Introduction

Crypto Wallets are probably the most front-end products in Web3, they are available as mobile and web applications and browser extensions, with an interface designed to help users interact with blockchains and smart contracts and store crypto assets. Since Telegram, the popular social messaging platform launched full support for Mini-apps, we’ve seen the integration of numerous web3 projects, such as the clicker game Notcoin, trading tools, wallets, and SocialFi projects.

The HOT Wallet is a non-custodial, multi-chain wallet built as a mini-app on Telegram. Users can earn $HOT tokens by completing tasks, which incentivizes engagement and promotes active wallet use.

NEAR Protocol - An Overview

NEAR Protocol is a scalable, developer-friendly blockchain platform that supports decentralized applications (DApps) and facilitates Open Web experiences. Built with a unique sharding technology known as Nightshade, NEAR enables high-speed transactions with lower costs by splitting the processing work across multiple nodes. This approach optimizes efficiency and scalability, making the protocol well-suited for mass adoption and high-volume usage in Web3 applications.

NEAR Protocol provides tools and frameworks that simplify the creation of dApps, including support for multiple programming languages. This includes tools like the NEAR Software Development Kit (SDK) and WebAssembly (WASM) support, making it accessible to a wider range of programmers.

NEAR Protocol is also carbon-neutral, contributing to a more sustainable blockchain ecosystem. Get an in-depth understanding of Near Protocol and its value proposition from this article.

What is HOT Wallet?

Source: HOT Wallet

HOT Wallet is a non-custodial mini-app wallet on Telegram native to the NEAR blockchain and secured by multi-party computation (MPC), where the private keys are shared across decentralized validators. While it is native to the NEAR Chain, it is also compatible with Tron, Solana, Base, TON, and Ethereum (EVM Chains), users have the opportunity to earn $HOT tokens by completing designated tasks, which incentivizes engagement and promotes active use of the wallet.

HOT Wallet is built by HOT Protocol, a decentralized network of validators for MPC wallets built with the NEAR Chain Abstraction feature, they are also behind HERE Wallet, the app version of HOT Wallet, and its browser extension. HOT Protocol employs a new approach to creating web3 wallets with passwords, fingerprints, and account recovery using two-factor authentication.

HOT Wallet launched in February 2024. It has since grown to over 5 million monthly users and is responsible for the bulk of activity on the NEAR Chain.

How HOT Wallet Integrates Multi-Party Computation

The HOT Wallet uses Multi-Party Computation (MPC) to ensure secure, decentralized private key management for its users. MPC is a cryptographic protocol that divides a wallet’s private key into multiple segments, each stored on separate, independent validator nodes across the HOT Protocol’s network. This distributed storage approach enhances security by ensuring that no single node has access to the complete key, thereby minimizing the risk of a single point of compromise.

When a transaction is initiated, the validators collaborate to collectively sign the transaction without one validator needing access to the full key. The HOT Protocol further strengthens this system by using programmable MPC wallets governed by predefined, decentralized rules to validate transaction requests. Validators verify the transaction data before signing, allowing only authorized transactions to proceed, which offers an extra layer of security and control. This approach also enables HOT Wallet to support additional features like two-factor authentication and customizable security settings, making it both a flexible and secure non-custodial wallet solution for web3 users​.

Note: As of the time of writing (November 2024), HOT wallet has yet to be fully MPC or adopt two-factor authentication, but its developers have announced it’s in development.

Team

Peter Volnov

Peter Volnov is the co-founder of the HOT Protocol. He is also the co-founder and CEO of HERE Wallet, NEAR Protocol’s non-custodial wallet with over 600 active users. He had a previous role as a software engineer at Constanta where he contributed to developing computer vision and machine learning-based products. He also founded FORA, an AI-based remote coaching startup. Peter is a graduate of Computer Science from ITMO University, Russia, and studied Business in Los Angeles, USA.

Nik Briuzgin

Nik Briuzgin is the co-founder of the HOT Protocol and HERE Wallet. He previously worked as a Product Designer at HumbleTeam, a UI/UX and branding agency.

Investors

HOT Protocol received a $500,000 grant from the TON Foundation, to build TON PUMP, a platform for managing meme coins on the TON blockchain, courtesy of the TON Memelandia Grant Program. HOT Protocol is backed by Proximity, NEAR Foundation, and Big Brain Holdings.

The Difference between HOT and HERE Wallet

HERE Wallet is a non-custodial wallet developed by HOT Protocol. It is available as a mobile application on both iOS and Android platforms. While it has a user interface similar to HOT Wallet, the two differ in features. HOT Wallet offers EVM compatibility, $HOT mining, and a launchpad, whereas HERE Wallet is exclusively compatible with the NEAR blockchain. Unique features of HERE Wallet include hNEAR Swap, gas-free transactions, and the ability to execute transfers using phone numbers.

Source: HERE Wallet

Partnerships

FITTON

Source: HOT Wallet

HOT Labs has partnered with a Gym-to-Earn project, FITTON, after recently winning the HOT Hackathon. Users can connect their HOT wallet to earn points on FITTON mini-app on Telegram.

NIKOL AI

Source: NIKOL AI

HOT Protocol’s memepad TON PUMP, launched $NIKO, a successful meme coin, that has been listed on the Gate.io crypto exchange. Learn more about upcoming activities involving $NIKO on HOT Wallet’s Announcement Channel on Telegram.

Features of HOT Wallet

HOT Wallet features general functionalities popular with ideal non-custodial wallets such as Deposits, Withdrawals, Swaps, Bridges, and Staking Pools. It also has a unique feature for mining $HOT tokens.

Deposit

HOT Wallet supports the deposit of cryptocurrencies from popular chains including NEAR, Tron, Base, Solana, Ethereum (EVM), TON, etc. It also supports deposits via fiat from debit cards (Visa and MasterCard).

Source: HOT Wallet

Transfer/Withdrawal

Using this feature, users can transfer or withdraw their tokens to other wallets or addresses.

Source: HOT Wallet

Staking Pool

Under the Earn feature, users can access staking pools for NEAR, SOL, TON, FRAX, USDT, and other assets.

Source: HOT Wallet

Bridge

The Bridge allows you to move your tokens from one blockchain to another seamlessly.

Source: HOT Wallet

Swap

Using Chain Signature technology, the HOT wallet allows cross-chain swaps and opens up the potential for unified gas payments across multiple chains. Users can also swap tokens on the same blockchain.

Source: HOT Wallet

Swapping NEAR to USDC on NEAR Chain

Firedrop

Source: HOT Protocol

Firedrop is a feature within the wallet that enables users to distribute tokens to others. This unique method allows the sender to establish filters to determine who can claim the tokens. Firedrop tokens can be claimed on any network supported by HOT Wallet.

You can find it in the settings section of HOT Wallet:

Source: HOT Wallet

HOT Wallet Ecosystem

The HOT wallet also features in-house decentralized applications that use HOT, NEAR, TON, and other transaction tokens.

Source: HOT Wallet

HOT Pad

The HOT Pad is a launchpad that allows you to purchase new meme coins and tokens on presale. Users can deposit HOT to buy tokens at a discount before they launch publicly.

Source: HOT Wallet

HOT Mint

The HOT Mint is a platform for launching NFT collections, NFTs can be minted with HOT.

Source: HOT Wallet

HAPI Score

The HAPI Trust Score calculates a user’s activity and contributions on the NEAR blockchain.

Source: HOT Wallet

TON PUMP

TON PUMP is a meme launchpad, a Pump.fun-style meme coin launcher for the TON chain. Although still in the Beta version, it has already launched successful meme coins like $NIKO and $LAMBO, with more to come.

Source: HOT Wallet

Accessing and Setting up HOT Wallet on Telegram

• Visit the Hot Protocol website and click on “Create Wallet” in the top right corner. You can also use a referral link from your friends, but look for the verification badge to ascertain its authenticity.

Source: HOT Wallet

• The link will prompt you to your Telegram account; click on send message.

Source: HOT Wallet

• Click on Open Wallet

Source: HOT Wallet

• Proceed to create a New Account

Source: HOT Wallet

• Copy and Save your seed phrase in a secure place.

Source: HOT Wallet

Mining $HOT Token

Mining the HOT token begins automatically with the creation of a wallet. However, its storage is capped, and to claim more HOT, you would need gas fees in NEAR or complete tasks.

• After successfully creating your wallet, click “Claim Your First Hot”.
• You can also join a village, to increase the rate of mining $HOT.
• Log in to your Wallet every two hours and click on “Claim HOT” button to mine tokens.

Source: HOT Wallet

• Users can also complete Missions to earn more $HOT.

Source: HOT Wallet

Tip: Invite your friends to join the Wallet using your referral link. You will earn a bonus for each referral. The HOT token has yet to be launched, and no date has been announced.

Advantages of HOT Wallet

1. Users can easily access the wallet and perform transactions with a few taps, saving time and effort.
2. The HOT Wallet has a user-friendly interface, making it easier for both crypto novices and experienced users to navigate and interact with their funds.
3. The HOT Wallet is not tied to your Telegram account. If someone logs into your Telegram from another device, they will still require a seed phrase to access your wallet.

Disadvantages of HOT Wallet

1. The HOT Wallet depends on the Telegram application, if Telegram undergoes changes or faces issues, it could affect its functionality.
2. HOT Wallet is designed to be lightweight with as few features as possible, which limits its capabilities compared to full-fledged apps.
3. As with any web application, HOT wallet is susceptible to security vulnerabilities. Users should be cautious and ensure they interact with the original wallet. (It carries the verified checkmark.

Conclusion

HOT Wallet is a non-custodial, software-based wallet accessible on Telegram that leverages Multi-Party Computation (MPC) to secure private keys. This technology enhances security by distributing key segments across multiple validator nodes, preventing any single point of compromise. HOT Wallet’s use of MPC is intended to reduce risks associated with software wallet hacks, providing users with decentralized security.

HOT Wallet also enables users to mine $HOT, its native token, which will serve as a universal gas currency on the wallet in future developments.