NEAR Wallet in Telegram: An Analog of Notcoin Or aNew Approach to Token Mining?
In January 2024, the Notcoin became popular on Telegram. Many users wanted to mine NOT. With the project’s success, the emergence of imitators was inevitable.
HERE Wallet is one of such analogs. It is also available as a TWA (Telegram Web App), but it works on the NEAR blockchain. The network’s creator, Illia Polosukhin, strongly supports the application.
Incrypted has determined the purpose of the project and how HOT tokens will be mined.
What Is NEAR Wallet in Telegram?
NEAR Wallet is a non-custodial wallet that works as a web application in Telegram. It supports the NEAR network and its assets, including HOT tokens. You can use HOT tokens to pay commissions within the wallet. The developers say this is the first time a project token works as a cryptocurrency.
Launched on January 31, 2024, the product attracted 200,000 users within the first 36 hours. The main reason for this influx of users is the opportunity to mine HOT at a low cost.
NEAR Wallet is a simplified version of the HERE Wallet. The creators have big hopes for the Telegram version. The NEAR Foundation even mentioned the app on social media.
The extension received swift support from major cryptocurrency exchanges. The blockchain has domain names that reflect the address’s affiliation with Telegram.
Binance, Gate.io, OKX, KuCoin, Bitget and HTX have already announced the possibility of using them for NEAR deposits.
NEAR Wallet Ecosystem
In addition to token mining and cryptocurrency transactions using a number of digital assets as well as NFT, the wallet provides direct access to several platforms related to NEAR and directly to HOT. You can find them in the corresponding tab of the Telegram app.
The list of supported services includes:
- HAPI Score – wallet reputation app;
- Uwon app – meme trading platform;
- NFT marketplace Mitte. As of this writing, only two collections are supported – DoubleDog and USMen;
- HOT Pad – launchpad for participating in token sales. USMEME and DD sales have been successfully sold on the platform;
- HOT Mint – platform for launching NFT collections. It was used to organize the minting of the DoubleDog and USMen.
It is likely that in the future we will see more projects related to the HOT ecosystem and a growing activity among the users of the mentioned applications.
How Do I Start Mining HOT Token?
Mining in NEAR Wallet is straightforward.
- After setting up your wallet, click on ‘Claim’ in the main menu to begin mining.
- Click on the ‘Claim’ button again on the next screen and wait for 0.01 HOT.
Note: the wallet might be unstable because many new users are joining, and it’s still the beta version of the application. The author faced this problem, but it should get better over time. Just wait and attempt to start the mining process again later.
- The mining process begins.
From the main menu, you can check the balance of HOT tokens and the total stored assets.
Mining is an automated process that doesn’t need constant intervention. After a set time, the vault fills up, and you need to extract tokens for more mining by clicking ‘Claim HOT’.
At first, developers provide three chances to get tokens without commission. Afterward, there are three options:
- complete social tasks to get extra free transactions;
- pay commissions with NEAR tokens (average cost – $0.005);
- pay commissions with HOT tokens (the most expensive option according to the creators).
Peter Volnov, the head of HERE Wallet, told Incrypted that over 6 million users have accounts in NEAR Wallet. Additionally, more than 1.8 million users mine HOT daily. This sets a new record for the NEAR ecosystem, as SweatCoin had only about 110,000 daily active users.
How Can I Improve The Earning Process?
Users can boost mining efficiency in several ways at the same time.
Friends
Using a referral link enables you to receive a 20% bonus from the invitee’s income and 5% from their referrals.
Boost
The miner is encouraged to buy upgrades for HOT:
- Storage – increase storage capacity;
- Fireplace – speed up passive token mining;
- Wood – mining speed multiplier.
What Are The Plans for HOT’s Development?
The developers say that using the Chain Abstraction principle in the NEAR blockchain will let the token be used for commission payments in any network. The token might get listed on centralized exchanges, but there are no announcements about it now. Furthermore, you cannot withdraw the asset from the NEAR Wallet.
Volnov said that when the number of miners hits 700,000, developers will introduce a ‘villages’ system in the application. These villages will receive 5% of the income generated by their users. Community members can then distribute the assets.
The mining process will remain ‘static’. Volnov said the team would unlock two new booster levels “in the next two weeks,” concluding innovations in this area.
«We try to keep the mining process balanced so as not to violate the main principle — fair distribution of tokens among real users. This is very important for the next stage of the project. However, there will be HOT allocation to several game projects within the new NEAR ecosystem of Telegram and users will be able to win HOT in these applications,» he explained.
HOT Protocol
A new stage in the project’s development is HOT Protocol, a network of validators for creating and securing so-called MPC wallets, which are positioned as a more convenient replacement for traditional cid phrase-based solutions.
According to the creators of HOT Protocol, MPC wallets are as secure as those protected by a mnemonic phrase, but can work on top of a password or fingerprint, and support 2FA and account recovery.
How do MPC wallets work?
The private key is divided into several parts, each of which is transmitted to a separate secure server. The user can authorize through his account and sign the transaction using the key fragments obtained from different storages.
However, such services are usually controlled by a single company, which creates centralization risks and requires trust in the owner. The HOT protocol eliminates this disadvantage by creating a network of independent validators, each of which manages its own server.
To use the wallet, the user proves to each validator that he or she has the right to do so through authorization, and receives signature fragments in return.
Decentralization opens up new possibilities for MPC wallets. For example, they can be securely transmitted because the recipient can now change the CID phrase to protect the data. In addition, the protocol allows HOT wallets to be protected with 2FA and dynamic mnemonic phrases.
Conclusion
NEAR Wallet quickly reached 200,000 users in less than two days. This shows the demand for easy activities that let users earn tokens without investing. Like Notcoin, the app offers many chances to promote the blockchain industry on Telegram.
The marketing strategy uses HOT mining to bring in new users to the wallet. This raises the question of whether this approach can keep the audience after the token distribution ends. Yet, it’s important to mention that this strategy worked well during the product launch.
