What is HOT, and what are the latest Holochain price predictions?
Holochain price predictions have seen a dramatic surge – can it unseat blockchain?
In this forecast
Holochain price predictions are all the rage right now – with some crypto enthusiasts expressing breathless enthusiasm for a platform that’s designed to serve as an alternative to blockchain.
So what is Holochain? Has it got the potential to give major networks such as Bitcoin and Ethereum a run for their money? And could it solve the problems that established blockchains have been facing – not to mention a number of internet platforms?
Right now, blockchains such as Ethereum are buckling under the strain of congestion – overwhelmed by the volume of transactions sparked by the rise of decentralised finance, non-fungible tokens (NFTs) and a bull market.
Bottlenecks are forming because the Ethereum blockchain is only built to process 15 transactions per second, which is nowhere near enough considering this network handled transfers worth $1.5trn (£1.1trn) in the first three months of 2021.
There’s great interest in a Holochain price prediction because there’s a belief that this platform could actually perform much faster than many rivals that operate on blockchain technology.
It also relies on peer-to-peer networking, but developers say it has unlimited capacity when it comes to scalability. Contrast that with Ethereum, which is currently undergoing a painstaking multi-year upgrade to ramp up its throughput.
Like blockchains, applications can be run on Holochain – but crucially, it’s claimed that this doesn’t have any impact on network performance.
The emphasis here lies in how Holochain champions distributed computing instead of decentralised computing. Apps on this platform don’t actually need a token to operate – and all of this eliminates the need for mining. Critics who are concerned about the environmental impact caused by the energy consumption of proof-of-work mechanisms may have something to celebrate here.
Use cases for Holochain
Just some of the use cases that have been put forward for Holochain include social networks, community-owned iterations of sharing economy services such as Uber and Airbnb, and supply chains.
As the project explained in an April 2018 blog post:
“Other approaches to running dApps (such as blockchain) attempt to synchronise a single universal state across all participating computers at the same time. This ‘consensus’ does not scale, and is so inefficient to run, they build in a currency to pay people to run it. Holochain is millions of times more efficient – you won’t have to waste 0.5% of the planet’s electricity to achieve a mere handful of transactions per second.”
Holochain price predictions
Two other advantages that feed into Holochain price predictions for 2021 are linked to how the apps built on this network can be tailored towards everyday internet users – meaning this infrastructure can end up benefitting those who lack technical knowledge and confidence.
What’s more, ‘rapid application development tools’ mean these apps are able to hit the market quickly, eliminating the cost and bumps in the road that can exist with blockchain.
Now all of this isn’t to say that Holochain doesn’t have a native cryptocurrency – it does, and it’s known as HOT. The point we’re driving at here is that the use of tokens is optional. So… how can a HOT coin price prediction cause such a frenzy?
Holochain price predictions came into sharp focus in early April, when the token’s value surged dramatically. HOT had begun the year at $0.000592 but subsequently raced to $0.03157 in a little under four months. To put that into context, this capped off gains of 5,232%.
Prices have cooled a little since then and at the time of writing on 1 October, HOT is trading at $0.008287. But some HOT coin price predictions are forecasting that the project’s best days lie ahead. Right now, the project has a market cap of $1.42bn – and 172.9 billion HOT are in circulation.
A significant driving force behind this spike may have been the revelation that the company behind Holochain was granted a US patent for the networking innovations it has developed. The opensource project said that this was a defensive move, and the team fully intended “to share it openly within the context of the Holochain framework”.
Announcing the news, the project said:
“The patent focuses on the methods for saving, storing and retrieving data in a multi-node computing system where no single node has a comprehensive index of nodes or content managed by those nodes.”
So… how outlandish is the average HOT coin price prediction that’s doing the rounds? And what about Holochain price prediction 2021 for the rest of the year?
One of the most bullish predictions out there comes from Coinpedia, which has a HOT coin price prediction for 2021 that suggests we could see HOT reach highs of $0.70 by the end of the year – rising to $1 in early January of next year. But Coinpedia analysts also say that it might trade at $0.035 by the end of 2022. Meanwhile, it puts its Holochain price prediction 2025 at $0.04783. Long-term forecasts for a Holochain price prediction 2030 are scant for now – but watch this space.
It’s important to do your own research to assess whether you believe Holochain has the potential to take on established blockchain platforms and wrestle away market share.
This project has been around for the best part of three years now, and the current multibillion-dollar market cap does help lend it some credibility. However, this is an industry that’s plagued with uncertainty and valuations could fall if a bear market seeps in next year.
Do your own research and always remember your decision to trade depends on your attitude to risk, your expertise in this market, the spread of your investment portfolio and how comfortable you feel about losing money.
Holochain describes itself as “a framework for creating and powering distributed applications, incorporating peer-to-peer content distribution protocol, cryptography, and hash tables”.
Meanwhile, Holo is described as “a marketplace and distributed hosting platform that allows Holochain app developers to have their applications hosted by HoloHosts, thus making them available to everyday users of the internet”.
As we mentioned earlier, Holochain stands out from other blockchain platforms because it doesn’t depend on mining. However, there are still ways to get involved – by hosting the distributed apps on this network and ensuring that mainstream internet users can access them.
A special app is in the works that can be downloaded on Linux, Windows and Mac devices, which compensates users in the form of HoloFuel.