Holochain Supports Decentralized Applications and Payments

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Holo (HOT) is a groundbreaking decentralized application network that distinguishes Holochain from traditional Blockchain networks. In this article, you can find answers to two frequently asked questions: What is Holo (HOT), and how to buy Holo (HOT) with TRY.

What is Holo (HOT)?

Holo serves as the main network asset for Holochain, a decentralized application network that enables high-speed, low-cost transactions globally. While it has similarities with traditional Blockchains, Holochain operates on a different principle where each node maintains its own transaction record instead of relying on a central consensus mechanism. This approach promotes transparency and scalability within the network, making it an attractive option for decentralized applications (dApps) and payments.

HOT plays a significant role in the Holo ecosystem, serving as the primary exchange medium for transactions and encouraging users to contribute computing resources through Holo Hosting. Users providing hosting services for dApps on the network receive HOT coins as rewards, creating a self-sustaining ecosystem where participants are incentivized to contribute to its growth and functionality.

Holochain technology distinguishes itself from traditional Blockchain networks by using a distributed hash table (DHT) for consensus on transaction order. Unlike Blockchain networks where all nodes must agree on transaction validity, Holochain allows nodes to independently validate transactions. This approach not only enhances scalability but also ensures network integrity by quickly detecting and penalizing any malicious behavior.

Holo Hosting is a fundamental aspect of the Holochain ecosystem, enabling dApps to operate without relying on centralized servers. Users contribute computing resources to host dApps and earn HOT coins in return. This distributed hosting system promotes decentralization and flexibility while offering users opportunities to participate in the network and earn rewards.

The main network asset of the Holo ecosystem, HOT coin, facilitates transactions within the network and encourages users to interact with Holo Hosting. Beyond its role in transactions, HOT coin serves as a mechanism to reward network participants and support the growth of dApps on the Holochain network.

Holochain’s architecture offers unique scalability and efficiency compared to traditional Blockchain networks. With each node maintaining its own ledger, the network can handle numerous transactions without congestion or bottlenecks. This scalable design allows Holochain to support unlimited throughput, making it a promising platform for the development of dApps and payments.

How to Buy Holo (HOT) with TRY?

Binance TR is the most suitable cryptocurrency exchange for investors in Turkey looking to buy Holo (HOT). On Binance TR, where accounts can be quickly created, over 100 cryptocurrencies, including HOLO, can be bought and sold. To buy Holo (HOT) with TRY on Binance TR, you can follow the steps below.

How to Open an Account on Binance TR?

Opening an account on Binance TR is quite easy. You need to go to trbinance.com and continue from the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.

After entering the requested information completely and accurately, email/sms verification will be done to confirm and verify the information. After completing this process, you will proceed to the second step, identity verification (KYC).

How to Verify an Account on Binance TR?

Identity verification on Binance TR is one of the security procedures that must be performed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process either from your phone or through the official Binance TR website. Note that you will need your mobile phone to perform identity verification from the website.

On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, a QR code will appear, which you need to scan with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on “Copy URL” to have the identity verification address sent to your phone via SMS.

When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. First, tap on the “Identity” option to continue.

Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you.

After selecting the document type, tap on the “Upload Front” option to continue. After taking a photo of the front side of the document according to the selected document type, tap on the “Upload Back” option and take a photo of the back side of the document and upload it. Ensure that the images are clear and the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.

Then tap on the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible after the camera opens.

After completing all these steps accurately and completely, your identity verification process will be completed shortly.

How to Deposit TL on Binance TR?

You can easily deposit TL to your Binance TR account from all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, Türkiye Finans accounts. For other banks, you can deposit up to 50,000 TL 24/7 with FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.

To deposit money into your Binance TR account, first go to the “Wallet” option at the top left of the homepage on trbinance.com and click on the “Deposit” option from the drop-down menu.

Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.

In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can transfer money via wire transfer, EFT, or FAST. All you need to do is use the information displayed on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via wire transfer, EFT, or FAST.

After your bank completes the transfer process, the funds you sent will automatically reflect in your Binance TR account wallet.

How to Buy HOLO Coin with TL on Binance TR?

After the deposit process, you can proceed to buy HOLO coin with TL by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.

After clicking on this option, the following page will open. In the search section on the right side of this page, type “HOLO” and click on the HOLO/TRY option from the results to go to the TL to HOLO purchase page.

Now the following HOLO trading page will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy HOLO in the first box and the number of HOLO you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy HOLO” button.

What is Binance TR?

Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.

Binance TR offers trading services from fiat to cryptocurrency and cryptocurrency to cryptocurrency by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.

Users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functions through Binance TR.

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