Where to Buy Holochain (HOT) Crypto: Beginner’s Guide
Holochain provides a framework for developers to build decentralized applications and aims to change the paradigm of data-centric blockchains to an agent-centric system.
In Holochain’s fledgling system, no true global consensus is maintained. Instead, each agent in the public blockchain maintains a private fork, essentially, that is managed and stored in a limited way on the public blockchain with a distributed hash table.
This means there are no scalability limits and dapps hosted on Holochain can do much more with less of nearly everything than traditional blockchains.
This guide looks at the best places to buy Holochain HOT token.
Where to Buy Holochain HOT
This section is our top picks of where and how to buy the Holochain HOT Crypto token. We chose these based on our experience of using them and considered fees, security, payment options and reputation.
- Binance: Largest Crypto Exchange with Low Fees
- Gate: Solid Platform With Lots of Coins
- Bitfinex: Great Exchange for Newbies & Advanced Users
Visit The Top Pick
Binance: Reputable Exchange with High Liquidity
Binance is the largest cryptocurrency trading exchange in daily trade volumes. The exchange offers investors full access to trade over 600 crypto assets.
The renowned platform also features a well-detailed learning curve and advanced trading tools that support well-experienced traders and investors looking to learn how to buy different cryptos. Although Binance features a user-friendly interface that facilitates a great user experience, it is more suited for well-experienced traders.
Read: Our Full Binance Review Here
Binance has a minimum deposit of $10. This enables investors to kickstart their investing journey with low fees. Investors can also initiate deposits through seamless payment methods like wire transfers, credit/debit cards, peer-to-peer (P2P) payments, and other e-wallet solutions.
Binance deposits come with a fee that varies based on the payment method used. For instance, the global exchange charges a standard fee of up to 4.50% for all deposits made with a debit/credit card.
All investors enjoy very low fees when trading on Binance, as it charges a standard trading fee of 0.1%. For investors that buy using Binance token (BNB), a discount of 25% on trading fees will be applied.
In addition, investors can rest assured that their funds and data are well protected whenever they trade on Binance. The broker features top-notch security measures like two-factor authentication (2FA), cold storage to keep most coins, whitelisting, and advanced data encryption to protect funds and data. Binance functions effectively in over 100 countries and has a spin-off regulated platform (Binance.US) that tends to US-based traders and investors.
Pros
- Trading fees at 0.01%
- High liquidity
- Wide range of payment methods
- 600+ crypto assets in library
Cons
- Interface is suited for advanced traders
- US-based customers cannot trade most coins via its subsidiary
Gate.io: Solid Platform With Lots of Coins
Gate.io is a cryptocurrency trading site that aims to offer its members an alternative to the exchanges currently dominating the market.
The site has been in operation since 2017 and aims to capture a portion of the cryptocurrency trading market by offering its users hassle free access to a number of hard to find coins and up and coming projects.
The site is also designed to help investors find specific information related to both their preferred coins and overall market trends.
Read: Our Full Gate.io Review Here
Trading mostly takes place on a web-based trading platform that is similar to most cryptocurrency exchanges. The site incorporates a number of functional features such as an order book, trading history, and charting.
Pros
- A wide range of currencies
- A low fee structure
- Simple registration process
- Functional platform with a mobile app available
Cons
- Unregulated
- The team is not very transparent
- No fiat currency transfers
Bitfinex: A Trusted Exchange
Based in Hong Kong, Bitfinex is owned and operated by iFinex Inc – a financial services company that also owns Tether Limited, the issuer of the USDT stablecoin. The broker is popular for having one of the most liquid order books in the market, ensuring that users looking to buy and sell crypto have no trouble getting it done.
Like many other top brokers, Bitfinex offers a versatile platform for anyone looking to enter the crypto market. Investors can buy and trade crypto, stake cryptocurrencies, and lend their coins to earn returns.
Read: Our Full Bitfinex Review Here
Ease of use is impressive on Bitfinex, with the broker combining an intuitive platform with a low deposit threshold. Deposits on Bitfinex can be made through direct crypto transfers, wire transfers, and card payments. Card payments are processed through a third party, so investors might have to pay more fees.
Besides its trading interface, Bitfinex provides easy access to services like margin trading, derivatives offerings, and lending. Investors looking to make high-volume purchases can use Bitfinex’s OTC trading service, while those looking for low-risk gains can use the broker’s staking protocol.
Bitfinex uses a maker-taker fee structure for its trades. The fees range between 0% and 0.2%, with fees reducing as investors’ order volumes increase. Also, the exchange doesn’t charge any fees for large orders through its OTC desk. Bank wires incur a 0.1% fee for deposits and withdrawals – although expedited withdrawals carry a charge of 1%. Crypto withdrawals incur a small fee, depending on the coin being withdrawn.
The exchange protects user funds and data using 2FA, advanced API key permissions, and the storage of 99% of funds in cold storage.
Pros
- Easy-to-use interface
- Impressive staking protocol for PoS coins
- Highly liquid order book
- High leverage for derivatives trading
- Unlimited withdrawals
Cons
- Higher costs for card transactions
What is Holochain?
In a traditional blockchain, information is stored via cryptographic hashes across a distributed network. Each member of that network maintains a global consensus.
That is, each member independently verifies the network as a whole and maintains its integrity. This is one of the key advantages of blockchain technology over traditional tech.
This system, however, has some inherent weaknesses. Because the entire blockchain must be verified by each member of the network, scalability problems quickly develop.
The larger the amount of data being handled, the more restrictive the limit of transactions per second that can occur on the blockchain at any one time. This is part of the reason that some cryptocurrencies, namely Bitcoin, have such long transaction times and low limits.
What Does the Name Mean?
The developers offer several explanations for the name. Holochain’s system resembles a hologram, in that a coherent whole is pieced together from individual components the same way light beams interact to create a 3-D pattern. Additionally, the tech utilizes holistic patterns for its functionality.
How Does the Public Portion of Holochain Function?
In the Holochain system for distributed applications, each member or agent of the chain need not maintain a running record of the public blockchain as a whole.
Rather, each agent maintains a singular blockchain that interacts with that agent’s unique cryptographic key. Picture a river, which represents the public portion of that blockchain, being fed by a number of smaller streams, representing the individual agent blockchains.
If one of those agents happens to go offline, they in essence fork away from the main blockchain. The integrity of the data contained within, however, is preserved.
How Is Data from Individual Chains Accessed in the Public Space?
Rather than requiring each agent to maintain an entire copy of the whole blockchain, the central blockchain institutes a series of rules that verify the data on each individual blockchain on a distributed hash table.
What this means in practical terms is that data on individual blockchains is not lost when that agent turns off their computer. A limited copy is kept on the public blockchain and verified according to set rules.
Holochain’s FAQ section likens the system to the way that DNA is stored in living cells or languages are stored across populations.
“Where is the English language stored?” the Holochain developers wrote. “Every speaker carries it. People have different areas of expertise or exposure to different slang or specialized vocabularies. Nobody has a complete copy, nor is anyone’s version exactly the same as anyone else, If you disappeared half of the English speakers, it would not degrade the language much.”
How Many Transactions Per Second Can Holochain Handle?
This question needs to be approached a tad differently than it would be on traditional blockchains.
The short answer is “unlimited.” The long answer is that transactions per second are basically meaningless due to Holochain’s nature.
Instead of maintaining a single global consensus, Holochain’s distributed hash table maintains a record of the essential type and validity of data contributed by individual blockchains.
The developers liken this protocol to a dance style. You can look out over a crowded dance floor and immediately tell who is doing tango and who is break dancing. How many folks can be dancing at one time? As many as the dance floor can handle.
There’s no need for a central trusted third party – or even a global blockchain – to keep track of each individual dance move performed.
“So, Holochain as an app framework does not pose any limit of transactions per second because there is no place where all transactions have to go through,” the developers wrote.
“It is like asking, ‘How many words can humanity speak per second?’ Well, with every human being born, that number increases. Same for Holochain.”
What Kind of Dapps Are a Good Fit for Holochain?
Holochain lends itself to systems that require many individual inputs with a sort of limited copy available to everyone. The most immediate use case is for social media platforms.
Holochain also recommends its tech for supply chain management, cooperatives, peer-to-peer platforms, collective intelligence, and reputational or mutual credit cryptocurrencies. This is largely due to the agent-centric nature of the platform.
That said, agent-centric networks are not a good fit for anonymous or private data sets, as each individual agent publishes to a shared distributed hash table. Holochain is also not optimized for hosting large files or running data positivist-oriented dapps, like most cryptocurrencies.
Holochain’s vision incorporates the theory of relativity – there is no absolute truth on the public blockchain, only the individual perspectives of each agent that fit together to form a larger whole.
What Languages Does Holochain Support?
Holochain itself is open source and written in Go. Go was selected for its ease of use and similarity to C.
Dapps written specifically for Holochain can be developed with JavaScript or Lisp, with support for front-end systems using CSS, HTML, and JavaScript.
The developers added that Holochain is relatively flexible when it comes to handling new languages, so there is potential for growth on that front.
Is Holochain Environmentally Friendly?
Holochain bills itself as an environmentally friendly alternative to traditional blockchains.
Because there is no need for each individual agent to store and validate the global blockchain, Holochain only consumes a fraction of the bandwidth of traditional chains. Holochain also does not have a mining component, so there’s no electricity or processing power spent on proof-of-work calculations.
How to Buy Holochain HOT on Binance
This broker offers low fees, high liquidity, a wide range of crypto offerings, top-notch security, and in-built wallet functionality. To get started seamlessly, follow these detailed steps:
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
1. Sign Up
Visit eToro and click on the ‘Start Investing’ visible in the middle of the home page. This will redirect the investor to a registration page where they must enter a username, email address, and a strong password.
They can skip this process and sign up by connecting to a Google or Facebook account.
2. Verify ID
As a regulated broker, eToro requires that investors complete a know-your-customer (KYC) process on eToro. This process enables them to unlock this broker’s full trading features and functionalities. To get started, click on the newly created profile icon and proceed to select the ‘Verification’ icon. Once done, upload a valid ID card. This could be in the form of a driver’s license or any government-issued identity card.
Investors will also be asked to submit a recent utility bill or bank statement to validate their addresses.
3. Deposit Funds
Once the verification process is complete, investors can proceed to initiate a deposit on their newly created eToro account. Click on the action tab, select ‘Deposit Funds’, choose a payment channel, and input the investment amount.
Investors in the UK and US can invest with a minimum deposit of $10 with cards and a minimum deposit of $500 for bank transfers. Once done, tap on the ‘Deposit’ icon to place an order.
Holochain Wallets
Software Wallet
Hot wallets, also called software wallets, are one of the most popular cryptocurrency storage options. They are always online, hence the affiliation with the ‘hot’ tag. Investors can easily get a hot wallet once they open an account with a crypto exchange. This allows them to store and manage their private keys, which prove their ownership of their assets to the blockchain network. Hot wallets are usually more convenient for everyday crypto transactions and can be custodial or non-custodial.
A custody wallet is responsible for storing assets to an exchange or a third-party platform. The user only places an order for a transfer or receipt, and the exchange signs off on the transaction, much like the traditional banking system. Meanwhile, a non-custodial or self-custody wallet gives the full responsibility to the end-user.
Hot wallets are usually free, but they are largely considered less secure due to their constant internet connectivity. An instance of a hot wallet is the Binance Wallet.
Hardware Wallet
A Hardware wallet is a device which has been created to provide an extra layer of security when interacting with your various cryptocurrency wallets.
Normally you would use your private key to move funds, the problem is though, if your computer has been compromised with malware or a virus, it is possible for your private keys to be captured and used to steal your funds.
With a hardware wallet, the private keys are stored on the device and never exposed to your computer, which means even if you are infected with such a program your private keys will remain safe. These options are safest way to store your crypto if you have more than a small amount.
Popular examples of cold storage offerings are the Ledger and Trezor line of hardware wallet solutions, read our reviews:
Mobile wallet
A mobile wallet is essentially a hot wallet on a smartphone device. They offer users an even more convenient way to use their coins for daily activities. Mobile wallets store and manage users’ private keys while enabling them to pay for things they love with their digital assets.
These wallets are usually free and always online for transactions to be processed. Popular mobile wallets are eToro Money Wallet and Coinbase Wallet.
Desktop wallet
A desktop wallet is a PC version of a hot wallet. It is essentially software that an investor downloads into their personal computer or laptop for easy interaction with their digital coins. They also offer a browser extension which allows users to interact using an extension instead of downloading the entire software. Desktop wallets are also hack-prone due to their online nature. A popular example is the Exodus Wallet.
Paper Wallet
The paper wallet is arguably the oldest form of crypto wallet. They are no longer common in the modern crypto industry. It contains users’ public and private keys. The paper wallet is the least secure type of wallet as it can easily be lost, stolen, or torched.
Useful Links
- Official Website
- Official Blog
- Whitepaper
- Github
- Telegram
- Bitcointalk Announcement
- Coinmarketcap
The post Where to Buy Holochain (HOT) Crypto: Beginner’s Guide appeared first on Blockonomi.
