HOLO (HOT)–Holo, a cryptocurrency which has seen substantial price movement over the last two months, is garnering interest for the team’s intention to utilize the inherent computing power of idle machines.
Named Holo, the technology provides a way for users and consumers of cryptocurrency to contribute towards the operation of a decentralized, distributed cloud computing operation that is entirely run by the user base. As opposed to allowing machines to sit idle while not in use, similar to the substantial loss of utility for cars parked in driveways, the Holo team intends to harness that potential as a source of cloud computing and hosting opportunities. In particular, the team seems adamant over challenging the established players in the cloud hosting space, Amazon Web Services being one of the largest and well known brand names.
Through the use of cryptocurrency, Holo believes that it can provide a strong incentive system for renting out unused computing power, all the while building a decentralized platform of cloud web-hosting that does not rely upon hubs or companies with ultimate control,
“Holo provides a way to unleash the enormous idle capacity in everyone’s computers. This gives us the power to build vibrant cloud hosting communities that will challenge how the Internet monopolies control our data and our interactions. Holo offers each of us the ability to participate by sharing, earning, and building the future of the web.”
Under the tagline of “Holo: Where the Crowd is the Cloud,” the Holo cryptocurrency is built upon the foundation of Ethereum by utilizing the ERC-20 token. At present the HOT coin, which is the primary currency for the technology and the one distributed through the ICO that took place earlier in the year, is a placeholder for features to come. Dubbed “Holo Fuel,” the new coin will be exchangeable for current holdings of HOT when released in late 2018, and is the driving force behind Holo designed primarily as an incentive token for a sharing and earning economy. As compensation for the renting of idle computing power, a person can net Holo Fuel which can then be distributed back into the community via the purchase of cloud web-hosting services, or exchanged directly similar to most cryptocurrencies.
The key feature with Holo centers around the establishment of a sharing economy hub, one that is not exclusively limited to any realm of online business. In the example given on the website, a HOLO user services a request for the execution of an alternative AirBnb booking via a more decentralized platform. In exchange for the user providing the computing power to operate the web-hosting, or at least facilitating the transaction of the consumer while using the site, they are rewarded with an accompanying amount of Holo Fuel. So while the cryptocurrency is obviously functioning as the primary carrot to incentivize computing rental, the ultimate goal for the company is to create the foundation for a hub of service exchange, facilitated through cryptocurrency and the use of Holo Fuel,
“The Sharing Economy on Holo expands through building numerous interoperable cooperatives. Reputation becomes portable across communities, so rave reviews in acclaim in Ourbnb may help Jim access opportunities in other contexts as well. Sharing smaller resources (not just homes and cars) also may become more common thanks to Holo’s efficient micro-transactions.”
While the HOT coin ICO ended in April, the currency is available for buying and selling through several exchanges including Binance. With a total coin supply of 177 billion, the token is looking to become a highly liquid, low priced cryptocurrency. Since hitting the market in May, the coin has exhibited relative price stability despite the fall in cryptocurrency prices throughout the summer, trading close to 1100 satoshis as of writing, down from 1400 in the aftermath of May’s ICO token issue.