Recapitulation of HOTPOTATO DEFI PROJECT AMA event held at AMA LOVERS CLUB.

Venue: https://t.me/amaloversclub
Date: Wednesday, 24th March, 2021
Time: 12:00 UTC

The HOTPOTATO DEFI PROJECT team was represented by @ATLAS_HP who judiciously shared with us detailed knowledge and information about HOTPOTATO DEFI PROJECT.

1st Segment: INTRODUCTION

Q1: Can you please introduce yourself and your background, also introduce the team working on HOTPOTATO?

ANS: We are a very young but ambitious team.

I'd like to introduce myself first.

I am a blockchain practitioner with more than 6 years of operation experience in the industry. The project was initiated by very experienced and professional DEFI and DAO believers, most of whom came from the original Ethereum technology community. The core developers have worked with Vitalik and have co-written several books on ethereum intelligent Contract development tutorials.

We built this project anonymously 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.

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.

Q2: Can you introduce HOTPOTATO, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?

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. 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.

In summary, the main differences between HotPotato and other tokens are the mechanism of token generation and distribution, and the modular development plan.

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.

In terms of ensuring safety, Hot Potatoe has the following advantages:

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.

Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?

ANS: About the top milestones,

1. Initiate the project and determine the direction of the project.

We think 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.

However, BTC price, speed and other reasons can no longer be used as currency in reality. Algorithm stable coin will be the optimal solution to realize Nakamoto's original intention.

Using the algorithm to anchor supply and demand. If user needs token, the algorithm will issue more. Shrink the market, the algorithm will lead to destruction of token.

2. Design and construct product framework

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 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.

3. Develop and test to solve the problem of lightning attack

Hotpotato has been audited by Certik, which is proved safe enough.

4. Start and determine the startup plan

2021Q2: Stable coin module launched

2021Q3: Improve the NFT module

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 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.

Q4: Can you give a detailed guide on how to Participate in the Token Sale?

ANS: Hotpotato is on the presale phase now.

In this presale phase, we used a whitelist mechanism to select our early investors. But the seats offered are rather limited. Only 160 places were available. HP do not accept a large adoption neither have multiple rounds of presales.

Because all 160 addresses participating in Presale are written into smart contracts that automatically issue tokens, all execution will be implemented by smart contracts, If multiple rounds of pre-sales are to be made, the contract will need to be modified, which can be risky.

And the initial pricing of HP is determined by the community based on the number of BNB raised and presale addresses.

For example, if 150 addresses participated in the presale and 450 BNB was raised, 15000 HP will be minted before online Pancake. Among them, 7500 (50%) HP will be distributed proportionally to all addresses participating in the presale, 6000 (40%) HP and 450 BNB will be allocated to Pancake's liquidity pool. And 1500 (10%) of HP will be allocated to Staking Pool and the Hot one at a ratio of 4:6, and the Staking Pool will release HP rewards linearly in six days.

And tomorrow (March 25th), HP will launch PancakeSwap.

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.

The native NFT token of Hotpotato is Hotpotato NFT, which can be obtained in the following three ways:

1. Participate in airdrop activities
2. Users who are deeply involved in our community can earn rewards
3. Provide liquidity.

Q5: Finally on this segment, Can you give an overview of your Tokenomics, and the UTILITY of the $HP token?

ANS: Total circulation: Holding addresses*100 (the token amount is changing according to holding addresses)

Initial token amount: 160*100=16,000(the final token amount will be ensured based on the actual number of investors in the presale)

Initial liquidity pool= Fundraising BNB: 40% of the total tokens, locked in liquidity pool for half-year

Burning rate: 3%

0.5% for team and 2.5% for reward pool(30% for Staking Pool,40% for Hot One,20% for Recycle Pool,10% for Lucky One

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.

HotPotato also added bounty pool gameplay on top of the rebase mechanism. 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 2.5% of each transfer in the network will be allocated to the bounty pool. The specific bounty pool distribution rules could be found in the previous picture.

Staking Pool: 30% of the bounty pool, used to reward liquidity mining users;

Hot One: 40% of the bounty pool, used to reward the last valid address before the countdown ends. To ensure validity, you shall purchase HP tokens amount 1BNB or more within the specified time.

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.

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%.

2nd Segment: LIVE Questions

Q1: 👁️‍🗨️Doing a research about hotpotato i couldn't find what are the goals of future plans of hotpotato defi, so can you give us a summary about the roadmap?
https://twitter.com/ZamoraJoana/status/1374537608936755200?s=20

ANS: Fine, in 2022 HotPotato will continue to empower HP and improve the ecology.

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.

Q2: With a rebase mechanism where holders balances are not constant, what is the assurance that there can't be error in the mechanism that can put the balances of holders at risk?
https://twitter.com/Cryptomachine15/status/1374673985053528067?s=19

ANS: 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!

You could count on HotPotato 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.

Q3: What makes you feel confident about the survival & sustainable success of Your project in the near future? While you build your project, do you take into account community feedbacks and demands?
https://twitter.com/ashes204bd/status/1374710281033584646?s=19

ANS: For Q1, 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. 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.

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.

For Q2, absolutely yes. Community users can provide us with the most valuable information, and we attach great importance to your opinions.

Hot One: 40% of the bounty pool, used to reward the last valid address before the countdown ends. To ensure validity, you shall purchase HP tokens amount 1BNB or more within the specified time.

Lucky One: 10% of the bounty pool. The user with the highest purchase price every 24 hours will get it.

Q4: Why Is It Called "Hotpotato"? Where come from the name "Hot Potato" of this project?
https://twitter.com/Nila4u/status/1374536394442375169?s=19

ANS: An interesting question.

The project was initiated by very experienced and professional DEFI and DAO believers, most of whom came from the original Ethereum technology community.

The core developers have worked with Vitalik and have co-written several books on ethereum intelligent Contract development tutorials.

We built this project anonymously 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.

CONCLUSION:

Thanks for your support! We will continue to work hard to improve the product.

Follow Us On Our Various Social Media Communities For More Update;

Website: www.Hotpotato.one

Twitter: https://twitter.com/HotPotato_DeFi

Telegram: https://t.me/Hotpotatoglobal

Medium: https://Hotpotatoblockchain.medium.com/

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Telegram Group: https://t.me/amaloversclub

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