đĨHOT Protocol [FAQ]
We are pleased to announce the launch of HOT Protocol.
This is an early version of the documentation and it continues to be expanded and improved.
What is an MPC Wallet
An MPC wallet is a type of cryptocurrency wallet that divides the private key into multiple parts and stores them in different locations for increased security. Usually access to such servers is controlled centrally, by Coinbase, Binance, OKX or ByBit or other provider. In HOT Protocol, the key is stored with a large number of independent validators and the proof of ownership is stored on-chan. This makes the protocol open and guarantees the owner access to the MPC wallet.
By working on top of NEAR Chain Abstraction, such nodes are resistant to rotation. The disclosure of one or more keys of individual nodes carries no risks for wallets created on top of the protocol. Also, new nodes can connect to sign transactions thanks to key sharing, allowing the protocol to be even more decentralized.
HOT
HOT - the centerpiece of the HOT Protocol economy. HOT will be staked by validators as collateral for their participation in transaction signing. Users and projects will burn HOT when making transactions on wallets on top of the HOT Protocol. This economy will make the HOT network sustainable and independent.
HOT Accounts
A HOT Accounts is a accounts created on top of the HOT Protocol. Their private key is stored distributed in a network of validators. This allows users to give limited access to account, transfer ownership of wallets, replace the seed-phrase, customize 2FA and more. HOT is an open protocol, HOT accounts can be used through any compatible crypto wallet. For example, HERE Wallet and HOT Cli.
What problems does HOT Protocol solve
Replaceable the seed-phrase. Accounts created on top of HOT Protocol can have their seed-phrases changed. This not only increases the security of such wallets, but also gives access to transfer accounts with their reputation and locked tokens.
2FA. Thanks to the flexible access system, you can set up 2FA via SMS or mail to sign transactions. At the same time, 2FA can always be waived after waiting a few days. If your seed phrase has been compromised, you will always have time to react and replace it.
Cross-chain gas. With HOT Relay you can perform transactions on any network and pay for gas in HOT.
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