Category: Forex News

HotKey brings DeFi and AI Closer Together by Creating EVM on Bittensor

DUBAI, UAE / ACCESSWIRE / March 13, 2024 / HotKey, a decentralized exchange that allows Telegram users to trade cryptocurrencies directly within the messaging app, has unveiled a new token standard that brings DeFi and artificial intelligence closer together.

BTS-20 is designed to encourage mass adoption on Bittensor, a blockchain that consists of 32 distinctive subnets. Billed as the world’s first neutral internet, it decentralizes the development of machine learning platforms – and transforms intelligence into a tradable commodity.

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This token standard uses similar criteria and technical specification as altcoins built using the Ethereum Virtual Machine, delivering full compatibility. As a result, HotKey will be able to allow tokens on traditional EVM chains to be deployed, swapped and bridged – leveraging the power of AI.

A HotKey spokesperson said: “BTS-20 is a crucial innovation within our ecosystem – and will allow tokens to interact with decentralized AI models on the Bittensor network. We’ve worked hard to make this experience familiar for developers and investors who already know how Ethereum works. The potential use cases are limitless.”

The focus on interoperability means BTS-20 tokens can be easily integrated into a plethora of established platforms and wallets, all while supercharging the utility of DeFi applications. End users can benefit from AI-powered financial tools that absorb and analyze vast amounts of blockchain data, enabling informed decisions to be made much faster than before. AI-generated text, images and video – as well as advanced chart analytics – can all be created based on the computational power of Bittensor’s miners.

As a result of the collaboration, HotKey is securing Subnet 3 on Bittensor. TAO – Bittensor’s native token – has been made the core token used for gas. Like Bitcoin, it has a total supply of 21 million tokens, and this intends to minimize inflation and maintain scarcity. The arrival of the BTS-20 standard means TAO can now bridge across multiple networks, boosting its liquidity.

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One of TAO’s most distinctive features concerns how it delivers near-zero gas fees, making it an affordable platform for DeFi traders to depend on. This is a crucial step in making decentralized finance more accessible for all, and preventing expensive transactions from pricing anybody out of the market.

In time, it is hoped that EVM compatibility on Bittensor will encourage developers to create complex and functional dApps that offer efficiency, innovation and reliability – without needing to focus on the intricacies of tokenomics. Merging decentralized finance and decentralized intelligence has the potential to diversify revenue streams and create smarter ecosystems. A resilient network of Bittensor miners and validators are responsible for verifying transactions and decentralized governance.

Intuitive features

By default, $HOTKEY stakers receive a share of 1% in trading fees generated through DEX transactions, which is distributed in $ETH. Additionally, they are rewarded with $wTAO as a reward for contributing to the Bittensor network’s intelligence. The overall objective is to recognize those who are committed to the success of both platforms.

Whereas DeFi platforms are notoriously difficult for newcomers and established crypto traders to understand, HotKeySwap aims to reduce friction by allowing tokens to be exchanged inside Telegram chats – making transactions as simple as sending a message. Swaps are executed through smart contracts, with users maintaining full control of their private keys at all times.

HotKeySwap can be accompanied by a Buy Notification Bot that delivers real-time alerts to trading communities – complete with custom GIFs and emojis, and the ability to set a minimum threshold so significant purchases are singled out. Compatibility with eight blockchain networks delivers support for a broad cross-section of the market and an array of digital assets.

HotKey’s spokesperson added: “AI-driven products are the future of DeFi – and we’re ecstatic to bring our users even closer to Bittensor’s cutting-edge infrastructure. In the future, decentralized AI applications are going to form a part of our everyday lives, and they’ll be just a few taps away for anyone who wants to create a better financial future for themselves.”

To learn more about HotKey, please, visit: https://linktr.ee/HotKeySwap

Contact information:

HotKey
[email protected]

SOURCE: HotKeySwap


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