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.
Nice to see this response.
Hmm It means that we will be able to exchange our Heat holdings into options on Heat's built-in options market. And these could be used for buying shares of Heat Company with 50% discount (that is to get twice more at first) which would pay interest in dividends.
So after redemption anybody else wanting to buy these company shares would need to first buy in into Heat (throu BTC) right?
And there will be still option of forging Heats using Heat account holdings. Do i get it all right?
Personally i'm waiting the most for option of creating new chains/coins inside of Heat's wallet.
PS
IMHO 2017 will be the last good year (not sure if whole...) for starting up something relevant in cryptoworld. BTC is binded with USD and Yuan(Yuan being pseudopegged to USD). Boost in BTC price follows panic chinese devaluation of yuan (transparent and hidden) which is getting to strong because of increase of USD value. We can most likely expect more USD appreciation following promised by FED credit rate hikes.
None of these will last forever... and black clouds surely gonna come afterwards (stupid and dangerous things are starting to come up in Europe or in India, serious war on cash is starting, new so called "antiterror" laws will gonna surely affect BTC too). So lets better use good time as long as it still lasts.
@StewieG: Can't you wait a bit? It won't make any difference now right? You did good job representing ppl's doubts and on stressing out developer to work harder and deliver stuff sooner than later... (LOL) Maybe you could make a short break to actually wait for some outcome?
Don't you think you did enough already? Because you know enough is enough, and ppl believing in project sooner than later gonna get more angry than you, on you, for overreaction that harms more than helps in anything. Not only you are a serious investor here.
Happy New Year to all
According to the Chinese calendar, the year 2017 is the year of the Fire Rooster. The Chinese people say that this year people will be more polite and less stubborn, but they will have the tendency to complicate things.
Fire Rooster is already heating up some ppl, let's hope it will heat up this project too
