HOT

Overview of HOT

HOT, also known as Holochain, is a type of cryptocurrency that was founded in the year 2018 by Arthur Brock and Eric Harris-Braun. It's a decentralized application framework aimed at changing the paradigm of data-centric blockchains to an agent-centric system. In this type of model, every agent in the public blockchain maintains a private fork, which is managed and stored on the Holochain with a distributed hash table. This functionality differentiates it from other forms of cryptocurrency. HOT tokens are supported by various exchanges such as Binance, Bitfinex, Probit, and can be stored in wallets like MyEtherWallet, Ledger Nano S, and Trezor.

Pros and Cons

What Makes HOT Unique？

Holochain (HOT) introduces an innovative approach in the cryptocurrency space by advocating an 'agent-centric' model as opposed to the 'data-centric' model adopted by traditional blockchains. In an agent-centric Holochain, each node operates an independent blockchain, giving individual control over data and privacy. While the traditional blockchain stores all transaction data on a single ledger, leading to slow transaction speeds and scalability issues, Holochain allows each user to have their blockchain, leading to potential improvements in scalability.

Instead of operating on a consensus-based system like many other cryptocurrencies, Holochain uses a different approach where consensus is indirectly achieved by validating each transaction against the rules defined by each private blockchain.

How Does HOT Work？

Holochain, also known as HOT, operates on an “agent-centric” model unlike the traditional 'data-centric' blockchain model. The principle behind Holochain's operation revolves around a decentralized web platform without scalability issues associated with other blockchains.

In the Holochain system, each user, or 'agent', within the network has their individual blockchain called a holochain. The user's holochain holds the complete control of their data, creating a system where data is not necessarily stored on every node, but instead, proof of the data is distributed throughout the network. Each user's chain links to a shared Distributed Hash Table (DHT), where it validates transactions and data according to rules specific to each holochain application.

Exchanges to Buy HOT

Below, you will find a list of various exchanges that support the purchases of HOT, alongside the supported currency pairs and token pairs. Please note that this information can change frequently as exchanges can add or remove trading pairs. Hence, always consider checking the latest information from the respective exchanges directly.

1. Binance: Supports trading pairs with BTC, ETH, BNB, and USDT.

2. Bitfinex: Allows trading HOT with USD, EUR, and GBP, as well as cryptocurrencies like BTC and ETH.

3. Probit: Supports pairs with USDT.

4. KuCoin: You can trade HOT here with BTC and USDT.

5. LATOKEN: This exchange supports HOT traded with BTC and USDT.

How to Store HOT？

Holochain tokens (HOT) are built on the Ethereum platform, which means you can store them in any wallet that supports ERC20 tokens. HOT can be kept on different types of wallets, including online wallets, mobile wallets, desktop wallets, hardware wallets, and paper wallets.

For each type of wallet, it's crucial to consider factors such as ease of use, security, and what best suits your needs. However, it's generally recommended to keep significant amounts of cryptocurrencies in hardware wallets as they are considered to be the most secure.

Here are examples of different wallets where you can store HOT:

1. Online Wallets/Web Wallets: MyEtherWallet (MEW), a free, open-source tool for securely interacting with the Ethereum blockchain.

2. Mobile Wallets: Trust Wallet, a mobile wallet app that supports HOT and other ERC20 tokens.

3. Desktop Wallets: MetaMask, a desktop browser extension wallet for managing ERC20 tokens that can be installed on Chrome, Firefox, and Brave browsers.

4. Hardware Wallets: Trezor and Ledger Nano S. Both are hardware wallets, which are physical devices designed to secure cryptocurrencies. They allow you to store your tokens offline, offering the highest level of security.

Should You Buy HOT？

Purchasing HOT, similar to any cryptocurrency, requires a keen understanding of the market and awareness of its inherent risks. Please note that the information provided here should not be considered as financial advice but general guidance.

1. Blockchain and Crypto Enthusiasts: Those interested in the technology behind cryptocurrencies and their potential for disruption might consider purchasing HOT. Holochain's novel 'agent-centric' concept and potential to support decentralized applications (dApps) can be appealing for this group.

2. Long-term Investors: Those who believe in the future of decentralized applications and technology and are willing to hold on to their investments through market fluctuations might also consider investing in HOT.

3. Experienced Traders: HOT, like any other cryptocurrency, can be suitable for experienced traders who are aware of market volatility and understand the principles of buying low and selling high. They might have the tools and knowledge to benefit from short-term price fluctuations.

4. Developers and Technopreneurs: Developers creating dApps or technopreneurs seeking to utilize the Holochain framework in their projects may also invest in HOT tokens due to their potential future utility within the Holochain ecosystem.

FAQs

Q: What distinct characteristic does HOT present as compared to traditional cryptocurrencies？

A: Unlike traditional blockchains, HOT works on an agent-centric model where every user has their individual blockchain, improving scalability and transaction processing times.

Q: Can you name some exchanges supporting HOT？

A: HOT is supported on a range of exchanges such as Binance, Bitfinex, Probit, KuCoin, LATOKEN, and others.

Q: Could you specify wallets that are compatible with HOT？

A: HOT tokens can be stored in any wallet that supports ERC20 tokens, such as MyEtherWallet, Trust Wallet, MetaMask, Trezor, and Ledger Nano S.

Q: What is the primary use case for HOT tokens？

A: HOT tokens are used within the Holochain ecosystem to enable peer-to-peer application development and incentivize sharing of network and computing resources.

Q: Can you identify the market risks associated with investing in HOT？

A: Market risks for HOT include its relative novelty, dependence on successful dApp performance, the need for wider adoption, and risks associated with unproven technology.