HEAT Ledger Analysis and Interview
#MOCHO IS GETTING THE NEW ADVENTURE OF START WRITING ABOUT GREAT GEMS (PROJECT THAT IN MY PERSONAL OPINION ARE UNDERVALUED AND I ALSO HAVE IN MY PORFOLIO )
At this moment this particular project” HEAT LEDGER AND DEX “
with the coin tiker $heat
As others who believed in the project and invested on it, I was under the impression that HEAT had lost it, but truth is the team has been working intensively on their blockchain capabilities. Yes, it seems they had to spend some time on private endeavours, but it turns out all these learnings have just been great for the public chain. With the recent massive update on their chain, and the new wallet concept they are so excited about coming on Beta later on the year, I wanted to have a talk with the team and managed to get a hold Dennis de Klerk, their CTO, for an interview.
Before we start, please tell us who you are and what is HEAT about. Thanks!
My name is Dennis de Klerk, I used to work as a counselor for autistic children for many many years. On the side (more like 40 hours a week sometimes) I was always busy coding ever since I bought my first PC when I was 20. Over those twenty years I taught myself over 35 different programming languages and am learning every day still.
HEAT is a crypto currency blockchain network that we build together with our team of international developers. HEAT was written from scratch but its internal architecture and proof of stake algo was based on that of NXT which launched in 2013 and which I observed from up close since its launch
My idea for HEAT was to create a crypto currency that has a blockchain of forever archived transactions, but one that could never get “full”. I also figured that it was technically possible to optimize all individual parts to such a degree that anyone on a standard internet connection and with a mid size pc would be able to connect to a network that ran at 1000 transactions a second non stop.
“We are well on our way to making all that a reality on the live HEAT network.”
Now some questions :
Q1: What is your main difference between HEAT and other projects? What made you guys last so long compared to projects that come and go? And what is the future vision on HEAT ( in 2 years from now)?
A1: What made us last long in terms of finances I guess just keeping costs down and not take to big of a salary. What else is important is that both founders have a long term vision for HEAT.
Being on good standing between us founders is important as well but that’s super easy as my co founder is Finnish and we all know Finns are super fun to be with right!
Also nice that you mention projects coming and going. Maybe best put is we don’t do hype but try and build stuff which is much less glamourous and likely a lot harder. It’s just not in our nature.
Q2: Since you guys have built and manage a DEX and a decentralized storage system, what is your opinion in the current state of crypto regulation concerning these areas?
Regulation is changing quite a lot these times, I expect this to go on for a while as decentralized systems are all but easy target for regulators. We try to stay a step ahead in this catchup game.
Q3: About $heat token/coin… What is the actual ROI from the PoS system? And how does emission curve look like?
A3: Currently is around 2%. This data is available from HEAT’s Discord community, on the xxx channel — https://discord.gg/9uUWPXf. The curve below comes from that channel.
Q4: How important is this services “Data Storage, Virtualized to Infinity” and how you solve the scalability problem ?
A4: As usage of HEAT increases exponentially as service providers will start using the blockchain network as both their communication pipe line and archival solution we will need to store away all those transactions. We would not want to delete them as these transactions contain communications that are required to resolve disputes or to rebuild data models stored in these transactions.
Our way of solving this problem was to start by removing the database as a fundamental storage component from our software. Instead we have written what is essentially a database but one optimized for blockchain data.
In a database all data is treated equally with HEAT we differentiate between data needed by running processes (balances for instance) and data needed for slower tasks like p2p communications when someone downloads the chain from the network for instance.
We store blocks and transactions in flat files which we cap at 1 GB each. When one such file is at capacity the software will switch to a new file and start filling that up. There is no limit to how many such archives you can have — only your harddisk limits you there.
When archives outgrow your local storage capacity you can start deleting older archives as they are not needed for you to validate the blockchain. To download the blockchain you also dont have to download all archived parts as this is solved through sharing snapshots of all balances which is a fraction of the size of all blocks, these snapshots are combined with signatures and hashes created by the miner of the last block on a blocks file.
The miners of the first new file will all validate the previous file state as well as the matching balance snapshot and record this data at the start of the file effectively on the blockchain.
You should be able to always sync the HEAT chain no matter how many transactions are there in a reasonable short time or however long it takes you to download a maximum of about 2 GB of data.
Q5: Also please explain to us this” Virtualizing Blockchain Storage” feature
A5: This means so much as having the full blockchain on your server with the complete latest state of all balances, orders, addresses everything. Yet you dont have to store all the transactions or previous blocks.
Giving you a virtual blockchain storage basically as you do not need it on your machine
Q6:The “ POP (proof of presence) rewards.” will be a big reward incentive to the server runners can explain in simple words this economic side?
A6: The idea is that the HEAT blockchain serves as decentralized storage for your service communications. As this information is valuable we want it to be archived and we want to make sure the archivaling is done evenly distributed over the network and not have some archives being hosted at more places than others.
The POP algorithm requires you to register your server on the HEAT chain and it needs you to tell the protocol which exact archives (they are all numbered much like blocks in a blockchain) you have on your server.
With this knowledge the protocol will see which archives are well distributed and which are not so well supported. The POP rewards will adjust for this fact and pay a slightly higher reward for those lesser supported parts which hopefully ensures POP servers will evenly distribute archives.
Q7: What is your opinion on the other competitors project that try to solve the same problem of decentralization data storage?
A7: You’d have to be specific which competitor you mean as there is a lot happening in this space.
Our storage needs are very clearly defined as we have to have a place to archive large amounts of data yet without overflowing peoples home computers or small servers on which they operate their business software.
Same goes for the DEX which is built into the protocol, any serious exchange has to be able to handle large amounts of order data, again a specific need.
HEAT is not in the business of providing generic high availability (decentralized) storage we have amazon S3 or Ipfs for that.
Our needs are very simple. Think about it this way, how many speed tests and endurance tests have you not heard of in the blockchain space? A lot right. Now go find one of those 1000 txn/second tests that lasts longer than a few weeks max. You see there is the problem when there is no overflow mechanism.
Q8: In 2 lines please describe this feature “Operate your own Service” on heat ledger
A8: Instead of running an HTTP server. Our services (or your service) listen to a stream of events, instead of coming from the net our inputs come in the form of transactions.
We provide the tooling to code your online server app (request / response) in a way that you don’t even notice the data lives on the blockchain. Your service is accessed by people sending transactions to your HEAT address this offers an unparalleled level of transparency as well as
Q9: What is special about the new wallet concept?
A9: We have been building wallets and crypto currency related software now coming up for 7 years. It is a mighty complex topic but I can say we are ready for prime time now.
We bring together a now deep understanding of crypto and more importantly where crypto is heading in the future. For this future we have built a massive scale server infrastructure based on the latest auto scaling techniques that can serve a world audience. This server infrastructure will keep track of balances, collectibles, assets and any other selected public activity on all blockchains, this way we will be able to offer anyone from any coin community real time insights and notifications for free right to your mobile phone (if you wish, of course).
To top that off we go beyond just being a wallet for multiple chains.
Having created two crypto currencies and looking at the time and effort we put in the features that make our chain (HEAT) special like how we pioneered the Asset to Asset exchange protocol so long ago. I can see all these coins sitting on all these islands all hindered by the same problem which is how to show case to a big audience what you can do with your technology.
This is where our new wallet comes in. We provide for you the platform which consists of the real time and massive scale data collection going on behind the scenes.
Than on top of that we provide this easy to install HD wallet with great key backup support.
Now comes the integration with your coin, to enable in wallet staking, multi sigs, voting, order placing, cancelling whatever. For this we have an integration kit which consists of you coding the transaction binary and crypto logic in Javascript! So if you can create and sign a transaction from code in a browser client thats all we need. We provide the rest.
Q10: How do you plan to bring all the functionalities of each crypto, not just the power to transfer them, etc.?
A10: We are actively seeking out and approaching coin communities and core developers. And putting forward the question from one crypto developer to another: “Tell us what’s awesome about your platform and please tell us what features we should support and share with our wallet audience”.
The answers are pretty clear mostly and to assist us in making that a reality we created the most simple Integration Kit ever. If you know Javascript and can use a command line you can use our tool and code an integration for functionality you like to see. No UI work needed just the lower level stuff and the kit provides you with unit tests and everything after it generates the source code for your project. Quite fun actually.
*The following words come from the HEAT’s CTO Dennis de Klerk.
Major improvement on it features
After three months of hard work on the HEAT chain and wallet, here are the new features and improvements that have just been released on the 3.0 version. You can download the new versions from HEAT Wallet’s web page or from https://github.com/Heat-Ledger-Ltd/heatwallet
1. Unlimited Chain Space
Enabled 18 million terabytes decentralized blockchain storage engine, in preparation for decentralized block slice hosting.
This is HUGE and so we have a full post about it written by our CTO, Dennis de Klerk. Check it out! https://rebrand.ly/xi5km1
2. Proof-of-Presence Rewards for Registered Masternodes
We’ve included a new transaction type for registration of a node’s IP address or domain name to become Masternode. Only registered masternodes are eligible for POP rewards when forging a block. Masternode registration is valid for 311040 blocks (~90 days) with a single registration transaction. Masternode registration fee (goes to next block finder) is 100 HEAT, and the minimum guaranteed balance checked at every block creation time is 1000 HEAT.
Masternode feature will be enabled at hard fork block height 2 700 000 (approx. August 10th).
In preparation to the decentralized POP network where nodes are rewarded for archiving and distributing historic blockchain data, we are beginning to move to nodes being required to register as Masternodes. The first phase will start with the coming fork after which POP rewards are rewarded only to registered valid Masternodes. Registration is simple and is performed through the HEAT wallet user interface or API.
3. Experimental IOTA Support
We have added experimental support for IOTA where you can send, receive and store IOTA secured with your single HEAT key. IOTA support comes on top of HEAT Wallet’s existing multi-crypto support for BTC, ETH, ARDR, NXT, FIMK and of course HEAT.
4. Atomic Multi Transfer
New transaction type for sending multiple payments in one transaction — Atomic Multiple Transfer. This feature is for now accessible through the HEAT Wallet API only, and does not include the user interfase at this point. For now, it is intended for use in external integrations and for the automation of processes on the HEAT network, for example micro-services sending automated payments. Atomic Multiple Transfer feature will be enabled at hard fork height 2 700 000.
5. P2P Protocol Update
Starting from block 2700000 all nodes will communicate with the newer, more efficient binary protocol instead of text based JSON. This will save bandwidth and makes things faster and more stable. CPU and memory usage of a node go down considerably especially when communicating larger pieces of data.
6. Local Server Suppor for Ultra-Secure Chat
Configurable webrtc signaling server for local secure chat setup independent from 3rd party services. Create your own private messaging network by turn on signaling service in your server heat.properties using “heat.signalingServerEnabled=true” and specifying your signaling host in the client application failover config (failover-config.json). Ask your users to do the same in their client apps, and VOILA! There you have the world’s most secure messaging service where the encrypted messages are transmitted directly from sender ip address to receiver ip. Initiation of communication channel coordination goes through single “central” server only — your own!
There is the example of failover-config.json with signaling host URL on the screenshot
7. Secure chat UI Improvements
The secure chat feature launched in the last update got redesigned for improved usability.
HEAT ledger team
COIN METRIC
total supply 41.366.431 heat
market cap $1.310.508
market /exchange https://heatwallet.com/#/login
Follow-Up Links
Website
Blockchain platform: http://heatledger.com
Crypto Wallet & DEX: https://rebrand.ly/p7b90j
HEAT Ledger Whitepaper: https://heatledger.com/HEATWhitepaper.pdf
Medium
About Server 3.0.0 Release: https://rebrand.ly/xi5km1
HEAT Wallet 3.0.0 Features: https://rebrand.ly/88e8c
About HEAT’s Microservices Platform: https://rebrand.ly/ae647
Social Media
Twitter: @heatcrypto
Discord: https://discord.gg/wc9QpN4
