After a promising ICO, HEAT slumbered away in a harsh spiral of bad publicity due to a few missed ‘assumed-to-be-deadlines’ of progress. It took many months to finally launch the blockchain, and to everyone’s disappointment the chain did not perform in ways it should have. The white paper described a technically advanced concept that would shake the building blocks of the cryptoworld, but physical functionality were not just there yet.
A few months later, after hours upon hours of development and testing, the fruits are ready to be picked. The HEAT-team has managed to maintain a positive drive and while completing a concept of a stable blockchain with a working decentralized Asset Exchange, they also managed to secure a pilot program with ABN AMRO.
April 7, 2017
After negotiations and enrolling events during the past week with ABN AMRO bank, which is the 3rd largest bank in The Netherlands, they’ve chosen us for their disruptive high tech program embracing a fairly extensive yet carefully selected list of fintech companies with whom they intend to get ahead competition in the adoption of blockchain and other disruptive technologies closely related to the banking field.
That progression of events is highly desired and fits HEAT perfectly – in that our next step would’ve in any case been the deployment of microservices. Microservices is an unique feature of HEAT, as described by the lead developer Dennis in the following words in our many banking / fintech contact meetings:
The big issue with creating custom blockchain applications for your organisation is that in most cases you’ll need skilled blockchain developers, which are hard to come by. With micro services all you need is one of your own programmers who is able to write one or more TypeScript scripts. The scripts are able to react to all the things that happen on the blockchain by simply registering an event listener, they can also do everything you can do on heat (send money, message, place order etc). Finally from a micro service you can connect to any other system or database in your organization through standard methods.
HEAT microservices, enhanced with our unique replicator model for external RDBMS such as Mysql, DB2, H2 or Berkeley, allow anyone to implement BaaS services in the HEAT public blockchain, and specifically they allow us Heat Ledger Ltd to deploy customized duplicates of the HEAT technology into corporate environments without dedicated personnel to service blockchain software in particular. This is the model we’re going to develop into full fruitition while delivering the pilot solution for ABN AMRO’s needs during the next 100 days, thus yielding us 3x leveraged benefit:
– Completion of the possibly highly lucrative bank co-op project
– Streamlined general corporate solution deployment model, and
– Considerable feature enhancement for the public HEAT blockchain
The high HEAT tps figures advertised are fit for HEAT blockchain internal corporate use already. Whereas even the highest speed data network lag between various continents of the earth AFAIK makes it impossible to disseminate p2p data globally at speeds higher than well under 20 tps in the best case scenario, the goal for the public HEAT chain of guaranteed 1000 tps 24/7 is actually designed to not be dependent on node communication lag.
Due to the replicator infrastructure as described in the HEAT White Paper we can use single node pre-matching and broadcast the bulk pre-matched tx batch to p2p network at regular intervals with sophisticated ordering automation handling any race conditions or frontrunning situations. This is some near future (~6-12 months) development that goes along with the restructuring of the p2p traffic to binary messaging (Akka). The current HEAT model allows us to deploy high speed pilot projects for organizations like ABN AMRO, as corporations use private blockchain configuration in closed environment with either single matching node or very high speed dedicated / cloud server network capable of reaching 50+ tps levels even on realtime p2p basis.
- source: bitcointalkforum – Svante Lehtinen
The community has been hanging tight on a thread while waiting for the reward distribution to be re-enabled. Efforts within the community have resulted in websites, web stores, lotteries and future marketing plans for the platform. While trade volumes have been low, a rising trend can be seen after the release of a working Asset Exchange. The price has persisted above ICO level for the most of the time and with a market cap of only 2-3 million dollars, has every chance to bring the investors a nice return.
Rewards of mining
The rewards in the HEAT system are very generous. They will be 8, 6, 4 and 2 HEAT per block during year 1, 2, 3 and 4, respectively, with an average block time of 25 seconds. This translates to 3,456 block per 24 hours (24*60*60 / 25). Currently the 8 HEAT per block are rewarded as POS (proof-of-stake) only as the POP (proof-of-presence) will not be activated until later when the size of the blockchain files has increased. Initially there was 25,000,000 HEAT. If it is assumed that only 50% of all HEAT balances are forging, then the following amount of HEAT is required to forge one block per day: 25,000,000 / 3,456 * 0.5 = 3,617 HEAT. 8 HEAT or 0.221% per day results in a monthly (1.00221^30) return of 6.85% per month during the first year of operation. This is an excellent monthly return under any measure.
In addition to the POS rewards the users lurker10 and gh2 have set up a lucky node lottery for HEAT which can be watched at www.heatnodes.org. This lottery functions similar to a POP reward system, since nodes which are running the latest version of the heatledger software are randomly chosen for rewards. At the time of writing the payouts amount to 100 HEAT per day. If it is assumed that 40 nodes participate in the lottery, this results in an average expected payout per node equal to 2.5 HEAT per day. In one month this will amount to 75 HEAT or about $7.5 at current market prices. Since this return is higher than the typical monthly cost of renting a VPS, it is also profitable to run a node when participating in the lottery. If, in the future, many more nodes participate in the lottery, the ambition is to raise the rewards in the lottery from donations to continue to make it profitable to run nodes. Having a large number of nodes is important to strengthen and secure the HEAT blockchain.
- source: user gh2
The new mainnet release will be published on Sunday April 16. A 3-day period is given to the community to get ready for the re-enabled (assumed to kick in on Tuesday) block rewards, so be ready and do not miss this opportunity! If you haven’t got any stake yet, you can join the venture at www.heatwallet.com.
Welcome onboard of HEAT!