Re: [ANN] HEAT: 3.0 crypto*multisig fiat*a2a hft*1000tps*DSA*PoS+PoP*e2ee chat*

Just a quick question, how would anybody mine the coin? Just wondering...

HEAT is not a proof-of-work coin, like bitcoin mining, it uses a dual system of PoS (like forging or staking), and PoP when that is ready, here is some information about the block rewards from the original post below for you:

Quote from: Eliphaz Fimk on July 09, 2016, 02:02:06 AM

HYBRID BLOCK REWARDS

For its block rewards granted every 25 secs in average, HEAT uses twin system: half of the block reward comes from traditional PoS (Proof-of-Stake) algorithm, while the other half is granted on PoP (Proof-of-Presence) basis for nodes that host the block files online. The HEAT algorithm monitors the presence of block slice files, and assigns higher probability for slices that have a smaller number of copies online. That way any discrepancy arising in the relative number of different block files is attenuated.

Yeah great are there any details on how this works, because based on that I have no clue how it works. Also will there be a client one can use to mine?And if this algo that has never been used before is not even open source, none of the bigger exchanges will ever offer the coin as it is a security risk to run the client on their servers and nothing is verifyable, not even if the sending and receiving coins works correctly! Will the source code be open source at launch?

Proof of Stake is a well known method. PoP is indeed something new, and has to do with hosting block files online, using storage space on a computer to maintain the blockchain I think. Maybe the devs can reveal more information about PoP.

Quote from: mr.coinzy on January 08, 2017, 09:47:42 PM

I second that question - will the source code be open at launch?
(Closed source = No chance for adoption anywhere by anyone and no chance for the coin being added for trading in any serious exchange)

Maybe 100% of the code for all the components will be open source immediately. Even if some components are held as not open source upon launch, it does not mean that these smaller components will be closed source forever, and it does not mean there is no chance for being added to any serious exchange or adoption anywhere. Even if that is the case for a temporary period to give a mover advantage on cloning innovations.

This can be seen I suppose by NEM (which has as of now ~ 31 million USD marketcap): https://en.wikipedia.org/wiki/NEM_(cryptocurrency)

Quote

Although the NEM client is open source and available on github,[7] the NEM server based component, the NIS, is closed source and the binary is obfuscated to presumably prevent decompilers from revealing how it works."

I'm not sure if the NIS component is now open source after some time, that could be the case now.

So there is really nothing out there about PoP? I mean it is a highly complex thing to give money out based on providing info that you have a certain file?! And then there is only one developer working on it? One developer who has been descibed as a "genius coder" by a man who has by all means proven to be completely incompetent. The dev even said that he has no clue about cryptocoins. Has he even discussed his ideas with anyone?! I mean everybody can makes mistakes and I am pretty sure mistakes will be in the HEAT code too and even worse in the protocol as it has not been revealed to anybody as far as i can see?! Is this maybe the reason they want to keep it closed source? Huh