Holo (HOT) is a peer-to-peer hosting platform that leverages distributed computing power to host decentralized applications (dApps) without relying on traditional blockchain technology. It aims to create a bridge between the decentralized world and the centralized web, offering a scalable, secure, and energy-efficient alternative to traditional hosting models. The platform rewards users who contribute computational power with HoloTokens (HOT), which can be exchanged for HoloFuel in the future.
Holo (HOT) is used in several ways within the Holochain ecosystem:
Incentivizing Network Participation: HOT tokens are used to incentivize users to participate in the network by hosting decentralized applications (dApps). Users who provide computational power and storage for these applications are rewarded with HOT tokens.
Payment for Hosting: HOT tokens can be used as payment for hosting apps on the Holochain network. This allows developers to access the necessary resources for their applications while ensuring that hosts are compensated for their contributions.
Future Conversion to HoloFuel: HOT tokens are placeholders for HoloFuel, which will be used for microtransactions within the network. Once HoloFuel is launched, HOT tokens can be exchanged for HoloFuel at a one-to-one ratio.
- Security and Validation: HOT tokens play a role in securing the network by validating transactions and ensuring the integrity of the Holochain.
Overall, the HOT token is integral to the functioning and growth of the Holochain ecosystem, facilitating the development and deployment of decentralized applications while incentivizing user participation.
To store Holo (HOT) tokens, you can use several options:
- Ledger Nano S: As HOT is an ERC20 token, you can store it on your regular Ethereum address using a Ledger Nano S.
- Trezor Wallet: You can also store HOT tokens on a Trezor wallet, as it supports Ethereum and ERC20 tokens.
- Guarda Wallet: Guarda offers a secure and user-friendly platform for managing HOT tokens. You can create a Holo wallet on Guarda, which supports desktop and mobile devices, and store your tokens securely.
These options provide secure and user-friendly ways to manage and store your Holo tokens.
To buy Holo (HOT) tokens, you can follow these steps:
Using a Centralized Exchange (CEX)Choose a CEX: Select a reliable and trustworthy crypto exchange that supports Holo (HOT) purchases, such as KuCoin, Binance, or CEX.IO.
Create an Account: Enter the required information and set a secure password. Enable two-factor authentication (2FA) for added security.
Verify Your Identity: Complete Know-Your-Customer (KYC) verification, which may require photo identification and other information depending on your nationality and region.
Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment method.
Buy Holo (HOT): Use your added payment method to purchase Holo (HOT) directly with fiat currency if supported, or first buy a popular cryptocurrency like USDT and then exchange it for Holo (HOT).
Choose a Wallet: Select a reliable and reputable crypto wallet that supports Holo (HOT) purchases.
Download and Create a Wallet: Download the wallet app and create a new wallet address or import an existing one. Make sure to write down the seed phrase and keep it secure.
Buy Holo (HOT): Purchase Holo (HOT) using a supported payment method. If the wallet does not support direct fiat-to-HOT purchases, you can first buy a popular cryptocurrency like USDT and then exchange it for Holo (HOT).
- Paybis: A global exchange that allows buying Holo (HOT) with a credit or debit card, offering competitive fees and services to residents from over 180 countries.
- WazirX: India's largest cryptocurrency exchange, part of the Binance Group, offering Holo (HOT) trading opportunities to clients worldwide, except for USA residents.
- Kriptomat: A European exchange that allows buying Holo (HOT) with a credit/debit card or bank deposit, offering a quick and secure process.
Remember to check fees, security, and supported payment methods before making a purchase.