Cryptotoken Holo (CCC:HOT-USD) is up more than 40% in intraday trading after the company was granted a U.S. patent for its peer-to-peer (P2P) network design. One big draw of HOT-USD is that its holochain network doesn’t rely on cryptominers or a global ledger for validation, making transactions quicker and more efficient.
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Holo powers the holochain, “an open-source framework for building peer-to-peer applications.” Holochain apps eliminate the need for an intermediary, whether a social media company or other service hoster, giving users complete control over their own data.
The holochain is similar to the blockchain that undergirds Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD). Unlike the blockchain, however, transactions are not logged on a public ledger, but on individual user nodes.
For example, if I were to pay you in bitcoin, that transaction would be logged on the bitcoin blockchain, which has a public log of every bitcoin transaction ever made. The addition to the blockchain would be validated by a random computer on the bitcoin network in exchange for BTC-USD.
By comparison, if I were to pay you in Holo, that transaction would be logged on each of our personal computer nodes, and validated by network peers. Those peers receive Holo for validating the transaction.
That difference makes transactions much faster and increases the general resilience and scalability of the network. The company said in a press release the patent filing was intended to be defensive in nature.
Currently trading around 1.78 cents per token, where does holochain go from here? Here are three Holo (HOT) price predictions
Holo was surging in mid-March on no apparent news before the patent announcement. HOT-USD is up more than 2,000% since the start of February 2021.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.