We are happy to welcome you in the new 2021 year and we will start it with really hot project. And today we would like to tell you about the AMA session with our friends from Hot Potato. The AMA took place on January 3 and our guest was Atlas@HotPotato.
The total reward pool was 500$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Telegram&Bitcointalk community
GoldRocket: We are launching this first AMA this year with the Hot Potato project!
What will our guests bring us so hot? Let’s ask them! Greetings @atlashotpotato! Welcome to Satoshi Club!
D. | Satoshi Club: @atlashotpotato welcome!
Atlas@HotPotato I love HP: Happy New Year! Thanks! Happy New Year to you all! wish you all the best!
D. | Satoshi Club: how are you? enjoying your holiday?
Atlas@HotPotato I love HP: Yes, it’s a great honor to be with Satoshi, a wonderful and strong community
GoldRocket: Tell us please a bit about yourself before we hear about your project @atlashotpotato Atlas@HotPotato I love HP: we are still very young, young but ambitious project:grin: 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 hot Potato 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
D. | Satoshi Club: impressive! could you share with us names of those books?
Atlas@HotPotato I love HP: That’s why we define it as, HP (Hot Potato) is a malleable base-money. I am sorry that The name of the book is not available to share for now. This involves the developer’s own willingness to remain anonymous. But we can assure you, even though it’s an anonymous project, it’s open and safe. HP code currently completed security audited and will soon be open source
D. | Satoshi Club: and why did you decide to built your project around rebase model? were you inspired some other projects and their success?
Atlas@HotPotato I love HP: 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,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 ppl needs token, the algorithm will issue more
Shrink the market, the algorithm will lead to destruction of token
GoldRocket: I realized that you have an anonymous team, for the time being, how many people are involved in the project?
Atlas@HotPotato I love HP: In addition to the 7 people in the technical team and product team, the remaining 5 people are responsible for operations and PR. They are all full-time stuff. and we have many part-time partners who work remotely. Because this is a project without premining and the team doesn’t reserve any tokens before presale, so complete anonymity helps it achieve true decentralization
Q1 from Telegram User @borysfireball There is a statement on your site: “To avoid potential loss from currency devaluation, you’d better transfer it to others. Currencies then are like a hot potato. You must flip it quickly between your hands to avoid burns.” and “For each transaction, you need to pay 3% of the amount transferred as taxes”. Does this mean that your project only for whales? Because with this high gas prices plus 3% taxes it cost too much to transfer small amounts of Hot Potatoes.
Atlas@HotPotato I love HP: gooood question! Of course not! 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
https://esatoshi.club/wp-content/uploads/p1-31.jpeg I’d like to explain to you with this illustrator. As we said on onepage, 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.
https://esatoshi.club/wp-content/uploads/p2-17.jpeg 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
D. | Satoshi Club: are we already can use all these pools? or when we will can?:eyes:
Atlas@HotPotato I love HP: Of course! Once HP get online, these mechanisms will be up and running. We’ve been working on this project for almost a year, not just at the conceptual stage. It’s about doing development and cross-checking to make sure it’s safe and stable after it goes online. Right after the private placement. Just a few days. Because our tokens are rebase along with the number of addresses of the holders of the token, these mechanisms are written into the smart contract
D. | Satoshi Club: got it! on which aspects of your project are you focusing now? what is the main goal for the month? for example
Atlas@HotPotato I love HP: you mean roadmap? or products?
GoldRocket: I’m both interested… Please share! :fries:
Atlas@HotPotato I love HP: As I mentioned at the beginning. We are a very ambitious project, although young. We don’t want to be the second AMPL or BAS, we need to do more than just algorithmic stabilizers. HP can obviously serve more application scenarios. As for the more recent product, we’ll call it the forth generation algorithmic stabile coin
Q2 from Telegram user @Brainchest I saw on the site the section (currently not working) DAO. Are you planning to issue governance tokens?
Atlas@HotPotato I love HP: Here we should talk about the definition of HP, which is the base currency that can be expanded. There are many definitions in the attributes of HP, including the governance attributes just mentioned. Therefore, we will no longer issue a new governance currency. HP will be a very important currency in our DeFi ecosystem. It is both basic and complex, and acting as the cornerstone of our community.
GoldRocket: We are looking forward to your updates and we hope you come to share with Satoshi clubbers!
D. | Satoshi Club: so HP will be work as a governance token as well?
Atlas@HotPotato I love HP: Yes! HP will have a wealth of application scenarios and functions, and the HP community will be completely decentralized, with holder voting on ecological development and products strategy. At this point, I think there have been a lot of good DEFI projects that have set precedents for us, so we are confident that we can do better based on their experience. Therefore, unlike pure governance attributes such as COMP,
HP will have richer attributes and application scenarios, and different from the conflict between AMPL’s stability requirements and coin attributes, HP will have a more harmonious logic.:muscle:
Q3 from Telegram user @Highpee The total holders from presale is supposed to be 160 users. However, from the announcement on telegram and the one published on medium, it was said that the pre-sale event has been postponed in order for the team to have sufficient time to adjust smart contract design to accommodate stablecoin features and to also determine suitable liquidity lock drop duration. However, 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?
Atlas@HotPotato I love HP: 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, mallable 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 Satoshi.
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://esatoshi.club/wp-content/uploads/p3-14-1024x484.jpeg https://hotpotato.one/#/ our website ,will announce real time data after HP get online
GoldRocket: this is not a constant value. Great illustration! Thank you!
Q4 from Telegram user @cengizhantekin According to HotPotato’s Rebase Mechanism; if holders do not engage in any activity such as transfer, trading, etc. their balances remain at a fixed percentage of the total amount. This means total amount changes based on some reasons; when and how does the total amount change? What is that fixed percentage, how was it determined? Is there a time limit for the non-active period mentioned above?
Atlas@HotPotato I love HP:
https://esatoshi.club/wp-content/uploads/p4-10.jpeg let me show you a infographics first,so there are 3 questions in it. For the first one, Yes, 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 )
About the question you asked that how the change occurred. 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 have 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 supplyment 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
D. | Satoshi Club: i hope it would help to understand it more clearly :ok_hand: and by the way, do you have any bonuses or discounts on presale? like if im spend 5 ETH, can you give me some discount?
Atlas@HotPotato I love HP: pls check the rule. we will have 160 room for participants, and each participant can contribute 1 to 12 ETH as they like the final price for HP will be the sum of presale/ the number if address. so we do not know how much is HP now, but we can assure the maximum supplyment is 16000, 160 holders * 100 tokens. and the price on DEX will be higher , about 20% than presale
Q5 Telegram User @ovkneze_big I am interested to understand the situation when a new address is attached, then 100HP is distributed to all addresses for each address or 100 for all?
Atlas@HotPotato I love HP: HUmm, I think the answer of question 4 already solve this question.
We allocate the newly generated tokens in proportion to the presale. 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
https://esatoshi.club/wp-content/uploads/p5-7.jpeg In entering pre-sale with other platforms is easy as 1,2,3 and you can by their token but in Hot Potato , joining pre-sale seems complicated in which I read in your Medium article that one of the option is you have to invite 20 people to join your telegram Community for the chance to get on the whitelist in Presale but not a 100% sure since the pre-sale whitelist seat is just limited. So ,my question is why do you have to make any complications for this presale? What are the advantages and benefits if someone will be selected for whitelist in your presale? By this option with your presale, don’t you think people will hardly join it except to those who really eager to join your presale? We are already January 3 and the result for the whitelist seat for presale is January 4, so can I ask if is there still a chance for anybody to be whitelisted who will apply for presale whitelist by now? Currently, how many people already joined? Thank you!
Atlas@HotPotato I love HP: 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 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 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.
At last, you are welcome to join us,thanks for this good question
Finally, I want to emphasize that our pre-sale is not on January 4th.
There is no official date yet. Please follow our website, Twitter and our community
and Watch out for scams!
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @KeymerS
I understand that the presale will be totally limited to 160 seats, really why? not looking for hot potato to achieve large adoption? That is why it should not have multiple rounds of presales so that many more users know about this project?
Atlas@HotPotato I love HP: You were the first one to ask the question. Thank you for your question. HP will not do multiple rounds of presale 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
Q2 from Telegram user @Manzanog
Will the 10% assigned to the “Lucky” for making the largest purchase in 24 hours be valid only for the pre-sale? Or will it be valid daily and for any purchase made in any exchange in which it is listed? or just uniswap?
Atlas@HotPotato I love HP: There’s only one lucky prize per day, it only works if you buy it through a decentralized exchange like Uniswap, and remember to buy more than 0.5eth per day (damn, prices are skyrocketing today).
Q3 from Telegram user @Jonahapagu
HP’s malleability is reflected in two aspects:
1)Malleability of token’s amount
2)Malleability of token’s ecosystem..
I understand that the first aspect has to do with the frequent change of the number of Tokens, so apart from your Token can you explain how and in what other ways Malleability is being reflected in Hot Potato
Atlas@HotPotato I love HP: I like your summary. Yes, 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
Q4 from Telegram user @highpee
I am fascinated by your project and wishing the team success
Most rebase projects adjust token supply based on price. However, your project rebases token supply based on the number of address that joined or exited. Why did you choose this type of rebase mechanism and will the reduction in the amount of token a user hold when an address exited not result in the reduction of the worth of that users asset?
Atlas@HotPotato I love HP: Thanks for your kind words. 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. .
Q5 from Telegram user @kripto_mangunkusumo
What is the difference between “hot one” and “lucky one”. And is it possible to win both at once? “hot one” and “lucky one” in a period?
Atlas@HotPotato I love HP: It is possible, of course, but if that were to happen, the winner would be one in a million. Let’s talk about the lucky bonus again, because the purpose of this mechanism is to reward the user who buys HP with the highest unit price on that day. So, although the HP you buy seems to cost a lot, it is quite possible that the lucky bonus will cover your purchase cost and even make a lot of money
check out this tweets, it can explain the hot one, actually ,it is reward for fomo winner. to increase the incentive, the mechanism add a little fomo elements to encourage ppl join
Q6 from Telegram user @Jonahapagu
In one of your articles it is stated that HP will develop stable coin, NFT and DAO modules in the follow-up development plan…. to what will the proposed stable coin be pegged and what will be the specific use cases of this stable coin in your ecosystem, can you also explain more about what Plans you have as regards NFT’s in Hot Potato as included in your development plan..
Atlas@HotPotato I love HP: 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!
Q7 from Telegram user @JuanSB07
In order to invest in a project, I must first know what is the long-term vision, functionality and security of it, I understand that Hot potato plans to implement a stable currency, the DAO system and NFT tokens, but really for what purpose? just to create a great ecosystem passes the money (both coins and NFT) to other users as a “hot potato” to avoid devaluation? or is there really much more than that?
Atlas@HotPotato I love HP: 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.
Q8 from Telegram user @stargateeatlantis
As the tax of %3 is very high, can we say that you want real holders for your project?
Atlas@HotPotato I love HP: For HP, FOMO is not our goal, it’s a tool. For a start-up project, that 3% isn’t much, and HP’s early wealth effect would make it trivial. And after the project has been going on for a while, both we and the community may want to lower that number, ok, so let’s propose on our governance forum. It’s entirely up to the community to lower the tax to 1% or zero.
Q9 from Telegram user @testercoin
There are a lot of people thinks rebase products are not worth investing and makes other users stay away. Can you explain why your project is different?
Atlas@HotPotato I love HP: First of all, if Rebase is really useless, AMPL shouldn’t have such a market value, esd’s total value staked wouldn’t exceed $100 million, and BAS has more than 10 imitators. Capital is smart, blockchain is certainly inclusive, and human beings should be a little more imaginative. As for HP, there are too many differences. The distribution mechanism of HP tokens, the pre-sale mode of HP, the incentive mechanism of HP, as well as the stability currency and NFT to be launched in the later stage, HP is born for innovation, enjoy it!
Q10 from Telegram user @Pratze
About Hotpotato Presale, why did you give target that only 160 address available to buy on presale? Don’t you feel its more benefit to Hotpotato if more people buy in Presale?
Atlas@HotPotato I love HP: No matter how many friends you have on your social media platform, the number of people you actually have a close relationship with is usually 150. In terms of the time it would take 200 years for space travel to reach a habitable planet, the minimum number of people needed is 160. HP is created by these BRAVE warriors who dare to try, and we set that number, hoping that the spark of HP will start a fire.
Part 3?—?Quiz Results
In the final part we tested your knowledge in terms of Hot Potato. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
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