H.E.A.T Ledger, announced in 2017, aims to completely change the way we structure cryptocurrencies. Find out what that means today in our review.
What is HEAT Ledger?
HEAT Ledger is a Helsinki, Finland-based company that describes itself as a “3.0 crypto platform”. The company sees its flagship product, HEAT, as a third generation cryptocurrency platform. Unique features of HEAT include a sliced binary blockchain, unlimited scalability, multi-sig currencies, and flexible crowdfunding capabilities.
This past week, HEAT Ledger announced the release of their Ethereum Heatwallet. That wallet allows users to access their Ethereum tokens and ERC20 assets while interacting with the HEAT Ledger platform, including the Heatwallet decentralized exchange.
In addition to offering a decentralized exchange and a wallet, HEAT Ledger offers SME businesses easy and affordable access to token creation, making it easy for SMEs to launch IPOs or token sales through the HEAT platform.
The acronym “HEAT”, by the way, stands for “Heuristically Enhanced Asynchronous Transactions Ledger”. The goal of HEAT Ledger is to create a new way of structuring cryptocurrency asset ledgers across decentralized ecosystems while maintaining speed and security.
HEAT is available to be used today for crowdfunding campaigns and IPO arrangements.
How Does HEAT Work?
HEAT wants to solve an important issue in the world of decentralized platforms: scalability. Today, many blockchains are struggling to handle an ever-increasing number of transactions. Increased pressure is being put on each node in the network, and blockchains like bitcoin (BTC) have faced enormous transaction fees and a huge backlog of transactions.
How Does HEAT Ledger solve scalability? Here’s how the company explains their unique scalability features:
“The HEAT technology removes this pitfall by intelligently combining the best features of the existing 2.0 cryptos with a completely remade, sliced blockchain mechanism. Using custom built storage and access solution, based on Memory Mapped Files, binary data stored on disk can be accessed at near RAM memory speeds – without the need to load this data in RAM. Splitting blockchain into separate files for various data types, the HEAT Java server can fulfill the requirements of any modern commercial fintech applications on blockchain.”
To facilitate the HEAT Ledger ecosystem, the company has launched its own HEAT cryptocurrency. This cryptocurrency works in a peer-to-peer client-server configuration. By running the HEAT Java server node on your workstation or server, you can enhance the security of your own cryptocurrency operations while participating in the HEAT decentralized network. You can also earn staking rewards by staking tokens through your HEAT wallet.
Another unique thing about the HEAT ecosystem is that it takes proof of stake rewards to the next level and introduces “proof of presence”. With proof of presence, rewards are granted to a random participant on the network every 25 seconds.
If you want to qualify for additional proof of stake rewards, then you need to simplify enable forging in your HEAT wallet running on top of your own HEATnode.
HEAT emphasizes the following features:
A2A Exchange: HEAT has a colored asset-to-asset exchange for custom token trading, crypto exchanges, crowdfunding, and company IPOs. Built-in semi-decentralized bitcoin gateways enable direct crypto-to-crypto P2P trading across the exchange.
Multi-Mode: The HEAT Software is available in four different modes. You can access the software as a web client, for example, as a downloadable thin client, as a full node server, or as a replicated custom node. These modes serve needs ranging from the occasional home user to large corporate operators.
Encrypted / Off-Chain: HEAT provides high-end security using end-to-end encryption from endpoint to endpoint. However, users can also choose to operate off-chain for situations where you want to exchange data without encoding that transaction to the blockchain. HEAT offers off-chain data exchanges for private chats, for example, where blockchain storage is surpassed altogether.
Modular Blockchain: Nodes can store one or more blockchain files in a torrent-like manner. Files with the lowest network presence receive the highest probability for block rewards.
Real-Time Replication Layer: HEAT has a real-time replication layer that uses an event-based, optional, and configurable event sink mechanism where you run HEAT together with a MySQL database server (or any other brand of database server).
Multi-Currency: The HEAT client supports multiple cryptocurrencies, starting with HEAT and BTC. Thanks to HEAT’s modular design, there’s no limit on the number of cryptocurrencies that can be added in the future.
Multi-Account: Users can store and access multiple private keys for different cryptocurrency blockchains with the click of a mouse. Everything is accessible from within the HEAT crypto client.
Name Private Wallet Files However You Like: With HEAT, you can name your private wallet files whatever you like and it will automatically be encrypted with your own master PIN and passphrase. Store separate private keys for your accounts offline for backup. Or, memorize them (like with a brain wallet). The goal is to offer maximum portability and recoverability.
How Does HEAT Ledger’s Ethereum Heatwallet Work?
HEAT Ledger announced to release of their Ethereum Heatwallet on June 5. Key features of that Heatwallet include all of the following:
- The ability to view Ethereum and transaction history for any ETH address
- The ability to import account seeds and optionally store multiple encrypted seeds on the user’s device for later access
- A client-side wallet where authentication data is never transmitted to the internet but stored on the user’s device
- The ability to view all ERC20 token balances and full ERC20 transaction history for any ETH address
- Support for HD wallets
In a press release announcing the launch of the wallet, HEAT described it as
“a significant step towards fulfilling Heat Ledger’s ambitious goal of bringing together several dramatic server level changes, client-side features, and middleware system arrangements into its public HEAT platform to form a showcase for financial applications of today and the future.”
Who’s Behind HEAT?
HEAT is led by Project Leader and co-founder Svante Lehtinen. Lehtinen has 20+ years of entrepreneurship experience and dozens of e-payment projects under his belt. In the crypto community, he’s best-known for founding FIMK in 2014.
Other key members of the HEAT team include Lead Developer and co-founder Dennis de Klerk, a full stack developer who has been working on cryptocurrency projects since 2013. He also created the FIMK cryptocurrency in partnership with Lehtinen.
HEAT is a decentralized ecosystem that aims to change the way we structure cryptocurrency asset ledgers. HEAT is a platform of tools and services for the cryptocurrency industry, including the native HEAT cryptocurrency.
To learn more about HEAT Ledger and how it works, visit online today at HEATLedger.com. The company just released its latest product, their Ethereum Heatwallet, on June 5, 2018.