A few hours back the official Hive-Engine.com HLSHARE token went live with a total of 500,000 units with those being previously nabbed by the backers of the project having been sent the amount they were entitled to from the 1st round of development funding of the Hive.Loans Project. While at this point almost 4 years behind the original planned launch date, the fact no one has taken up the mantle with the open source code and got this working on HIVE is a sad but understandable state of things..
Hive.Loans itself is a completely unique first of it's kind system, only really possible on HIVE (or perhaps EVM chains, need more research) due to the awesome selection of inbuilt/on-chain features of the HIVE blockchain, such as authority key management, account powerdown withdrawal routing, account recovery abilities and a plethora other innately HIVE functions that exist on the blockchain.
HLSHARE Supply Cap Now Set in Stone...
( and the profit dividend distribution model has been upgraded far beyond the initial vision, get ready for risk free, real time passive income )With a hard coded supply cap of 500,000 HLSHARE minted, no more will ever be created as to not dilute the set in stone 0.0002% profit per HLSHARE held by HIVE users promised in the initial 1st round of HLSHARE trades. Initially the dividend plan was to calculate the site profit at the end of each month and payout holders much in the way a standard dividend stock on popular exchanges acts.. HOWEVER it became apparent that sort of method would be slow and cumbersome, not to mention tie up valuable passive capital that holders could be using to reinvest or purchase things they need for life...
Crypto NEEDS to be fast, easy to use and accessible to be thoroughly adopted by the greater population. With that in mind it was the main driving factor of switching from monthly dividend payouts to real time by the block calculated payouts. Every 3 seconds the HIVE blockchain will produce a new block, which will be scanned for Hive.Loans activity and all transfers / profits tabulated and distributed accordingly. The irony is not lost on me screeching about need to go fast while being almost half a decade behind on the release of this platform.
Briefly looking online not a single platform offers this.. It's not a simple matter of changing numbers on a site to make your profits appear to be rising all the time... literally any profit the site makes will be instantly divvied up to those entitled to it through HLSHARE ownership.
So rather than waiting for months end to distribute profit dividends from the site the stakeholder payout on every block, with each instance of the site gaining profit through loan fees, withdrawal fees, tardiness and/or bad actor fees, the amount granted by holding HLSHARE will be added directly to a HLSHARE holder "sub wallet" which will be accessible to all HLSHARE holders on the wallet page of the site.
More work but overall a better system is what it appears to be, the delay from project start to completion was ample time to think about how exactly the lending platform could be optimized while focusing on the core functions, user and HLSHARE holder liquidity and ultimately leveraging an extremely innovative idea that exists no where else in the crypto ecosystem. The idea of a risk free lending platform has been a holy grail for fin-tech companies and with some inventive thought, the right tools, deep knowledge of the available functions built into the HIVE blockchain and precise implementation it will 100% be first seen on HIVE.
Act With Good Intention, Even When You Are Cast Out Bad.
The delay on this project being finished was not intentional. Sadly the inability to keep opinions of "dissent" and not point out collusion while pointing out grandfathered in control of the chain made a pariah out of a guy just trying to do what he thought was right, still stand by it.
Completely understand that speaking out against the power brokers / top witnesses of HIVE who ultimately control the majority stake, which in turn controls the DHF funding.. or basically whose development gets officially funded / supported or not wasn't in the best interest of continued development work in the community, would rather swan dive a bus over trying to smoozle the HIVE whale top 20 cabal like what can be done enough to fund development. It's not about playing 5D chess and social engineering power brokers on the HIVE blockchain to get in good graces. It's about who can leverage this technology the best.. And frankly, not meaning to sound like a dick, 50% or more of them top 20 witnesses do not deserve the stake they have and haven't contributed much in terms of innovation or evolution of the chain.. Some of the top witnesses are amazing people and developers.. some are basically leeches too fattened on free capital after migrating from Bitshares to Steem to even entertain the idea of wanting to do anything to earn it.. Too well fed to work and too self righteous and entitled to think of the morality of them sponging up far more value than the worth of their server infrastructure or offerings of HIVE apps.
It is what it is, no point complaining over people with more money and power than actionable skills or use to the community, but I digress.. We DO NOT NEED the top 20 HIVE witness cabal to fund this development through their basically wasted DHF dev funding.. The Hive Community itself can fund the tail end of this waaaaay overdue project.. And we will.. A month or two more sweat equity from myself and it should be operational.
However as a matter of honour, morality, fear of losing drive or interest in the platforms further development and to ensure that ownership and control of the Hive.Loans platform remains with the original dev, the plan is to not allow any more than 49% (245,000) of the 500,000 total HLSHARE to ever be available to trade both on Hive-Engine.com, on the Hive.Loans in built exchange itself and the Tribaldex.com exchange. Possibly Other Side Chains or future EVM to HIVE upgrades may end up with wrapped HLSHARE tokens but that isn't in the immediate proof of concept v1.0.0 launch plan.
1 HIVE = 1 HLSHARE = 0.0002% of Platform Profits
( unsure of how long the price of 1 HLSHARE will remain 1 HIVE to purchase, once the 10,000 of Round #2 on HE are bought we'll see what the market does )
Passive Income in Real-Time Via HIVE Web3 Technology
While a bit more work overall to enable this feature, ultimately a good web3 blockchain app should be dynamic and in real time. every HIVE block produced by the witnesses with payments or fees related to the Hive.Loans project will be used to calculate the distribution of the profits to the 10th decimal place. Given the 3 decimal place standard on HIVE minimum cash out to the normal on site wallet balance will be at minimum 0.001 HIVE but even a stakeholder with a single share will eventually accrue enough "satoshis/hivetoshis" (we need to get a good name for fractions of HIVE) to transfer it to their wallet proper, which can then be withdrawn directly into their HIVE account.
No waiting for month end dividend day, no worrying if the site is liquid to pay out the HLSHARE holders dividends they are entitled to by holding the token and no needless waiting for returns on investment. As the site makes profit all HLSHARE holders do as well. It's the way things should be done and is how things will be done. The Platform itself is highly dynamic in terms of data feeds, order updates, statistics and gets updated as fast as possible, only limited by your internet latency.
Funding Development by Sheer Willpower & Want to Make Good On a Vastly Behind Schedule Innovation for HIVE...
Hive.Loans was always open sourced and when I ended up getting sucked into other software development endevours the core functions of the site itself was roughly 90% or so completed. Feature and Scope creep derailed the development a fair amount back when it was #1 priority. Seems a number of people had actually forgot I was working on this which was a surprise, but totally warranted given the back-burnered nature of the project up until the past week or two.
While initially hesitant to offer any additional HLSHARE for purchase to the HIVE community until the platform is completely finished, highly tested for quality assurance and proper function of features proven to operational the fact of the matter is at a point where barely making ends meet, luckily got onto EIA for a while but it runs out in the upcoming months.. If the prospect of ending up without income, shelter or food isn't enough to motivate a man, I don't know what is!
While certainly not expecting anyone to snap up any of the 2nd seed round of 10,000 HLSHARE (worth 2% total site future profits) listed on TribalDex as well as Hive-Engine.com if you do have some spare capital laying around and wish to help get this project past the last leg of it's overly long development run up, it would be highly appreciated. Heck, if anyone grabs more than 1000 HLSHARE off the exchanges please let me know in the comments below and I'll add an additional 10% to your HLSHARE holdings from my own stash. (Due to the limited supply cap of HLSHARE this offer only stands for this 2nd 10,000 HLSHARE token release on the HE exchange and may be cancelled after the 10,000 on the market are bought up, sadly have to run it this way so people don't get crazy with purchasing the tokens and make me dish out more of my own HLSHARE than I am comfortable spreading out before v1.0.0 launch)
During the final implements and testing phase of the Hive.Loans platform the HLSHARE will be paying dividends. Likely not life changing amounts of income for anyone but part of the reason the majority of the site's share is remaining on the Hive.Loans account itself.. Can't hemorrhage too much money in testing.. a bit is ok I think though!
Hive.Loans v1.0.0 Release Scope Narrowing
Initially the lending platform was also going to host a futures trading platform with some leverage allowed, however due to the nature of such a system and the complexity required to poll all HIVE price sources and average them out to try to negate any price source sending malicious price data to trip the site up and make profit, the futures trading part of the site has been shelved for a version after v1.0.0. While unfortunate the ultimate functionality of this platform is the risk free lending, which is what development will be focused on, as well as the peripheral functions such as account key management, platform protocol security in the form of monitoring the HIVE blockchain in real-time to catch potentially malicious users trying to screw around with their loan repayments and ensuring all of the formulas and functions are working as intended.
Site Will be Online and Open to Public for Final Leg
For an extra level of fun and insanity the site will be open to everyone as the final work up towards the v1.0.0 release happens, the security keypad code will be removed and anyone will be allowed to start poking around.. but make sure to check the chat or top banner notifications to make sure the daemons and microservices responsible for the site deposits, withdrawals as well as the lending engine itself are currently working. Due to the original domain getting sniped when the fee to renew the TLD/URL was well over $150 USD the project will be moved to hive-loans.site (may be offline).
Will be adding a plethora of "fail safes" both server side and in the UX which if done properly will work 100% in preventing certain on site actions when things simply put aren't connected properly or responsive enough to track in real time. Have to track the last irreversible block as well as the operations in queue to be added to next block in order to detect and thwart any attempt to circumvent the loan repayments.. Any user caught trying to modify power down routes or tampering with the loan repayment process will be locked out of the account entirely until the loan amount is repaid plus the harsh fine paid from additional powerdowns of their account for trying to cheat the platform and lender.
The penalty for attempting to circumvent the lending agreement is a 30% fine on top of the amount owed to the lender as well as being completely locked out of the bad actor account with total authorization public/private key changes up until the loan and fine is paid. Really hoping this won't be an issue, while a 30% fine on the total amount loaned seems steep, it's steep for a reason.. To heavily deter people trying to screw the person and platform lending them capital for their accounts.
Requirements to Apply for Loans on the Platform
Due to the required custodial/keeper nature of having a web3 blockchain based lending platform not only having to manage users keys, issue them new ones, help perform account recovery if needed, monitor the blockchain and all account transactions and power down routes, changing of account ownership back to the user taking the loan after successful repayment and being responsible for ensuring ALL repayment transactions for the duration of the loan are honoured:
Users seeking loans on the platform will have to set their recovery account to the
account, which takes 30 days if I recall. Full account recovery automation will be available on site for anyone who selects
Both lenders and those taking loans will be required to read and agree to the legally binding terms of service with a record of the signing being etched into the blockchain as proof the TOS was read, understood and agreed upon. This is to protect not only the users but the platform itself and using the HIVE blockchain to record a digital signature from a users HIVE account is a novel albeit genius use case for the blockchain.
A well defined list of operations / functions on the HIVE blockchain to completely avoid while you're currently in a loan contract will always be presented to the user taking a loan provided they have incorporated the 2 steps above successfully. The lending platform has a ZERO TOLERANCE POLICY towards any attempts to circumvent and/or cheese the system or swindle lenders, this is the only way to ensure there is no risk to those lending. There will be no warnings besides the ones you'll have presented to you to digitally sign on the HIVE blockchain prior to the loan being initiated, after the account keys are sent over to the Hive.Loans platform and the user taking the loans' new keys are provided to them at that point the protocol takes over and no manual intervention can take place from the user end or the platform operator. No exceptions.
Round 1 HLSHARE Tokens Have Been Distributed to All Listed Below
( After HLSHARE token creation the HLSHARE holders list was manually went through user by user and correct amounts sent and verified )
Also note that there are names repeated in that list, as they were recorded as they got into round #1. Didn't take multiple HLSHARE grabs and combine them for same user, the list you see is as the orders came in (reversed actually, but continuity remains) however those who asked for refunds have been omitted. While I'd sooner work for the next few months to get the site going and get it profitable to honour the HLSHARE holders, in limited amounts refunds of HLSHARE may be able to be honoured if people wish to send their HLSHARE back to the @Hive.Loans account. But note that my ability to repay is limited to less than 100 HIVE a month due to server infrastructure costs coming before anything else, lest there be no server to host the application from.
Closing Thoughts and a TLDR;
While excited to get things rolling again for HIVE it's pretty darn obvious that from the time this project was thought up and mostly coded to now has quite literally been years. Ultimately the fault is that of the developer and hoping that getting this done and profitable for everyone helps get me back on respected footing in the community. If this post was too fucking long to read (heck, I'm the guy writing it and I think it's too damn long) the TLDR is:
HLSHARE created on Hive-Engine as token with capped supply of 500,000 units total, Owed HLSHARE distributed to Round #1 backers, last 10% of development is planned over the next few months, a limited round #2 of 10,000 HLSHARE now available at [Hive-Engine.com](https://hive-engine.com/trade/HLSHARE) or [TribalDex](https://tribaldex.com/trade/HLSHARE) at the 1:1 price as round #1. Once those 10,000 round #2 HLSHARE are bought up the site should be up and running within the month or so. Any purchase of 1000 HLSHARE or more will be rewarded a 10% bonus of HLSHARE from the developer holdings, subsequent HLSHARE releases may have a higher price, but given they are now available to trade freely we'll let the market decide on the public price.
Thank you for reading, voting, commenting and the support... It's been a long road but we're getting close to having a literal world first lending platform on HIVE.. The implications of which, if marketed and executed properly, create a massive use case and reason to use HIVE.. Which is something the blockchain seems to lack for how long it's been running.