Recap AMA CryptoVN x HotPotato

⏰ Time: 13:00PM UTC. January 07,2021.

The ama session will have 3 parts:
?1. Introduction
?2. Answer question on Twitter –
?3. Live ask (4 questions will be choiced)

PART 1:

Host: 1.Tell us please a bit about yourself before we hear about your project?

Atlas: We are still very young, young but ambitious project?

First of all, I’d like to introduce myself to you. I am a blockchain practitioner with more than 6 years of operation experience in the industry. This time I’m here as the representative of the HotPotato community to share this wonderful project with you.

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.

Host: 2 .Why did you decide to built your project around rebase model? were you inspired some other projects and their success?

Atlas: Well, 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.

PART 2:

Host: Q1: For each transaction, you need to pay 3% of the amount transferred as taxes. So what plans are there to attract traders to enter HP trading? @sieunhancam

Atlas: That is a good question，here I want to re-emphasize our slogan again.

The slogan of hotpotato is-a malleable base -money, which is a scalable base currency. It is to expand to many sectors around HP, such as stablecoin, NFT, DAO, etc. For example, our next sector is stablecoin. Everyone can mint stablecoins by holding HP， so that we can return the minting rights to every user who holds HP, you can imagine what a great thing that everyone has the right to coin. as for the taxes.

I’d like to explain to you with this illustrator. As we said on onepager, there are two effects for the 3% tax. 0.5% is given to the technical team for the development and iteration of new versions, and the other 2.5% will be allocated to the staking pool, recycle pool, HOT ONE and Lucky one.

Here are the definition of each pool. The intention of this is to attract users to participate in Hotpotato in the early stage of the project with the use of the reward mechanism, so as to realize the positive cycle of the system. The tax will be removed after the second phase of the stabilization currency goes online. so our program is not for any whale.
https://medium.com/@hotpotatoblockchain/hot-potato-onpager-fcb39512ecc5
for more details, pls read our onepager

Host: Q2: Why can the amount of HP tokens held by the holder sometimes not remain at a fixed percentage in relation to transfers or trading with the original address of issuance of the token? @Rogeralbertoz

Atlas: let me show you an infographic first

If the holder is not involved in any transaction such as a transfer. Their balance will remain a fixed proportion. But our HP circulation is based on the community’s participation in Presale.

For example, if only 120 addresses participate in Presale, the total number of coins will be 120*100= 12,000. which means that the total circulation is based on certain rules.
You can imagine that you’re actually getting the original shares.
The percentage you hold in all subsequent offerings will not change ( you do not fully engage in any transfer, the percentage you hold will always be the percentage you held in the presale )

When the currencies in your address are transferred to others, the proportion of your currencies in the entire network will change. This fixed percentage is determined by the rebase mechanism.

Actually, this is a mathematical problem, so let me give you an example of what this is.
There are 10 addresses on the entire network, with a total of 1,000 tokens, and Jack has 50, accounting for 5% of the entire network. When Jack transfer an account to Jane’s new address, the system will issue an additional 100 HP tokens, cuz we got 11 addresses now, and the total supplement will be 1100 HP

In this way, the NEW GENERATED 100 HP tokens will be shared among all the holders
and Jack will get 100*5%=5 HP, then JACK’S balance of HP tokens at the moment is 55, and his proportion of the whole network is still 55/1100=5%.
So, as long as you hold the currency, your proportion in the entire network will remain unchanged.
Unless you make a transfer or transaction, your ratio will change. So that’s what I mean when talking about fixed proportion.
Hope this example can help you understand how does HP rebase mechanism works

Host: Q3: when I opened your website, the first sentence I saw is: Total Token Holders: 209. Who are these 209 holders and where did they get the token from?@Karlos53667849

Atlas: First of all, I would like to thank this community user for studying our pre-sale rules so carefully.

It’s not easy, but it’s important. I believe that reading carefully will create a great investment opportunity for you. Secondly, unlike other projects they can simply issue ERC20 tokens to operate. Our first product is our token, malleable money_HP. We need to make sure it’s PERFECT before it goes online. This is one of the reasons why we have delayed the pre-sale, but there are also a lot of market factors. We need more good community partners like CryptoVN Group.?

Welcome to recommend yourself or recommend excellent KOL cooperation to us. Finally, with regard to your question about 209, that data is only a virtual test data. The number 209 you saw is a demonstration of the official website, which is intended as an example to the community. When HP goes online, It will clear out and change into a real time data. This number represents the number of currency holders at this moment. Every time the number of token holders increases or decreases, the number on the official website will change accordingly.

https://hotpotato.one/#/
Our website will announce real time data after HP get online

Host: Q4: You will use a whitelist mechanism to select your first investors and maximum to 160 addresses can participate in the presale. Within those 160 are the users of the whitelist included?@KathDM3

Atlas: First of all, thank you for your continued interest in us. Your questions have been very helpful to anyone involved in the project or presale. This is not a hunger marketing ploy. This is very easy to understand if you understand the workings mechanism of HP. The whitelist, or an initial number of addresses, is closely related to the price of HP. We want to give people who really care about this project and are ready to contribute to hot potatoes the opportunity to participate and cherish it. Traditional investors are more willing to participate in presale or ICO, because there is a profit.

However, people who often participate in the private placement will not eventually develop together with the project for a long time, and often leave after the public offering. HP’s mechanism will be disruptive and build community consensus. The whitelist is equal to the initial coinage rights for this project. And seigniorage is not a measure of price.

Our Presale is unique and groundbreaking in crypto history,
This will be a great endeavor, and if successful, more projects will follow. What you’re referring to is just one of our original bounty incentives, which is to encourage people who have really contributed to the spread of hot potato, so that We will build a solid community consensus in a short time.

Host: Q5: For every address that is reduced 100 tokens are removed from the total, and all users’ holdings are proportionately reduced. If many addresses are reduced, is there a security mechanism to protect the holders from the panic selling of users?@ Emidm28

Atlas: With a certain percentage of users holding money, their balance will get bigger every time they rebase. This is a illustrator how the rebase mechanism works.

Our economic model is very unique and innovative. Unlike many algorithmic stablecoins that rebase at 1 USD, Hotpotato rebases through changes in the number of currency holding addresses.
The principle is to increase the supply when the number of users increases, and decrease the supply when the number of users decreases.
In short, if supply exceeds demand, HP starts deflation, and when supply falls short of demand, inflation starts.

PART 3:

1. @kiraerirt

What mechanism will HotPotato use to attract investors? What factors enable later investors to actively join in and believe in a long-term project, thereby further promoting ecological development?

Atlas: We built our project around rebase model

we think the rebase mechanism has a lot of vitality. It’s not like traditional money is one dimensional, it’s two dimensional.

Algorithm stable coin will be the optimal solution to realize Nakamoto’s original intention
Using the algorithm to anchor supply and demand, If ppl needs token, the algorithm will issue more
Shrink the market, the algorithm will lead to destruction of token

2. @kintrzis

Can you indicate a feature or feature that you like best about the platform so that it can compete with other competitors? What are you most confident about for your platform? Do you have plans to get users to choose your platform?

Atlas: HP’s malleability is reflected in two aspects:

1)Malleability of token’s amount
2)Malleability of token’s ecosystem.

malleable and flexible supply mechanisms are different. Malleability is reflected not only in the fact that the total number of tokens is not fixed, but also in the strong vitality and potential of HP tokens. As I said earlier, traditional DEFi tokens are one-dimensional tokens, while HP is constructing a two-dimensional world. You can imagine a plane and a space, and you can see the difference.
You know how important our HP is as the governance token and ecological pillar of this space.

you can imaging two dimensional stable coin, and two dimensional NFT, what will they look like if all defi project we have now entered the two dimension space HP constructed

3. @Ismailma5

Adoption & Awareness about Platform is very important for any Creator as well as Users! So, What are your plans to attract More users as well as Creators with Non-crypto users too ?

Atlas: HP is launching the project fairly through the Rebase mechanism to build an open community platform based on DeFi to explore more innovative and meaningful DeFi products. As for why we call it a hot potato, some users say it is a satire on the current world’s legal currency financial system, while others say it is a kind reminder that there are 10,000 Hamlets in a reader’s heart and 10,000 hot potatoes in the world
Regarding our long-term goal, I want to talk about our slogan. The slogan of hotpotato is-a malleable base -money, which is a scalable base currency. It is to expand to many sectors around HP, such as stablecoin, NFT, DAO, etc. For example, our next sector is stablecoin. Everyone can mint stablecoins by holding HP, so that we can give the minting rights to every user who holds HP, you can imagine what a great thing that everyone has the right to coinage.

4. @kenggaru

Atlas: HP will develop stable coin, NFT and DAO modules in the follow-up development plan

As for the plan to stable coin module, we have two plans at present. One is pure algorithmic stabilizers, and you can see that there are precedents for AMPL, Base, BAS, etc. Another thing that can be revealed here is that some people complain that the algorithm stability currency has no actual value support, so it is very virtual. Therefore, we have a solution for this, and it can also improve the efficiency of capital use.

As for more details about NFT and other products, please keep your attention to HP. We will inform you gradually!

there are too many advantages of HP. The distribution mechanism of HP tokens, the pre-sale mode of HP, the incentive mechanism of HP, as well as the stability currency and NFT to be launched in the later stage, HP is born for innovation, enjoy it!