Katalyst uses the Proof-of-Loyalty(POL) consensus model for its blockchain. POL rewards users for carrying out desired economic activities set by the owner of the algorithm. In the case of HOTX, users will be awarded with hotcoin (and other coins should users choose to pay coins like Litecoin, bitcoin or bitcoin cash) when they participate in the application.

The POL mechanism comprises of two portions. First, it will track for activities done of HOTX, concatenates the activities into a string, then sends the data to be recorded on the blockchain. Then, users will be given rewards to their wallet based on the activities recorded.

An example of the string would be:

{walletAddress},{coin chosen 1},{coin chosen 2} ..

3PEcKDpEPDqSnCxMWi5KQN4JRDhuncmGNsc, eth, btc, bch, xrp

The string will be sent to Katalyst’s blockchain and the reward script will track for transactions that were sent by HOTX to the blockchain.

By providing more rewards for better accuracy, HOTX motivates users to give their best predictions. With input from many users, HOTX will capture the ‘wisdom of the crowd’ and provide an overview of what the majority thinks of price movements for that day.

Developing the application took a short span of just two weeks! Wing, the project manager, drew out the structure of the application, giving us interns a detailed understanding of the structure and flow of the project. Then we divide and conquer the workload by assigning tasks based on everyone’s specialty.

Wing created the frontend of the application while Wen Hao dealt with the logic and backend of the app. Kok Cong handled the database and worked with Qi Ling in the creation of the algorithm to reward users for participation.

The result of two weeks of effort can be found at hotx.io

Written by: Dionysus Yan, Business Development Intern.

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