What is Hot Cross (HOTCROSS)?
Hot Cross is a collection of multi-chain and cross-chain tools built to enable blockchain teams and communities to thrive. The platform has the aim of becoming one of the best toolboxes servicing EVM-compatible networks. Using an agile philosophy, the team is a cohort of builders who are actively seeking out new opportunities to service businesses and consumers with blockchain applications.
Users can see the Hot Cross ecosystem as a collection of cool applications that can be used across different blockchains. As a business owner, the platform provides a group of developers that understand your business and create tools for you and your community. Some of these tools include staking programs, compliant crowd sales, liquidity programs, NFT minting, and more. The aim is to do the heavy lifting on behalf of businesses that wish to develop blockchain applications.
The HOTCROSS token is the glue that binds the ecosystem together. On the live Hot Cross price chart above, you can find the latest HOTCROSS price.
Use Cases of HOTCROSS Tokens
The HOTCROSS coin serves as the native utility token of the Hot Cross ecosystem. This comprises all of the cross-chain tools and applications created for Ethereum and other EVM-compatible ecosystems. These ecosystems include BSC, Huobi ECO, and more. The HOTCROSS token is a requirement if you want to have access to all Hot Cross products, for example, cross-mint, cross-pool, cross-bridge, and more.
In the future, the HOTCROSS crypto token will serve as the governance token of the platform. This will give HOTCROSS token holders the right to vote on protocols, tools, and more.
HOTCROSS tokens will be used for staking as well. The network plans to build its own blockchain called the Hot Cross chain. The Hot Cross chain will have validators who will provide computational resources to the network and these validators will be rewarded in HOTCROSS tokens.
Finally, as a real-world use case for the token, you can use the HOTCROSS coin to pay for your hotel, flight, and other bookings on Travala.com. Travala.com is a crypto-friendly online travel agency. You stand a chance to get discounts when using the HOTCROSS token for your bookings on the platform. Remember to check the Hot Cross price above before booking your trip.
Who Founded Hot Cross?
Hot Cross was founded by Philip Moore and Pavlos Polianidis. Philip Moore worked at Frontier, another DeFi company where he served as the CEO. He is the founder of Wecobble, a messaging platform. He holds a bachelor's degree from Rice University.
Pavlos founded APOcenter and Dappflow before starting Hot Cross with Phillip. He holds a first-class degree in computer science from Aristotle University of Thessaloniki, and a master's degree from the University of Southampton.
There is a maximum supply of 500 million HOTCROSS tokens. In terms of distribution, 26.6% and 26.5% were reserved for protocol incentives and ecosystem growth respectively. 10% were set aside in the reserve, while 10% has been kept for the team. Liquidity providers got 4.4%, while incubators and strategic placements got 12.5%.
These tokens are on a strict release schedule though. For example, the 10% reserved for the team was gradually unlocked over a period of two years. This was to prevent massive sell-offs that would have been bad for the ecosystem and the HOTCROSS price.