Resisting the Bear Market but ITS NOT a Blockchain!
The Holochain (HOT) utility token has enjoyed a strong start to 2019. Defying the larger bearish trends of the crypto markets, HOT has rallied over 50% since the start of January after a string of positive developments.
Relatively unknown in comparison to other popular digital assets, Holochain launched in early 2018 after a successful ICO.
Reminiscent of the 2017 mania phase, the hype with Holochain has sparked the interest of the cryptocurrency community, not only because of its extremely low price and its current price breakout, but also because of what Holochain is trying to achieve.
The Holochain network IS NOT a blockchain; its aim is to enable and host scalable applications (hApps). Due to high levels of excitement, some speculators have even begun to label it with the “Ethereum killer” title, which was originally bestowed to EOS!
What Triggered the Price Explosion? Mainnet Launch and Developer Updates…
A major factor in the price spike was the increased probability and confidence of a fully functional mainnet being ready for operation.
The HOT token was originally launched as an ERC-20 token that runs on the Ethereum protocol. Following a recent announcement on Medium, the HOT token is now scheduled for a token swap/migration to Holo fuel (at a ratio of 1:1), which will run on the beta mainnet and power the ecosystem.
As stated in the image below, the scheduled releases of the new testnet and mainnet begin “as soon as” February 2019, with the TOKEN SWAP only happening once the beta mainnet is released to the public.
On top of this, a bundle of updates have already been achieved, including patches on software vulnerabilities and more efficient interfaces for linking the Holochain network to other Internet of Things devices and applications.
“HTTP is well supported by almost all languages and frameworks (even bash scripts); this extends your options for connecting Holochain to other local things, such as GUIs, system scripts, other apps, and IoT devices.” – Holochain Developer blog
As stated earlier, Holochain has been one of the lesser-known projects in the sector. Several months ago, rating agency Weiss Ratings mentioned Holochain’s HOT token in a report and on social media. This attracted huge amounts of attention and awareness to Holochain prior to the end of 2018.
Whether or not Holochain becomes an “Ethereum killing” success remains to be seen. The project has an active development team and community with an ambitious roadmap, and all eyes will likely be on the beta mainnet launch for the coming weeks and months.
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.