BlockTalks x Hot Potato AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Hot Potato, on March 25th at 11.00 AM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by ATLAS, Community Representative at Hot Potato, so here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks
Q1. Could you please introduce Hot Potato to our community in layman’s term?
Ans —HotPotato is an innovative project with Rebase mechanism. It is a malleable base-money, which coexists with the community and adjusts its supply based on the number of effective holding addresses.
There is no maximum number predecided on supply of HotPotato.
The innovation is mainly reflected in the gameplay and no fixed number of tokens.
Q2. What are the advantages of Hot Potato to other alternatives in the Blockchain field?
Ans — There are mainly the following three aspects:
1. Great innovation
HP’s innovations can be reflected from its definition explanation: one is the token’s generation and distribution mechanism, the other is its modular development plan.
2. Ensure safety
There are five reasons why you can participate in our project with confidence:
1.The project is totally running on smart contract
2.Our assets will be locked for half a year
3.Nobody can appropriate funds
4.It is impossible to abscond
5.Project code will be open source after we launch online
3. Rich blockchain experience
HotPotato founders are Geek and enthusiasts of rebase mechanism. In addition, we recently made a product safety upgrade. They enjoy a high reputation and professional recognition in the industry. We believe that their security technology can provide a sufficient guarantee for the stable operation of the HotPotato mechanism!
Q3. What are the major milestones Hot Potato achieved so far & what are in the future pipeline?
Ans — Up to now, there are 5 things that are very important to us.
1. Initiate the project and determine the direction of the project.
2. Design and construct product framework
3. Develop and test to solve the problem of lightning attack.
4. Hotpotato has been audited by Certik, which is proved safe enough.
5. Start and determine the startup plan.
In the future, we will develop more application scenarios and products to adapt to HotPotato’s token application mechanism.
As is shown on our official website, the idea for these three modules (Stable coin, NFT, and DAO) is already in place, but the final shape of HP will be entirely up to the community.
Questions Asked on Twitter For Hot Potato Team!
Q1. I was able to read in the hotpotato medium that they exemplified the NFTs games with CryptoKitties, a blockchain game where users raise virtual cats and sell them for real money. And my question is, does HotPotato plan to adopt and mold this idea? I really think this type of game could get a lot of attention from the masses. Can you tell us what direction you want to take with the NFTs and what future plans do you have for them?
Ans — HotPotato innovatively combines Rebase with NFT. HotPotato’s Rebase mechanism is very innovative in the algorithmic stablecoin track, and it is likely to become a new hot project. Combined with the recent hottest NFT, it will bring more surprises.
HotPotato is a DeFi project with modular design. In addition to the current innovative rebase mechanism, flexible supply of tokens, liquidity mining, and Hot One pool, HotPotato will launch an NFT module soon.
HotPotato NFT is a BEP-721 standard NFT token with multiple values. In HotPotato product ecology, NFT will be endowed with different functions, such as combining algorithmic stablecoin modules to increase the weight of users to obtain currency.
The main difference between HotPotato NFT and other NFT projects is the unique features that it possesses when combined with DeFi. For instance, it adds usage scenarios such as airdrops, mining, auctions and transactions to NFT, which has the potential to attract new users quickly.
In addition to the mining and auctions mentioned above, another external form of HotPotato NFT is art collection, which means that it also has a collection value.
Furthermore, HotPotato NFT is also an identity in the HotPotato ecology. Besides representing different gains, HotPotato NFTs of different levels are also medals of honor for participants in the ecology. Holders can enjoy HotPotato ecological benefits through HotPotato NFT. During the development of HotPotato, any participant holding HotPotato NFT can enjoy HotPotato’s unfolding benefits including airdrops, dividends, community rewards.
Q2. How the pricing/value of HP will be determined? Doesn’t it looks very generic defi project our there in market in thousands?
Ans — A Centralized Financial system can be seasoned with unlimited offerings, while the total amount is predetermined in major blockchain projects. Whereas, in the case of HotPotato, the total amount is determined by the community. Hence, there will be no arbitrary issuance of HotPotato tokens, nor a cap on the total amount. It’s up to the community to decide.
We built this project based on our belief in pure decentralization and DAO. Hotpotato is born for the community and the DAO. It’s completely decentralized, there’s no pre-mining, there’s no pre-reservation. The price of hot potatoes and the number of tokens is entirely up to the community.
Every HP holder can trigger a rebase.
Once a rebase is activated by changing the number of holding addresses, it will affect all wallet balances.
HP’s innovations can be reflected from its definition explanation: one is the token’s generation and distribution mechanism, the other is its modular development plan.
HP’s malleability is reflected in the following two aspects:
1. The malleability of token’s amount: real-time issuance or deflation, the number of tokens changes frequently.
2. The malleability of token’s ecosystem: HP is a completely communalized base money, its primary principle is to realize fairness, justice and decentralization. Since HP needs to have rich application scenarios to reflect its value attributes, HP will develop stable coin, NFT and DAO modules in the follow-up development plan.
Q3. Because Hot Potato creates a sharing economy without third party, so in case of dispute between buyer and seller, how Hot Potato will solve?
Ans —First of all, you don’t need to worry about the lack of a third party to ensure transaction security.
I have introduced you before asking questions, HotPotato founders are Geek and enthusiasts of rebase mechanism. In addition, we recently made a product safety upgrade. They enjoy a high reputation and professional recognition in the industry. We believe that their security technology can provide a sufficient guarantee for the stable operation of the HotPotato mechanism!
Our system can ensure that users can conduct safe transactions.
You could count on HoyPotato for three reasons:
1. The project is totally running on smart contract;
2. Our assets will be locked for half a year;
3. Project code will be open source after we launch online.
In case of disputes other than transaction security, we will hand it over to the community to resolve.
Q4. What’s the unique rebase mechanism in Hot potato or it’s is just the same with other? How the mechanism is going to help us?
Ans —HotPotato is an innovative project with Rebase mechanism. It is a malleable base-money, which coexists with the community and adjusts its supply based on the number of effective holding addresses.
The number of HP owned by the holder changes with the total number of effective token-holding addresses, and the holder’s token number is automatically rebased.
Tokens are automatically rebased along with the number of addresses of the holders of the token. When the number of HP holding addresses changes, the system will also rebase the number of tokens for each holder accordingly, therefore the number of HP which the user holds is not a constant.
The specific mechanism is as follows:
In the HP system, the total circulation is n*100( n is the number of valid currency holding addresses). For every additional HP-holding address, the system will issue an additional 100 HP tokens. But the daily increase of tokens is divided into two stages of rebase:
Stage 1: When the number of addresses increased daily accounts for less than 5% of the initial number of addresses held in the day, additional tokens will be issued according to the number of addresses increased *100, and rebase to all addresses in proportion.
Stage 2: When the number of additional addresses exceeds 5%, additional tokens will still be issued according to the number of addresses exceeded 5%* 100, and all will be rebase to the Hot One.
Similarly, every reduction of one HP-holder address will reduce 100 tokens in the system.
Q5. In the tax mechanism they say that Hot Potato will take 2.5% of its tokens to carry out several rounds of rewards for its users. But after these bounty games or bounty giveaways are over, will Hot Potato continue with the 3% “gas” rate (2.5% + 0.5%)? Since 2.5% belongs to rewards
Ans —The bounty will continue. Therefore, the allocation mechanism will not change.
3% of each transfer in the network will be deducted as a gas fee, of which 0.5% will be used for the development, audit and iteration costs of the development team. And the remaining 2.5% will be allocated to the bounty pool.
This picture is a summary for everyone.
The specific bounty pool distribution rules are as follows:
Staking Pool: 30% of the bounty pool, used to reward liquidity mining users;
Hot One: 40% of the bounty pool, used to award the last valid address. To ensure validity, the order must be greater than 1BNB.
Recycle Pool: 20% of the bounty pool, will be distributed in the next round of Hot One.
Lucky One: 10% of the bounty pool. The user with the highest purchase price every 24 hours will get it.
This picture explains it more clearly.
In addition, if the proportion of HP tokens in the liquidity pool on BSC is less than 30% of the total, the ratio of the four prize pools will be adjusted to 60%:20%:10%:10%.
Questions Asked by our BlockTalks Community Members during live Session to Hot Potato Team!!
Q1. What benefits community members gain by joing HotPotato ?
Ans — HP team will reward people who joined presale before with NFT.
Holders of HotPotato NFT can enjoy HotPotato’s unfolding benefits including airdrops, dividends & community rewards.
Community members can gain benefits from increased token price and token amount, the prize of Hot One and daily Lucky One, and dividend from Staking Pool. It is worth noting that holding the token and stand also will benefit the community member since HP community will become larger and develop different module application scenarios.
Q2. It struck me that Hotpotato’s supply is unlimited, most Decentralized projects allocate a finite supply of tokens, why didn’t Hotpotato decide to do it this way? What is the difference ? And how does it benefit the ecosystem and the users to have an unlimited supply of tokens ?
Ans — There is no doubt that this new mechanism can connect us more closely with users.
The number of HP depends entirely on the valid holding address. It is a great attempt.
But I think that this mechanism can encourage token holders to remain optimistic about the value of tokens. A large number of transactions will effectively improve liquidity, and the value of our tokens will change accordingly. This new gameplay will definitely make everyone crazy.
Our tokens are automatically rebased along with the number of addresses of the holders of the token. When the number of HP holding addresses changes, the system will also rebase the number of tokens for each holder accordingly, therefore the number of HP which the user holds is not a constant.
Q3. I want to have a LONG TERM INVESTMENT with this PROJECT, but I’m in doubts right now, how can you convince and assure me this project is SAFE and PROFITABLE?
Ans — Many users ask whether our project can provide users with secure transaction services. It is very clear to tell everyone that we always put safety in the first place.
Although our gameplay is very innovative, like other projects, we have complete safety preparations.
First, the project is totally running on smart contract. And our assets will be locked for half a year. Besides, project code will be open source after we launch online.
Q4. All project’s coins have their main Utilities & real-life use! So, team can you tell us what the main role of your coin is in your ecosystem? Explain its Utilities & Real-Life use cases? and Why should i invest in your coin for the long term?
Ans — As is shown on our official website, the idea for these three and more modules (stable coin, NFT, and DAO) is already in place, but the final shape of HP will be entirely up to the community.
We are also considering many new gameplay attempts.
In terms of product innovation and improvement, we will also refer to the opinions of the community.
Lack of usage scenarios is an ongoing major concern in NFTs that has resulted in unsustainable use and lack of trust among users. Moreover, the absence of a corresponding mechanism to control the number of NFTs in the ecology has led to depreciation in the value of NFTs. This phenomenon has obviously led to dwindling enthusiasm in the market and consequently greatly reduced the number of participants in the market.
HotPotato has made improvements in this area, so as mentioned above, HP has many values.
In addition to the mining and auctions, HotPotato NFT is art collection, which means that it also has a collection value. Furthermore, HotPotato NFT is also an identity in the HotPotato ecology.
Q5. Do you think that the complications of a rebasing token are a significant barrier to entry for a new investor, especially one only wishing to track the growth of crypto market cap in their portfolio, and if so, do you have any plans to address it?
Ans — Yes, this mechanism makes Hot Potato do more complete and comprehensive work in system design, which has higher requirements than other projects.
But we are sure that the rebase mechanism has a lot of vitality. It’s not like traditional money is one dimensional, it’s two dimensional. This kind of high-dimensional currency has a lot of imagination. Please note that we are not simply repeating or simply innovating existing Rebase projects. Even algorithmic stablecoin are only one aspect of the Hot Potato application scenario. For example, satoshi’s original intention was to create a decentralized cash distribution mechanism.
Therefore, everyone can have confidence in us. In this interesting gameplay, Hot Potato must be able to go a long way.
Here are some important links of Hot Potato
🌎 Website: https://hotpotato.one/
📱Twitter: https://twitter.com/HotPotato_DeFi
📢 Telegram: https://t.me/Hotpotatoglobal
