Holochain's status in 2026, and what they learned from crypto capital and its failures (as well as their own): Cameron Burgess et al. : 2026, wiki.p2pfoundation.net/Holoc… < " we’re still here, and we’re still building. The code is in the repositories, the protocol is stable, and the infrastructure runs. We haven’t delivered at the scale or on the timeline we hoped and promised. But we haven’t stopped. " > Cameron Burgess et al. : "We raised significant ICO money in 2018, listed the token on exchanges to give it liquidity, and got caught in exactly the dynamics this paper criticises. After years of delays, we were relegated — in some people’s minds — to the same scrapheap as EOS and a thousand other projects that promised the world and struggled to deliver. We understand why. We made timeline commitments we couldn’t keep. We got too internalised — too consumed by the social, economic, and technical gravity of what we were building and the organisational weight of building it — and over time we began to lose the orientation toward service that the entire project embodied at the start. We’re not insulated from that critique. We’re directly implicated in it. What we don’t accept is the category. We used the financial machinery of 2018 because it was the only machinery there was — if you needed capital to build, you issued a token, and tokens attract speculators no matter what they were sold to do. But we were never building a better blockchain, or making another wager on the same architecture. We were building the web 3.0 that the prevailing crypto industry architecture claimed to be, but could never become by design. The infrastructure we’re now shipping is what makes the machinery we had to use unnecessary. That being said, we’re also one of the very few early ICO projects that are still operational. HOT, the ERC-20 token from our 2018 ICO, peaked at $0.03 in April 2021 — a moment when the notional value of our treasury touched $284 million, and it would have been easy to read that number as a measure of success. It wasn’t. It was part of the speculative tide that lifted the entire sector, and it receded just as fast. Today HOT trades around $0.0004. That’s also an almost 99% decline from peak. We’re not telling you this because we think you haven’t noticed. We’re telling you this because it’s the same story as EOS, Filecoin, Bancor and Tezos — all of which raised eight to ten times what we did and now sit at tiny fractions of their all-time highs. And it isn’t a story about who shipped and who didn’t. Filecoin built working decentralised storage; Internet Computer put live infrastructure in the market. Both still fell more than 99% from their 2021 peaks. The price tracked the asset class, not the delivery — which is exactly the dynamic we’re describing. It’s the same story as the majority of projects in this space, and if we’re going to ask you to pay attention to what we’ve built, we have to stand inside that economic reality without flinching. One critical difference is that we’re still here, and we’re still building. The code is in the repositories, the protocol is stable, and the infrastructure runs. We haven’t delivered at the scale or on the timeline we hoped and promised. But we haven’t stopped. And that distinction is about to matter." (decent.holoventures.io/01-th…)

(not all tokens are meant for market exchange, there are non-market tokens) A concept you should know about: * Current-Sees, Reacting to our latest substack article, Gamily Life writes: (4thgenerationcivilization.su… "Any tokenization is by all means a market approach. There is no market without tokens. It's like fighting fire with fire. For me any movement, idea, concept should be first and foremost open to debate and critique. If it neglects that and simply aims for expansion it's 100% faux." Our answer: There is no market without tokens, but there can be plenty of tokens that are not meant for market exchange. The basics: There can be tokens without markets. The statement that "any tokenization is by all means a market approach" conflates two distinct concepts: tokens as symbolic systems for tracking and coordinating value flows, and markets as specific institutional arrangements for exchange. The Holochain project, and specifically the concept of "current-sees" developed by its founders, provides a robust counterexample. * What Are "Current-Sees"? The term "current-see" is a deliberate play on the word "currency." It was coined by Arthur Brock, a lead visionary behind Holochain, through his earlier Metacurrency Project. The core idea is that currencies are not fundamentally about money. As Brock puts it, "Currencies are not just about money. That's like a fingernail on the animal of currencies". Instead, a current-see is any symbolic system that makes flows of value visible, shapes them, and helps to organize them—whether those flows are tangible (goods, services) or intangible (care, reputation, contributions). The purpose is to "see" and "shape" the current of value in a system, not necessarily to price it for market exchange."