Say hello to your new currency: HoloFuel
I don’t know about you, but I’m getting fed up with my bank.
It’s a relationship I’m in because I was told a story many years ago. Growing up, my bank taught me about “savings” and gave me a cartoon-shaped coin-bank known as a Dollarmite. In doing so they successfully convinced me they had my back.
As a naive and under-informed young adult, I believed this narrative. I believed that one of their financial products was the safety net I needed. I genuinely felt my bank had my back, regardless of whether I fully understood the terms of the agreement.
I’m talking about a small personal loan that I’m still paying off to this day. Finally, I can see the light at the end of the tunnel.
A dark tunnel that I will NEVER enter again.
I can only imagine what it feels like to have a mortgage.
It took me a while to realise that my obligations outweighed the value of my initial windfall. The appeal of loans luring individuals into long-term agreements is what is very wrong with our financial world.
Billions of individuals are in this position.
When the repayment becomes impossible, the bank doesn’t have our backs. Perhaps they will exercise some flexibility, but if you can’t make the re-payment, expect to be hearing from debt collectors.
This is all part of a far bigger network of global financial exchanges that I do not wish to support.
A large number of banks invest in fossil fuels which has led to campaigns calling for divestment. Divestment isn’t so straightforward when you have repayments owing to your bank.
This is an example of the kind of industry my bank is investing in that I wouldn’t invest in myself.
By participating in this financial system, I am enabling the whole system. One that sporadically moves up and down whilst bankers on Wall Street play with it like they’re at a casino. The global financial system makes me sick.
I want out.
And why shouldn’t I? After all, just like my friendly Dollarmite friend taught me, it’s my money.
We are seeing everyday people exchanging value through sharing and barter networks through social media. We are also seeing the dominance of smartphones and their associated apps shaping our lives; from business and household organisation; to meditation and mindfulness; to learning and creating; not to mention gamification and ventures in the transactional space.
And of course, the rise of cryptocurrency showed us new possibilities in creating alternative transactional spaces out of computing systems. What the dominant “crypto” (cryptography) projects of the initial wave failed to do was create an alternative that operated markedly differently from the existing financial system.
HoloFuel is your new currency. HoloFuel is the currency you will use and earn on the Holo network.
Holo is a crypto (cryptographic) network, meaning that it is powered by cryptography: encrypted information that holds the data relating to all transactions. In the Holo network, which is powered by a technology called Holochain, a transaction is an exchange between two individuals.
This means it is a Peer to Peer (P2P) cryptocurrency. This allows for a powerful accounting system capable of performing billions of daily micro-transactions.
What makes this network so powerful is that the capability of performing such a vast amount of micro-transactions is enabled by you and every other person using this Peer to Peer network. This means that you and everyone else can actually replace the role of banking as we know it. You contribute to the network’s computing power by having a device known as a HoloPort. Through this you earn HoloFuel.
HoloFuel is created by providing hosting services to the network with your HoloPort. This is a new paradigm in hosting capability. Remember those big rooms of servers at your old job? Your HoloPort eliminates the need for servers to exist and you get paid for it.
Exchanging HoloFuel for hosting services creates an asset-backed currency that creates value for the HoloFuel you earn.
Instead of companies like Facebook and Google owning your data, you own your own data. You’re able to decide which applications get to use your data. If you decide you don’t like the direction that an app goes in, you can take your data and choose to use another app.
This is the beginning of the new Internet that is owned by you and everyone that uses it.
HoloFuel is different from anything that has emerged from the cryptocurrency world so far. While other cryptocurrencies create tokens from nothing using excessive computing power, Holofuel provides scalability, transparency, and accountability without the environmental costs.
As the value of HoloFuel is connected to the computing capacity of the network of hosts, it offers value stability because it isn’t subject to huge spikes and crashes the way other speculative tokens are. For these reasons, HoloFuel is the currency that offers the greatest potential to re-shape the digital transaction space. By embracing HoloFuel as your new currency, you play a very important role in shaping and building this network and our distributed future.
The network isn’t just about currency, it’s about what will become possible through a distributed network of information sharing. HoloFuel as currency plays an important part in distributing the benefit of the network.
This is a very different concept from our current financial system. By empowering individuals to provide the network with the digital infrastructure required to run such a system, Holo has the potential to scale globally. It’s a distributed approach so it can never become hierarchical in structure. This means there are no banking sector CEOs or Wall Street gamblers funneling value out of the system. Your transactional exchanges will be taking place in a system separate from all of that, so you can finally kiss your bank and their annoying hold music goodbye.
I am looking forward to the day when I can operate entirely on HoloFuel, knowing my contribution is empowering all sorts of distributed network creators who, like me, want to see a distributed and shared wealth of resources and abundance for everyone.
It should be noted that while this technology is currently in development, a token exists which will be exchangeable for HoloFuel and this token is called HOT. When HoloFuel commences Beta testing, HOT will be exchangeable for HoloFuel.
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Another way you can support my work is by donating HOT (Holo) tokens to the below address: