HOT Protocol Project: Innovations, Goals, and Team
Tags: cryptocurrency, hotdao, mining, review
Published: 2024-06-19 06:32:47

HOT Protocol Project: Innovations, Goals, and Team

HOT Protocol is an ambitious cryptocurrency project built on the NEAR blockchain, offering innovative solutions in digital assets and finance. Let’s explore what this project entails, its goals, the team behind it, and the latest developments.

What is HOT Protocol?

HOT Protocol is a decentralized platform that allows users to create, store, and trade digital assets, including NFTs. The project combines high security standards with a user-friendly interface, making it accessible even for newcomers to the cryptocurrency space.

Key features of HOT Protocol:

- MPC Wallet: A wallet that splits the private key into multiple parts for enhanced security.
- HOT Accounts: Accounts with distributed private keys, allowing for passphrase changes and enabling two-factor authentication (2FA).
- Cross-Chain Gas: Capability to conduct transactions on any network using HOT tokens as gas fees.

Project Goals

Expanding User Capabilities:

- Support for EVM-compatible networks: such as Ethereum, BASE, Arbitrum, and Optimism.
- Integration with other blockchain platforms: including Solana, TON, and Bitcoin.

Security and Staking:

- Staking mechanisms: for HOT tokens, allowing users to earn rewards for holding coins.
- New security features: Implementation of two-factor authentication (2FA) and passphrase change options.

Trading on WhiteBit:

HOT is already traded on WhiteBit, with a daily trading volume of around $2 million. Compared to TWT futures on Binance, which have a volume of $5 million per day, HOT on Binance could potentially have a much higher trading volume.

Forecast and Potential of HOT

- Market Capitalization: It is predicted that HOT could reach a market cap of $1 billion. With 100 million tokens in circulation, the price could exceed $10 per token.
- NEAR and HOT: NEAR Protocol has announced Chain Abstraction, which could significantly change the Web3 landscape, impacting HOT's future development.

Cross-Network Gas Relay:

- Transaction Facilitation: Enabling transactions across networks and HOT token transfers for greater flexibility and user convenience.

Team and Founders

HOT Protocol is developed by a team of experienced blockchain developers and enthusiasts. Key team members include:

- Petr Volnov: One of the founders and lead developers with significant experience in Python and Solidity. He is also the founder of HERE Wallet for NEAR and actively contributes to the NEAR ecosystem through GitHub and social media.

Latest Developments

Recently, HOT Protocol has achieved several significant milestones:

- Support for new blockchains: The project is actively integrating with new blockchain networks, significantly expanding its capabilities.
- Launch of new security features: Introduction of two-factor authentication and passphrase change options to enhance user security.
- Developer interviews: Petr Volnov and other team members regularly participate in interviews, discussing new achievements and future plans, providing insights into the project's direction.

HOT Mining

HOT mining began in February 2024 and will continue until September-October 2024, providing an opportunity for users to participate and earn HOT tokens.

Addressing HOT Wallet's Drawbacks

Disclaimer: Not participating in the HOT Wallet project may be a significant oversight for many, as the project is worth every minute of your time and more. For example, the project is seven times older than NOTcoin and, unlike other projects, has ready solutions for 90% of potential issues. There are no other contenders for the "throne."

Today’s discussion focuses on analyzing HOT Wallet — one of the most talked-about topics in the crypto community. While many praise its innovations and capabilities, it’s important to consider some drawbacks that could impact your experience with the platform and its future.

Weak Marketing: Despite being a pioneer, HOT's audience is smaller than some weaker projects. This may indicate a less active marketing strategy or a deliberate choice of a higher-quality, but smaller audience.

New User Onboarding: Although the onboarding is eased with quests that earn users 6+ HOT, many new users still struggle to understand how to use the wallet. More guides and instructions could significantly ease the entry process.

Reward System: The philosophy of equal chances in claiming rewards is good in theory but causes dissatisfaction in practice among users who don't understand why some succeed in claiming rewards while others do not. A model like Binance NFT’s could reduce negative feedback.

Token Burning: While the burning mechanism is effective, reducing the number of available tokens is always a plus. It might be worth reconsidering the commission sizes for village-to-village transfers. Migration won’t decrease, but additional tens of thousands of HOT will burn forever.

Lack of Self-Promotion: It’s important not only to perform well but also to communicate achievements. The HOT team should more actively share successes to build trust and expand their audience. While avoiding excessive self-praise like the NOT team, it's necessary to highlight their achievements frequently.

Limited Interactivity in HOT Wallet: Despite all wallet products being free, HOT Wallet faces a lack of interactivity. Most actions within the wallet are about changing, transferring, etc., requiring a certain balance. While this is a good audience filter, it might be unwise to dismiss potential users aged 14-18 and others who currently can't or don't want to fund their wallets. Many of them are well-versed in cryptocurrencies but can't maintain an active balance. Providing these users a chance to explore HOT Wallet products could be an investment in the future, yielding dividends in 2-5 years.

Conclusion

HOT Wallet offers many opportunities and is the best product launched on Telegram, but like any innovative project, it faces several issues that need to be addressed on the go. Understanding these nuances will help you use this tool most effectively and avoid potential disappointments. You didn't see a point about listing dates here. Why? I have repeatedly written that the end-user benefits from postponing the listing, allowing the team to prepare a more refined product and secure new important partnerships, which will also affect the HOT token price.

If you want to join HOT mining, visit the [Telegram bot](urhttps://t.me/herewalletbot/app?startapp=595470l)