Hotcross: What is it

HotCross is a suite of tools designed for Ethereum Virtual Machine (EVM) networks. By using these tools, a metric focusing on user retention is promoted in these networks, a metric is known as ‘stickiness’. The tools that these companies are offering will aid teams and communities in flourishing.

Hot Cross is a team of builders whose solutions facilitate the migration of teams and users to new networks. According to this company, single-chain developments aren’t viable in the current market, which is why they must connect with other chains for the best effects.

Specialized communities are particularly interesting since they do not necessarily have the funding to invest in technology, which is where Hot Cross steps in.

Also, they developed the following products:

• Cross Bridge: It is a simple way to convert Ethereum to Stratis Smart Chain that has attracted some fantastic teams to Binance Smart Chain.
• Cross Pool: During Binance Smart Chain’s upcoming launch on May 24th, it will be audited by six of the best firms in the industry.
• Cross Mint: A NFT minter that uses Binance Smart Chain and Ethereum to facilitate the rapid creation of NFT.
• Cross Connect: 
• Using this component, you can easily connect to ETH and EVM Network chains, like BSC, Heco Chain, and Polygon Chains.
• Cross API: An API that will contain all the data regarding the Cross Pool, Cross Bridge TVL, the price of LP tokens at PancakeSwap, and much more in the Hot Cross ecosystem soon to be open.

 Token:

HOTCROSS is a cryptocurrency that runs on two blockchains simultaneously: Ethereum Network (ERC20) and Binance Smart Chain (BEP20). Moreover, the team intends to add other chains like Huobi ECO Chain and OKEx Chain. In addition to its fundamental utility value, the token has other values as well. Hot Cross’ products are accessed by these tokens, which are required to access a wide range of services. Moreover, pools created on the cross-chain B2B tool must also be funded with tokens to receive discounts/rebates. Another benefit for token holders is that the team is going to give them voting power later on. Therefore, it will move to DAO tokenomics (just like a UNI in Uniswap). 

Who created it?

HotCross was developed by a team of developers with extensive experience in the web3, iOS, and Android spheres. For blockchain-based development, these include full-stack and senior-level positions. Philip Arthur Moore and Pavlos Polianidis are the leaders of the Hot Cross project.

In his previous role as head of research and development with Frontier, a chain-agnostic aggregation layer, Philip has worked with blockchain development and before joining the team as COO.

In addition to having a background in the blockchain space, Pavlos co-founded Dappflow, a Dapp development platform that could be easily used. As well as blockchain development and engineering projects, he has also worked in several other fields.

How Does it Work?

One of the unique things about Hot Cross is that it provides no one single service, rather it acts as a builder. ‘Finding what’s missing’ within promising projects and communities and identifying solutions for it is what Hot Cross does as an expert in web, IOS, and Android.

In order to facilitate the exchange of digital assets between Ethereum (ERC20) and Binance Smart Chain (BEP20), they developed Cross Bridge V1. The system gives users the option of securing their ERC-20 tokens in smart contracts on the Ethereum network and receiving the equivalent amount of BEP20 tokens on Binance’s Smart Chain.

As a result, we realized that multichain mobility was an important market segment that was underserved. As a result, Cross Bridge, Cross Pool, Cross Mint, Cross Connect, and many others have been developed to serve this market.

HOTCROSS Token: What is it used for?

A Hot Cross tool suite is denominated in HOTCROSS currency. Through the Cross Bridge, the Cross Pool, and Cross Mint, as well as the early alpha and beta stages of the Cross Connect product currently in development, you can gain access to these products. Moreover, it provides preferred access to the Cross API.

Hotcross could also be used for governance, with a possible move towards a decentralized autonomous organization. In this way, holders would be able to shape the protocols and tools to suit their needs.

Participants and contributors to the development of the project will receive tokens as rewards for their contributions. As an example, this would allow for the creation of liquidity on-chain and the creation of NFTs.

 Therefore:

As opposed to other similar projects, Hot Cross has a single cause instead of a single product. Their experience and talents allow them to seek out promising projects to provide tools to their enthusiastic communities so that they can continue to grow.

With its unique approach to product development that is based on product-market fit, it makes sure it provides a product that customers need. Its track record in this field is already proven, as it has successfully completed several projects and will soon start others. Based on this approach, it will be interesting to see how the project evolves, especially after being featured in the KuCoin Spotlight.