HoloFuel: Why it is a digital asset with stable price

Foreword:

For the real world, the blockchain and the encrypted world are non-mainstream, while for the blockchain, the Holochain is non-mainstream. Will these non-mainstream technologies counterattack in the future? Blockchain now looks very probable. Holochain is still unclear. It is two different distributed ledger technologies from blockchain. The block chain is a chain composed of blocks that reach a global consensus, and the holographic chain does not need to reach a global consensus. It is not information-centric, but agent actor-centric, which is more scalable. The two have completely different information architectures.

From the current observations of Blue Fox Notes, relatively speaking, the blockchain is more suitable for the direction of open finance, achieving higher security through its immutable global consensus; and the scalability of the holographic chain is more suitable for building web3 dApps. The holographic chain builds various decentralized large-scale applications (hApp), such as social applications, entertainment applications, etc. In order to highlight the Holochain, this article emphasizes the shortcomings of many blockchains. But it should be noted that there are various possibilities in the future. Holochain also cannot do without the participation of developers and communities. It needs ecological construction to finally succeed. There is no inevitable success.

The author of this article is Cloudthings, translated by "DF" from the "Blue Fox Notes" community. Before we talk about HoloFuel and its uniqueness, attributes, and the way it benefits society, let us first understand what HoloFuel is not. At the same time, I also think it is necessary to thoroughly explain what it is replacing and why people are skeptical of any digital currency. HoloFuel is not Bitcoin or Blockchain. Less than 1% of people in the world own cryptocurrency, and people have good reason to doubt it. Cryptocurrency is highly volatile, prone to fraud and theft, and is often associated with fixed supply, mining, and high energy consumption. These are difficult to understand. Even if you understand, there are many fake websites, fake news, and various Kind of other things, which has always been a niche product. A classic example is that when doing the research of this article, I also saw an argument on Medium that Bitcoin is not a Ponzi scheme. It has the address of a cryptocurrency website. Guess what will happen if you click on it? You can look at the picture below:

Ironically, some defenders of cryptocurrencies also include this link in their medium articles. Cryptocurrencies often make news headlines due to their price fluctuations, exchange theft, criminal use, and other negative events. Regarding this point, although I should be fair to point out, there are far more crimes related to cash than any cryptocurrency. Even if you do purchase cryptocurrencies (such as Bitcoin or Ethereum) and hold them safely, you will be affected by the volatility of the cryptocurrency market.

The problem with the blockchain is that 99.9% of these highly volatile cryptocurrencies have zero income. They do not bring any income themselves, and can only rely on other people's purchases to bring you profits. (Blue Fox notes: Nowadays, there are many projects in the DeFi field that have income, such as Kyber, Uniswap, Synthetix, etc. This statement is outdated) If cryptocurrencies are Ponzi schemes, how do they survive and why people still buy them ? Bitcoin was created in 2009 by one or several people who used the pseudonym Satoshi Nakamoto. People like the idea of ​​a decentralized currency without a single manager. For a period of time, blockchain was considered a breakthrough technology. It has spawned thousands of other cryptocurrencies, many of which use the same technology and its variants. Fast forward to 2017/18/19, whether it is good or bad, cryptocurrencies are appearing in the news, new companies and tokens (token/coin) are forming, some people are running away with money, and some opinions related to encryption Leaders, video podcasts, and the media are all promoting the benefits of blockchain to anyone willing to listen. Nowadays, there are several encrypted media websites, most of which are owned by those who have invested heavily in the top 20 or 30 cryptocurrencies, so they can profit from permanent positive news. This is why when you analyze these news, they create a common theme every day: "Blockchain adoption".

Their method is to continuously try to inject a use case into the blockchain so that someone will continue to inject funds into it, which is to make people believe that one day there will be a return. People aspire to be rich, and have always dreamed that if they continue to buy blockchain cryptocurrencies, they may (but most likely not) get a return of 1,000 times the profit. This is due to various adoptions/partnerships/banks/rumors every day And so on. Finally, a very important point to consider is that by 2020, most people (with or without money) in cryptocurrencies will have used startups, funds, ECIO, personal investment, venture capital, etc. in the past 3 years. Billions of dollars have been spent, and these are all based on the subject of blockchain technology. The problem is here. They bet on the adoption of blockchain, but they never succeeded. They "Allin" prematurely, thinking that this is the technology of the future, and believe that every industry will use it. However, 11 years later, it is still rarely used, which is why many of them are too late to turn around or accept the existence of alternatives. This is why the new encryption trend is the combination of blockchain and other blockchains, trying and imitating "value partners" in order to maintain continuous investment of funds. There is even a cryptocurrency called "Chainlink", which aims to connect blockchains and applications through oracles.

Why does Chain-Link exist?

Because the blockchain is too slow, too old, and outdated technology. They are doing everything possible to keep it alive and keep the dollar involved. One thing they didn't realize or admit was that no matter what you plug in a faster system, its speed still depends on the slowest part. It sells tokens and someone wins until it doesn't. Blockchain is very suitable for non-tamperable ledger, such as voting, managing inventory, any changes made in it need to be publicly verified, nothing more. There is also a "smart contract" in the blockchain that is used by the entire industry. This is very popular in 2018/19, but they have gradually realized that having an immutable contract is not very suitable for enterprises or other industries. Applications will replace smart contracts and allow creators to have more functionality and flexibility. This is where the blockchain has fallen again. The global ledger, mining, and token pledge that require global consensus are not necessary or unrealistic for today's real world. You may wonder why I emphasize blockchain so much. The reason is that most people know that cryptocurrency is a "blockchain", and I mentioned earlier that it is automatically attached to any use of the term "cryptocurrency", even if it is not a blockchain. Holofuel is not a blockchain, it is different in many ways, so it is important to make this distinction from the beginning. What is the difference between blockchain, HoloFuel and DLT technology? First, let's talk about acronyms and their possible confusion. Blockchain and Holochain belong to the category of DLT. DLT refers to "Distributed Ledger Technology", which is also distributed ledger technology. Therefore, it is obvious that blockchain is a kind of DLT, but there is also a DLT technology, which is independent Technology, it is not a blockchain. Side by side with DLT is DHT, which is the technology used by Holochain, and it refers to the Distributed Hash Table.

Two completely different technologies. Blockchain requires global consensus, which means that each node needs to verify whether the transaction is legal. This is why the blockchain is not scalable and expensive to use. Bitcoin mining consumes more than 0.1% of the world’s electricity, and it supports less than 0.0001% of the world’s finances, and the electricity consumed every year is equivalent to the electricity used by the entire Austrian country (that is only Bitcoin, not including other encryption currency).

Regardless of energy consumption, the reason why the blockchain failed to take off was the volatility and non-scalability of the cryptocurrency market. As Art Brock, the founder of Holochain, said: “If a global consensus is required for the local operations of independent agents (actors), then the system will never be able to scale. For example, when I want to buy something from you, I There is no need to know where every dollar in the economy is. Some things need to follow the principle of pushing information and agents to the edge instead of the center, which greatly increases the complexity overhead."

DHT technology does not require mining or global consensus. So, what makes HoloFuel different? First of all, unlike 99.9% cryptocurrency, it is backed by assets. This means that its value is not created through speculation or manipulation, but through the provision of services. And, the service is the use of the entire Holochain architecture, including applications hosted through cloud computing. It is important to note that Holochain itself is free and open source, and is protected by the "Encrypted Autonomous License".