What Is Hi Dollar (HI)?

Hi Dollar is a financial services platform built on Ethereum and Binance Smart Chain, allowing users to send, save, earn, and exchange all supported cryptocurrencies. Hi Dollar purportedly aims to normalize blockchain technology and allow the community take control of its resources. Hi Dollar claims to value security with a strong compliance mindset in all aspects and is diligently working toward mitigating risk by employing cybersecurity measures from time to time.

HI is the native utility token of the platform and is an integral part and supports fast and secure transactions throughout each phase. The platform's primary goal is to maximize HI's long-term value for the holders. The Hi token contract has been audited and verified by Certik Audits.

According to the whitepaper, there are primarily three strategic phases to understand the functionality of the platform:  

Hi Super App: The project has a user-friendly, functional crypto and regular currencies app coupled with a gamified referral program. The app has an invitation-only sign-up mechanism. Everybody who signs up is entitled to a daily reward in the native token for engaging on the platform. Moreover, members can earn additional reward tokens by referring the app to other people to join. Users can download the app, as it is available for iOS and Android users.  

The app provides many services both in crypto and regular currencies like global currency remittances, crypto banking, crypto trading, equity and securities trading, peer-to-peer payments, etc. For this, the Hi team has partnered with various licensed institutions to provide comprehensive services in regular currencies to its users. Besides, the app also offers users flexible earnings in yield for holding and staking cryptocurrencies. The app supports a wide range of tokens. Additionally, users also get discounted trading fees and a couple of other benefits depending upon the number of locked-up HI tokens each user has. 

The beta version was launched in May 2021. Services like Hi Visa Debit Card and payment gateway for merchants are still in progress. 

Hi has already established an enormous user base in the global blockchain space, with a community of more than 3 million people using the app as members, out of which 600 thousand are KYC customers. These users come from over 187 territories across the globe. However, all services are not available in all markets. 

Decentralized Hi: To give the users powerful decentralized finance (DeFi) experiences, Hi is pioneering a hybrid application. DeHi Super App is mainly a multichain, non-custodial wallet that enables members to switch between multiple blockchains using a single crypto wallet to buy, sell, store, or swap any crypto assets from the supported protocols. The platform seeks to develop integrations with leading decentralized exchanges (DEXs) to offer seamless services to its users. Users can use the same application to store their NFTs. 

The company also intends to launch Hi Protocol (hiP), a scalable, EVM-compatible layer2 sidechain on Ethereum. 

Hi DAO and Metaverse: The Hi team also has plans to launch a metaverse platform for its community to socialize in the future. Also, as the community matures, Hi intends to transition to a decentralized autonomous organization (DAO) with all governance rights transferred to the token holders. DAO is a mechanism where rules are encoded in a computer program, automatically manage the organization's decision-making, and are not influenced by any central authority. 

History of Hi Dollar (HI) 

Hi Dollar was launched in January 2021. The team comprises people from the leading crypto, tech, and financial services firms. Stefan Rust, the former CEO of Bitcoin.com, and Sean Rach, the former chief marketing officer of Crypto.com, are the company's founders. 

How Are New HI Tokens Created? 

HI tokens are currently issued on both Ethereum and Binance Smart Chain blockchains. Every time HI tokens are claimed as rewards or purchased for a lock-up period through the Hi app, the tokens are minted in “Launch Incentives & Distribution” using a proof-of-stake (PoS) consensus mechanism. However, for each token minted, an additional 2.67 HI also gets minted and allocated for various functions on the platform. 

The process of minting stops at any point in time when the total supply of tokens hits the maximum supply of HI.