In the proposed model, each cortical minicolumn possesses a complete copy of the memory characteristic of the entire cortical zone to which it belongs. Hence, the cortex has holographic properties, where each fragment of an information carrier contains not just a part of the information but a complete copy. It is argued that each minicolumn encodes the new information using its own interpretation. Such transcoding is equivalent to considering the source information in a particular context. The model suggests that the cortex zone is a space of possible contexts for interpretation. The presence of a full copy of the memory at each minicolumn allows to determine which context is most suitable for interpreting the current information. Possible biological mechanisms are discussed that could implement the model components, including information processing algorithms that enable high computing power.