantial attention from the authors. They are short or insufficient pieces of information and require additions to further increase the article's usefulness. The project values stubs as useful first steps toward complete articles.

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