Holo’s native digital asset is HOT, which has been in the headlines after a popular 170% gain since October. Before the present crypto market fell off, this crypto’s price was raging high, breaking various resistance levels.
What is a HOT token?
HOT operates on a distributed ledger called Holochain. Holochain is a decentralized application network that enables users to send payments around the world with minimal entry barriers. People who support the network infrastructure are rewarded with HOT tokens.
Web3 offers various alternative systems for distributed ledger technology (DLT) beyond blockchain. Although Bitcoin (BTC) laid the foundation for blockchain, decentralized ledgers have evolved in many ways for various reasons.
Tech Behind the Holochain
Holochain technology differs from blockchain technology at its core and that’s why Holo describes itself as post-blockchain tech.
Holochain and blockchains are different types of distributed ledgers, meaning they are decentralized databases that publicly, openly, and immutably record information.
Holochain is one of the most exceptional variations of DLT. It aims to introduce an infinitely scalable Web3 ecosystem using a technology that is entirely different from traditional blockchains, despite sharing many of the same underlying characteristics.
It is an open-source ledger like blockchain, which ensures the trustworthiness of its code base and full transparency. However, there are no blocks mined in Holochain’s distributed ledger, and each node maintains its record of transactions. This system enables every node to verify transaction orders independently, making it significantly more scalable than other systems.
Blockchains typically rely on the whole network of nodes reaching a consensus before confirming transaction orders. This is true for Bitcoin (BTC) and other PoW chains, as well as Ethereum (ETH) and PoS chains.
The longest chain, which is the one with the most successive confirmations from all nodes, is considered to be the correct chain that future blocks of transactions are committed to.
The Holochain system is vastly different from that. In the Holochain distributed ledger, nodes can independently confirm transactions. Each node maintains its copy of the ledger and utilizes the network protocol to determine transaction validity.
Transaction validity is then confirmed retroactively and shared across the network. Any malpractice results in the guilty node being placed on a blacklist, which protects the wider ecosystem’s integrity.
Technical Analysis and Prediction of HOT Coin Price
At press time, the HOT price is falling, this is the impact of the possible bitcoin ETF disapproval news. However, the coin has touched the major resistance level of $0.00272 after its surge in October.
That is a major resistance level. If the bullish investors can reclaim the current support level of $0.001763, it is expected that the coin will rise back up to the resistance level of $0.002725. There is another weak resistance at $0.002206, which is likely to be broken if the bullish momentum is high enough.
Conclusion
Holo’s digital asset HOT gained 170% since October, which made it popular. Holochain is different from blockchain, as its nodes can confirm transactions. Bullish investors may reclaim the support level, with the coin expected to rise to the resistance level of $0.002725. It made a 52% gain.
Technical Levels
- Support Levels: $0.001763 and $0.000986
- Resistance Levels: $0.002206 and $0.002725
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
Source: https://www.thecoinrepublic.com/2024/01/08/hot-price-investors-shouldnt-miss-the-potential-of-52-gain/