The new Blockchain network HEAT, which stands for Heuristically Enhanced Asynchronous Transactions, managed to raise US$900,000 worth of cryptocurrencies in its initial coin offering (ICO). The ICO ran from July 11 to August 8, during which the HEAT network managed to raise 608.45 BTC, 16,124.99 ETH, 255,621,021 FIMK and 6,220,425 NXT according to HEAT’s ICO page. The amount raised equates to 1632 BTC and is turned into to 25 million HEAT tokens, which will be distributed to the ICO participants and Heat Ledger Ltd shareholders on a pro-rata basis.
Furthermore, Heat Ledger Ltd, the Helsinki-based company behind the HEAT network, intends to “arrange [a] public share offering of stock equity in late 2016. New company shares will be released to constitute 20 – 25 percent of total company equity, in order to raise between 500k to 1.5M EUR funding to further develop company operations. HEAT token holders will receive options that entitle for 50 percent minimum rebate from IPO share price.”
The HEAT Blockchain differs from other Blockchains as it allows for unlimited scalability, multi-signature currencies and has been created with speed and custom private chains in mind to enable large-scale IPO and crowdfunding activities via the HEAT network.
Potential future uses for the HEAT ledger’s distributed services architecture include but are not limited to its use as a provider of escrow services, co-signer services, digital goods delivery upon payment services and time-based secret reveal services.
HEAT’s cryptocurrency will officially launch in September at which point public trading will commence. HEAT will have its own decentralized crypto exchange within its system. However, other exchanges are expected to add HEAT to its platform. Confirmed exchanges include C-CEX, Alcurex, OpenLedger, Fitcoin and FIMK AE.