What is Holochain?
Holo is a public cloud computing network and marketplace that enables ordinary web users to use peer-to-peer Holochain applications. It has the same impact on application hosting that Airbnb has on hotels. It enables anyone with access to a device to become an app host and earn money hosting distributed apps.
Recently, Holochain has seen accelerated acceptance, with a host of innovative Holochain apps being added to the marketplace (hApps). The Holochain architecture is intended to provide developers a more cost-effective and flexible option to standard blockchains. Because of its distributed hash table, the network has lower prices, does not use conventional consensus algorithms, and assures immediate transaction finality (DHT).
Holochain aims to create a “more human internet” by reducing corporate hegemony and giving users control of their own records. Simultaneously, it interacts and transacts with applications that satisfy the requirements of device hosts without the need for centralized power.
How Does Holochain Work?
The conventional blockchain stores data on a distributed network using cryptographic hashes. To validate the network and ensure its credibility, each node on the network keeps a complete copy of the blockchain and the global consensus. It’s a characteristic of blockchain technology that’s shown to be a power of the new technology.
With the blockchain approach, there are certain flaws. Scalability problems, which are caused by needing each node in the network to validate the whole network, have been plaguing blockchain developers.
If the volume of data on the blockchain grows, transaction throughput on the blockchain becomes progressively constrained. This is why certain cryptocurrencies have seen lengthy checkout periods and heavy network fees.
Holochain got its name because the device it uses matches the structure of a hologram. A cohesive 3-D pattern is formed in a hologram through a complex interaction of light beams, and the Holochain method works in a similar way, bringing individual components together to shape a whole.
Furthermore, the technology incorporates holistic trends into its functionality.
By not needing each node or agent on the network to maintain a constantly updated record of the entire public blockchain, the Holochain framework eliminates scalability concerns.
As a node goes offline, a fork of the public chain is created, but the public chain continues to function without being harmed by the loss of one of its nodes.
What is the History of Holochain?
Arthur Brock and Eric Harris-Braun, the creators behind Holochain, are also the designers of the MetaCurrency Project. They used advanced accountability metrics and workflows to create tech organizations that could work well in a non-hierarchical manner. The MetaCurrency founders believe that currencies are a far broader (and more fundamental) category than capital, and that their work – as far-fetched as it might sound – is about developing the resources and spreading the practices that will create a genuinely post-monetary economy.