Updated history of significant events concerning HEAT:
9. July 2016: Initial heat posting on bitcointalk.com, providing Heat release date to be on 5. September
11. July 2016 - 8. August 2016: ICO Phase
12. July 2016: Eliphaz Fimk states that most of the server Software is almost finished!(Which means the Coin is almost finished)
8. August 2016: ICO ends with about 800k$
5. September: Deadline for genesis block - Developer releases statement, they can not make it, release will be soon!See below (Look exactly at the statement, it says it will be opensource), Also Eliphaz Fimk says release will be 7-10days...
6. September: Eliphaz Fimk statement about Release in 10 days: Realistic but not certain!(Notice, until now it sounds like the coin including ALL the features will be released!)
27. September 2016: Eliphaz Fimk says there will be no further deadlines...
26. December 2016: Eliphaz Fimk announces the project will be closed source
27. December 2016: People got angry so Eliphaz Fimk had to reply, statement shows he has no clue how much money they have left
29. December 2016: Eliphaz Fimk states that previous deadlines were no deadlines but estimations, it was out fault to see them as deadlnes
5. January 2017: Eliphaz Fimk publishes Comparison chart, which contains just false information
5. January 2017: Eliphaz Fimk states they will not deal with Bittrex, instead the community can try to get HEAT on there(can't find exact post, I think he deleted it)
8. January 2017: Eliphaz Fimk states they will launch in 7-10 days(yes they have stated the exact same before)
17. January 2017: Eliphaz Fimk says genesis Block is near completion(no word of delayed launch)
18. January 2017: Eliphaz Fimk states that the coin at start will only have the scalability feature, all the other promised features will probably be missing
18. January 2017: deadline goes by, nothing happens, people get pissed off(again)
19. January 2017: Eliphaz Fimk comes up with lame excuse, states that they will launch later, maybe the coming weekend...
Missing:
- Initilal statement about Open /closed source code of project
Statements:
There's WAVES with equally impressive list of features that were supposed to be available at launch - guess what happend...
I don't think WAVES was nearly as far in development as HEAT is when they had their ICO. Probably still aren't, not sure about that. However for HEAT we already have most of the server core mechanism and supported features implemented. Then there'll be the middleware required for co-op gateways etc. The visible parts will be client side (the stuff you see on browser), for which we'll hire specialists after the ICO to help with..
It's been awhile since my last post.
I've been working on HEAT probably like I've never worked for something in my life before.
I guess I can just focus better and get more done by shutting out any and all distractions - which unfortunately at this time (with the current amount of tasks) also includes this forum.
Apart from the work for HEAT directly I've also been working on getting side projects up and running that built on-top of HEAT and are set to be used by our Heat Ledger Ltd joint venture partners.
The HEAT code base now consists of 3 very large projects already which have been completed in large part this last month.
More recently we've worked our asses off for the HEAT ICO redemption part of the HEAT wallet online but unfortunately could not get it to work by tonight, I simply need a couple more days.
I'm sorry for that and I apologize for anyone who was counting on this to be ready today.
What we can release within the next few days along with the ICO redemption is no small thing either, it's actually the bulk of the core of the HEAT open source trinity, which is made up of:
- Heat Testnet
- The server (the real-time, internet scale window into the ledger)
- The client (the generic real-time, ready for mobile client framework that does everything from browser cryptography to real-time updates)
We do everything we can to get stuff online on Tuesday. I'm pretty exhausted and need rest now.
No unfortunately no screenshots now. The alpha wallet isn't visually anything special. UI polishing options are in the works though as I write, however the UI is the last part to implement and thus complicates assignment of 3rd party design tasks.
Is there an ETA for the crypto to crypto exchange?
October. ETAs with the current team are a long shot
Is 10 days realistic for genesis launch? Or will it likely be delayed to perhaps October 1st?
Realistic but not certain. It'll be released on the date it's ready for that - we're past the point of matching major releases with significant calendar dates.
Another funny one:
Clearly, 3rd generation can mean many things.
Can mean a next technological level
Can mean a better/decentralized governmental process
At HEAT we've exercised our self granted right for adopting the term
Gen 3 Crypto primarily on the grounds of fundamental technical changes. These changes modify the core technology used by cryptocurrencies in a way we believe will be adopted by a growing mass of business operators in the not so distant future.
The HEAT focus isn't about improving decentralization. Thus it also isn't about improving governmental processes in a technical way of inputting algorithms for decentralized voting, AI governed core update deployments and whatnot as implicated in the projections of the next generation cryptocurrencies from the decentralization perspective.
When we come to the governmental sphere of the HEAT crypto-terrain that stakeholders and investors necessarily step into when you obtain HEAT stake reservation or tokens, it's fairly simple:
HEAT is rather strictly about business.Being about business means that HEAT tackles several problems that are currently slowing down or preventing the adoption of decentralized p2p ledgers for business use. Some of these are:
- scalability problem (solved by off-heap binary data store and sliced blockchain)
- public ledger vs. proprietary problem (solved by corporate nodes db replication and custom chains)
- obstacles in ease of use for asset trading and crowdfunding (solved by turnkey crowdfunding solutions, asset-2-asset trading)
- problems of integrating crypto with fiat (solved through JV gateway arrangements)
- problem of software scattering through numerous cryptocurrency clients and technologies (solved by multicrypto HEAT client and built-in DS exchange gateways)
While we're not particularly inept in our governmental model - kind of facepalming year after year about the Bitcoin's community's inability for effective decision making - we believe the legacy system inherited from FIMK is ample for any kind of challenges ahead on that front. That model is based on the human factor enforced by technology; the coordinating organization exercises strong decision making and forward looking power through legacy technical arrangements such as running a high number of nodes and having large PoS forging power at disposal. For business operation such as HEAT this point becomes even more relevant and usable for swift resolution of what would otherwise look like difficult situations.
There's definitely the moral principal incentive on the background driving us forward, namely the dissemination of technically independent p2p ledgers with their numerous benefits not limited to facilitating trade to its simplest form and storing immutable records of transactions to defeat human weakness on that area generally. However we believe these objectives are best achieved by
not fighting fire with fire but extinguishing fire [of obsolete, failing economic interaction] with water ie. with another basic element effective against the one we wish to have changed.
Skipping further allegories, that means in practice we - Heat Ledger Ltd - infiltrate the business scene from within to smash on its face the most flexible, cost effective and easy to use systems available on a margin so great that those who've seen what we offer see no sense in going back to what they used before that.
... which will eventually lead to blockchains (and the HEAT chain in a significant part of them) used all over the globe in millions of applications. And then we (and the shareholders, but maybe for different reason!) will be happy
Statement 5. September:
UPDATE - Me and Dennis having worked on it day and night recently; There will likely be a release tonight,
howeverUnfortunately it's impossible to release the genesis block - we figured on Friday that the redemption period would land far too short and started to prepare for the early alpha wallet release with the redemption facility. It has now become clear this is the only reasonable route forward. The alpha wallet allows for verification of the ICO payments in HEAT testnet, and some draft tests of HEAT transfer + messaging.
To allow for enough lead time for all the users to verify their tokens, time for clarification of some unclear stake reservations, and to also give us the chance to include more features for the genesis, HEAT livenet release has been pushed forward 7-10 days, between Sept 12th and 15th.
We're looking to post the URL for alpha wallet sample and ICO token verification procedure late tonight.
While sure somewhat a disappointment to many, this is dictated by the necessities. So you can relax still for a while (we can't)
any rough, stab in the dark estimates?
No, because estimates are often taken as promises, leading to all kinds of unwanted hassle.
The alpha wallet with testnet came up without much warning
Sttement they have around 1000btc:
anyone knows how well funded this project is?
Amply funded, approx. 1000 BTC in liquid funds at current rates.
We however still carry high crypto exchange rate risks.
what is the burn rate?
how long can they continue developing?
Burn rate is adjusted per budget, ie. depends much on the 2nd funding round November - February in which we seek up to 1.5 Million EUR additional capital. Barring unexpected circumstances we can continue operating even with current funds for years.
when will be the release of the token on exchanges with volume trading?
On established, popular exchanges? Uncertain.
Will I be able to trade the tokens on Bittrex or Poloniex after the tokens got issued?
Maybe, but not immediately.
I am curious why he needs to be "in the mood" to give an update?
Because otherwise he won't give one of course. He's a coder and genius at that, but not very adept in handling public relations. Just like me, but even worse
Investors donated over $1 million dollars worth of crypto to the project.
I must slightly correct that statement, as investors usually don't donate - they invest or as in the case of HEAT, they
purchased pre-launch tokens. The amount definitely was nowhere near $1 million dollars worth of crypto. The amount is difficult to calculate because of high volatility and oftentimes lacking liquidity as in the case of FIMK. Using current, realized rates the amount raised in the first funding round of Heat Ledger Ltd lands somewhere between $300k and $400k - in motion as the value of the crypto holdings fluctuate and even surprises such as extra grant of Byteballs happen.
Don't you think they deserve to at least know the status of dev?
Of course I do, that's why I stepped in to describe what I know. I'm not coder, and I'm not Dennis, so I can't write on behalf of him about the technical details involved in the last few weeks' development. He'll do that himself.
Yes i too would like to know what is happening.
What's happening is development, mixed with family handling and holiday season to put it frankly.
Is Dennis working or is he sick?
FWIK he's been working part time during the Christmas days, taking care of family where possible, the exact same that I've been doing myself. If you have a family to take care of, you'd know there are quite a few modes of existence between being sick and working 24/7 month after month
What is with the no progress in GitHub?
The code is on company premises where development happens, and needs to be cleaned before being deployed to Github. Also the server code needs to be edited or mostly removed from the public release because we're not going open source at launch time because of the obvious hazards of losing IPR and competitive advantage just like that. Client and some important parts will be open sourced, however there hasn't been reason to do that yet as HEAT core development is ongoing.
Are they serious about this project
Of course we are. It needs to be reminded HEAT is a fintech business project, involving a lot of aspects that most crypto-only coins aren't bothered with in the slightest. Thus the execution of our business is also different from what you're used to - causing the delays in the first place as everything needs to be coordinated from technical features, applications and extending to the readiness to support partnership setups.
now six months later we have nothing and no communication...
Six months - it's of little use to exaggerate, more like 4 and half months. No communication - I don't get that part but note taken
Whats the deal guys tell us frankly what is happening
I hope I answered that to your satisfaction. Normal life and development, so nothing spectacular there to grow FUD on.
I will wait until the end of february. Then I am going to look for the responsible people personally.
We're here and we're responsible whenever you'd like to have a chat f2f about which part of the company's crypto funding round you might have misunderstood, or any other similar issue there may be.
Let's rephrase what Dennis intended to write about the development situation a couple of days back -
Development and testing of HEAT mainnet transactions engine is complete. Asset-to-asset exchange development is complete, extensive automated testing in its final phases. Depending on various things, completion of tests is expected within 3 to 5 days. This isn't certain but likely.
Those are the two parts that form the absolute essential HEAT core, without which launch isn't possible.
Microservices (Heat's implementation of "DAPP") are also near complete, testing pending.
While tests are being finalized we're currently blazing through microservices implementation of the decentralized Bitcoin gateway on the HEAT wallet. It's nearly essential feature of the HEAT launch, and has a sizable impact on the liquidity of the HEAT token because it makes the decentralized trading possible. We'll have to see how quickly development on that goes and whether we need to launch the token without this facility due to the increasing pressure. Launch without the decentralized BTC/HEAT trading would be greatly detrimental. If all goes smooth on that it's possible to include this feature in the launch of the HEAT mainnet that we consider realistic to launch within the first half of January.
Obviously some people see things only through the black and white prism of the altcoin world where real corporate operations behind a coin are unusual. It's then difficult to understand how business development works, thus some freak out and gradually degenerate into trollish behaviour, harming the venture to some extent and especially undermining their own chances of success (through HEAT token's pricing prospects in this case, when patience runs out to wait for the planned features). This is unfortunate but it was expected with the unforeseen delays in delivery.
It is becasue past promises were not met.
By promises I suppose you mean delivery estimations. I'd like to point out that delivery times are NOT promises - they're best effort estimates that usually change in the software industry. It became clear that our delivery estimations are considered promises by many, thus we stopped giving them. Due to demand I've reluctantly given new estimates above, however they're still estimates and not promises. Anyhow we of course acknowledge the importance of achieving these latest estimates and understand the ramifications should delivery fall short.
Note for the refund seekers -
Investment into HEAT tokens was a no-refund proposal all the way. This was made clear at the time of participation. It was corporate funding round, fully accounted for and legally binding to company assets. In exchange investors receive the HEAT tokens that have a high chance of considerable value appreciation due to our long term work and structuration of the project.
We
will deliver the tokens, so please may I ask to hold your horses in the mindless outbursts that only harm your own investment.
We're not fresh to business overall, nor crypto business. We know what is wise and what's unwise. It would be foolish beyond comprehension to fail on delivery of a token, or change its main features to something completely else than proposed originally. On the contrary it is wise to produce value to investors through unique means. I've done my living as an entrepreneur for about 20 years - do you think cheating takes you that far? No, wisdom in producing value for customers does. But 5 months of delay in producing the first 3rd generation crypto has nothing to do with wisdom or lack of it. It's a necessity that we've got to tolerate despite the level of frustration that's far beyond that of any investor. Why - Because our success or failure depends on that more than yours. We've put all in. On top of that there's the pressure from a few hundred investors.
In case the structure for the HEAT tokens wasn't clear, here's a brief note of what they actually include, possibly containing some new info also:
Every 400 HEAT entitles to 1 stock option - redemption available shortly after genesis
Stock options are traded on the HEAT AE
Every stock option entitles to 50% reduction from one share of Heat Ledger Ltd's share release in 2017
Heat Ledger shares are traded on the Decentralized AE, one of the first of its kind, and enjoy company dividends from 2017 term onwards
About ICO funds: During the first 6 months of operation the company has burned less than 30% of its crypto funds, despite heavy requirements in ramping up business initially. The current spending expansion pace is sustainable and guarantees operations into at least the end of 2017 even without further funding (obtaining of which has however been top priority during the past 3 months, so missing it is unlikely).
Considering the product is 97% ready right now, this leaves us the whole 2017 for executing the business development preparations we've worked so hard towards from the early days of FIMK starting in 2014. The value we'll be able to bring to the HEAT token looks very bright to all insiders - Dennis, me and the advisors who we've let deep into the plans during the autumn. For the altcoiners,
I can now make a promise: We will be using some ICO funds for price level support (in some form of buy walls, in a way that has the highest impact). I can't recall making explicit promises earlier. Personally I'm proud to have got a habit of keeping them whenever possible, so if there's any other impression please point out the reference and I'll humbly amend such a mistake.
Due to demand from partners / investors we've preliminarily completed a brief comparison table of the HEAT token vs. some of the more popular competitors, work sourced from the HEAT community at
http://heatledger.net/index.php?topic=34.0
http://heatledger.com/papers/HEATComparison.pdfIt's public domain. Data hasn't been cross checked due to scattered sourcing. Welcome to point out any remaining errors.
It's expected there'll be some more public projects like this on the HEAT forum.
The genesis block assembly is nearly completed, we'll be posting the preliminary allocation data table online on Tuesday or Wednesday well before genesis. So there'll be a chance for last minute check of your coming HEAT holdings.
Any unclear holdings are assigned to temporary accounts, access to which are provided to stakeholders verified after mainnet launch.
Not all of the advertised features will be available for genesis block. In fact the system will be relatively barebones at initial launch. It's work in progress with focus on the eventual 3rd gen scalability whose implementation has taken most of our resource in the past months, and still does.
HEAT IS A SCAM!
