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Introduced in Satoshi Nakamoto's white paper in 2008, Bitcoin was truly revolutionary and has enjoyed great success and popularity over the last ten years.
The consensus or the conclusion of an agreement on the state of the transactions is established in a decentralized way with several parts thanks to a method called proof of work.
Many minors process sets of transactions called blocks and the miner who finds the correct nunc (random number string) needed to add a new block to it before it is rewarded with Bitcoin. The blocks form a chain of blocks known as blockchain, which is a series of blocks (which are series of transactions themselves) collectively representing all Bitcoin transactions from the original block of Bitcoin, called the genesis block.
All nodes (computers, servers, etc. that may or may not participate in the operation) host copies of the same block chain, which ensures the integrity of the blockchain and the integrity of the blockchain. No potential point of failure. Bitcoin transactions. Changing the blockchain is impossible without taking control of the majority of the hash power or network computing, which is considered implausible due to exorbitant IT costs.
The approach of Bitcoin allowed to create the first digital currency that overcame the problem of double spending (sending a transaction then another to cancel the first), no one can send any false transactions without all other nodes knowing it. copy of the blockchain.
However, in recent years, the proof-of-work method has proven unable to deal effectively with large amounts of transactions, which is worrisome if Bitcoin is to be adopted more widely.
Different approaches to this problem have been proposed.
Projects like Ethereum and EOS have proposed their own respective solutions to solve the problem of "scalability" (improvement of blockchain protocols so that they can handle a wide range of transactions without problems), but no project has really proven itself on a commercial scale.
Holochain: Blockchain blockchain problem solving
Holochain is yet another candidate in the fray. Although it aims to provide a solution to the question of extensibility, it requires a very different approach because it does not technically use a blockchain.
As noted on page 1 of the Holochain white paper, Bitcoin's approach to the problem is data-centric and focuses on creating a single shared data reality (the Bitcoin blockchain) hosted by all the participants.
Although this approach has been excellent over the last 10 years of Bitcoin, it has had an impact on scalability, as mentioned. not suitable for large amounts of transactions.
Holochain's approach is agent-centric and allows participants to share ever-changing data realities, provided certain basic rules are established and followed by participating agents or users. Git is the best-known project with this approach, creating forks when differences of certain degrees are made in the code, allowing two projects to exist on the same fundamental layer. Just as different species come from the same origin, different applications can emerge from the same layer.
However, one can wonder how it is possible to reach a consensus between non-identical realities. As Holochain does not have a global shared state, there is no consensus nor a single register. It's a extremely important point that we can easily miss: Holochain is not your blockchain every day nor even a blockchain.
Distributed hash tables and holochain
What makes Holochain different from the traditional blockchain is Distributed Hash Tables (DHT), a decentralized storage system best known for its use in torrents. In a DHT, when downloading a file, for example, you do not download data from a single source. Instead, you download different parts of this file from different hosts.
Similarly, Holochain nodes do not need to share a single global state (for example, a record of all transactions from beginning to end, seen in traditional block systems), as long as some nodes can of a set (DHT).
Increased flexibility and accountability for developers
Bitcoin leaves no room for different validation rules, which leaves no room for maneuver to network participants (except implementation of forks or software modifications, or hard forks, such as Bitcoin Cash, Bitcoin). Gold, etc., take place).
On the other hand, thanks to its feature called DNA, which are the "ground rules" pre-established by the Dapp participants, Holochain allows Dapp developers to choose and implement their own rules in a more flexible way. as long as they do not contradict the DNA. It is important to note that DNA is inherent to each Dapp. In other words, each Dapp has its own DNA or rules for "consensus".
It should be noted, however, that DNA has more responsibility for developers, who need to define a high quality DNA before creating a Dapp ecosystem to ensure that the Dapp works properly. Giving developers more flexibility (which also means more responsibility) could prove dangerous, as we saw in the Ethereum case.
Ethereum uses a fairly open programming language called Solidity. While developers have more freedom in designing their Ethereum-based Dapps and Smart Contracts, this has led to many problems, such as CAD hacking, Parity wallet hacks, and other incidents.
Immune system and DNA as Holochain security
DNA also acts as a safety measure. For example, imagine a Holochain Dapp called "Ourbnb" (decentralized version of Airbnb) with a DNA indicating that a host Ourbnb could not rent a two-part apartment at the same time. If one or more users try to launch a transaction that goes against this DNA and rent a multi-part apartment, the transaction will automatically be rejected by the other nodes of the Ourbnb network.
Another safety feature of Holochain is the immune system. The nodes look at their DHT and the different Dapps and their respective DNAs. When certain actors are determined to violate the rules of DNA, the nodes communicate this information to each other and the bad actors are excluded from the Holochain network.
Token economy
Holochain has a token called Holo Token (HOT), which is assigned to the nodes for the execution of Holochain software and Dapps hosting.
Therefore, while "traditional" software providers, such as Airbnb, are responsible not only for creating applications, but also for hosting and security on Holochain, the developers Dapps develop Dapps while the nodes host them and provide security by enforcing the immune system's rules to intersect the bad actors.
75% of the HOT chips were distributed via the Holo Token ICO and 25% are owned by the team and the organization.
Token sales metrics
The Holochain ICO raised 30,202 ETH. The soft cap was set at 1 million euros, but the team has collected more than 20 million euros. The price per token was about 0.0001 €.
According to the chart Allocation of ICO Financing by Amount on the Holo Token ICO page, 15% of the funds collected were allocated to Holo development, 10% to Holochain development, 40% to monetary reserves, 10% to infrastructures, 10% to operations, 5% to support developers, hosts and app providers, 5% for marketing and communication and 5% for events and programs.
Team
Chief Architect Arthur Brock: Brock was the technical director of Targeted Currencies Network and the founder of Metacurrency Project. With both jobs focused on creating alternative digital currencies, Brock has been working on digital currencies since 2001 or even before Bitcoin was designed.
Verdict
Below is a breakdown of the risks and growth potential of Holochain.
Risks
- As Holochain is very different from traditional blockchains, it is difficult to guess its future and its adoption, which is a crucial step for long-term success. (-2)
Growth potential
- A unique approach to the problem of consensus that could solve the current limitations of the blockchain. (+1)
- Not a "white paper project" – developers can start building on Holochain. (2)
- ICO went well and was structured to prevent centralization in terms of token distribution between ICO contributors. (+1)
- In addition to the above, there is no private business or crazy presale (big bonuses, no blocking / acquisition of big bonuses, etc.), which prevents big investors from listening. . (+1)
- Project Manager Arthur Brock has been working since 2001 on alternative digital currencies and peer-to-peer technology (+1)
- ICO's low-cost cap of $ 20 million (at the time of writing, market capitalization of $ 175 million) compared to other projects, such as EOS and Dfinity, which generated billions of dollars. A lower market capitalization could leave more room for price appreciation. (+1)
- Project marketing seems to have taken an organic approach, with the community being Holochain's largest evangelist, as evidenced by the support and activity of social media (comments, tastes, etc.) on platforms like Reddit and Twitter. (+1)
- Support from Mozilla CFO and Netflix co-founder Jim Cook. (+1)
Disposition
Holochain is a platform based on a mechanism very different from that of traditional blockchains. Due to its data-centric nature, Bitcoin encounters many problems such as inefficient mining. While Bitcoin forces a shared reality (the Bitcoin blockchain) on the entire network, Holochain allows people to have free will and their own realities as long as the ground rules are accepted by the participants. Although it is too early to say whether Holochain can achieve its goals, its innovative approach, its functional product, its fair ICO structure, its experience of digital currencies and peer-to-peer technology, its relative capitalization to other major projects on social platforms as well as in the technology industry, heavyweights such as Jim Cook could prove favorable in terms of the project's investment potential. Holochain receives a 7/10.
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Image presented with the kind permission of Shutterstock.
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