Frequently Asked Questions
Q: I have questions that are not answered in the FAQ, where can I get answers?
A: You can ask our community for assistance by visiting our online chat rooms: https://chat.holochain.net.
Q: What are crypto apps?
A: Crypto apps are distributed applications secured by cryptography.
Q: Is there a Holo wallet?
A: Once Holo launches you will have your own identity, and your own source chain that your transactions in Holo credits are recorded to. You could say it functions as your wallet, but it is actually your account. Just like your bank account, the sum of your inbound and outbound transactions determines your balance.
Q: What wallet can I use?
A: We recommend myetherwallet.com for all non technical ERC20 sale participants. Your Holo account will be live and shipped to you with launch of the test network.
Q: How much “fuel” can one expect to earn from hosting?
A: The amount of fuel a host earns is dependent on both the supply of hosting infrastructure and the demand for it. While we can’t predict what that variable rate will be we can say that one’s potential for earning Holo fuel is directly proportional to the capacity of the device or devices you’re employing to support the network. Through this campaign we’re offering three such devices of different capacities — the HoloPort Nano: 2GB; HoloPort: 8GB; and the HoloPort+: 16GB.
Q: How can I mine Holo fuel?
A: “Mining” normally refers to the “proof of work” process in blockchain-based cryptocurrencies that results in a “miner” being rewarded with a crypto coin. Holo fuel is a mutual credit currency and is awarded when a user provides a valuable service, such as sharing their spare processing, storage, and bandwidth capacities. We call this process, “proof of service.” You can earn holo fuel by sharing computing power with other Holo users.
Q: Will there be any transaction fees?
A: Holo is a mechanism for the maintenance and growth of distributed infrastructure and will be charging a transaction fee of approximately ≤1% toward that end (far less than transaction fees in most systems). As the system develops, users will have an increasing say in how that money is spent. Our objective is to transition users of the conventional Web to a fully distributed Internet with Holo serving as the bridge.
Q: Can I start using my HoloPort right when it arrives in the mail?
A: Yes! But you’ll probably have to plug it in first 😉
Q: Do I have to purchase a HoloPort? Can’t I just run Holo on my computer?
A: Yes! Holo can be run on a variety of devices and we encourage users to join our community through any means at their disposal. However, our initial software will only be available for computers running Linux, such as the HoloPort. We will also offer IT support for HoloPorts. The HoloPort is also optimized for hosting the network and users maybe find it to be the easiest way to host the community and earn Holo fuel.
Q: What is Holochain?
A: Holochain is an alternative to blockchain which is faster and more scalable designed for running distributed applications
Q: Why use Holochain instead of blockchain?
- It’s faster: Since Holochain apps don’t have to sync everyone on the network for every little change that happens, they can run much faster than apps that use blockchains.
- It’s more efficient: Not needing to have everyone make a copy of every change makes Holochain exponentially more efficient and affordable. This means Holochain can be used for things that blockchain cannot address, such as accounting for microtransactions.2
- It’s scalable: Holochain can support applications with billions of simultaneous users thanks to its parallel architecture.
- It’s adaptable: Users can adapt apps and protocols to meet their needs.
- It’s extendable: Users can extend applications by linking them to other applications. Anything a user can read out of one app, they can write into another.
Q: When will Holo go on the Blockchain?
A: Never. Holo is built on Holochain, an alternative approach to blockchain which is faster and more scalable.