HEAT raises 1632 BTC worth of digital currency investment
Self-appointed Generation 3.0 cryptocurrency platform HEAT has raised 1632 BTCs worth of various cryptocurrencies during their four-week crowdfunding period that closed midnight August 9, according to a press release sent to CoinReport.
The ICO page of HEAT’s website mentions that final unconfirmed investment amounts are 608.45 BTC (stage 2); 16,124.99 ETH (stage 2); 255,621,021 FIMK (stage 4) and 6,220,425 NXT (stage 2).
HEAT, or Heuristically Enhanced Asynchronous Transactions, is developed by Finnish startup Heat Ledger Ltd. It uses a new peer-to-peer incentive mechanism called Proof of Presence, with the technology being based on splitting blockchain to small files and distributed via standard nodes and torrents.
Along with other enhancements to the way the cryptocurrency core works, this arrangement has in tests achieved transaction processing boost rates of up to 50,000 transactions per second, close to the maximum throughput of VISANet.
The fast transaction rates and the Proof of Presence mechanism are designed to assist with corporate adoption of Heat Ledger’s financial technology software and asset-2-asset exchange. This will not only enable custom asset high frequency trading, but will also allow blockchain crowdfunding by fiat currencies via joint venture partnerships with licensed money transmission operators with the European Union.
“It’s our goal in Heat Ledger Ltd to finally bring blockchain tech down to earth, for mass scale usage with all sorts of trading applications on both the public HEAT blockchain and custom corporate solutions,” said Heat Ledger project leader Svante Lehtinen in an email to CoinReport. “The successful funding round has given us a perfect base to pursue that goal and get the required technical and human resources quickly on board.”
Free company stock options will be granted to HEAT token investors in November 2016, with the options entitling holders for a discounted price for company shares, which will be released in a public offering of the company stock in late 2016.
HEAT’s whitepaper can be read here.
Images courtesy of Heat Ledger Ltd.