Monday... BLOODY MONDAY! Hive.Loans Update & News on v0.1.0 Beta Testing Inside, New HIVE FinTech Coming Soon™!

in LeoFinance2 months ago (edited)


After splitting my pinky toe right wide open within a few minutes of waking up after doing a proper stub off the bed frame and restarting my PC only to realize my "Music & Storage" NVME drive seems to not be registering on the workstation leading me to believe that I've possibly lost the past decade of music production, decided to focus on all that bullshit later... in favour of trying to make up for taking yesterday off of coding. As I'm sure nobody is surprised, I'm behind on Hive.Loans planned launch window which of course sucks like hell, but isn't something that can be rushed.

With that little vent out of the way.. Buckle up for a long ass update post..

As it sits I've got the following functionalities to finish up or get implemented before it goes live:

  • Finish up the Automated Site Audit and it's API for external Monitoring (Basically Done)
  • Complete "theSeer.js" module which acts to estimate dates and blocks for repayments
  • Polish up the repayment routing to lenders upon power-downs of borrower accounts
  • Get the manual repayments on lending contracts to properly register and unlock keys
  • Finalize and briefly test the HLSHARE dividend distribution of site revenue
  • Do some final testing on the newly added exchange code to ensure intended operation
  • Implement "testing" mode with hard limits on balance, lend contract amounts, etc etc.
  • Further testing and security architecture polishing of the batch withdrawal system
  • Reverse engineering of the Hive Keychain save files and privkey generation needs finished
  • Get the "hiveScribe.js" module finished up to allow for public records of site action
  • One final look into the site sanity checks and security functions working as intended
  • Start implementation of the delegation lending market, likely won't be live in v0.1.0
    ( the ability to lend both the site and other users HP has been seen as a need, due to the site's need for HP )

While this seems like a shitload left to be done, the reality of it is that it shouldn't take me more than 40 hours or so hopefully to get these things wrapped up, this does however mean that when the site goes to v0.1.0 it will quite literally be testing, as I'll not have had time in that ~40 hours of finish up dev work to do much more testing than ensuring the function fires as intended.

This list above isn't all inclusive nor does it accurately outline the full scope intended to be brought to market in the final product. While I could likely keep adding things on and effectively keep the site in a "rolling beta" state for the next year or two that simply put isn't fucking acceptable. The HIVE ecosystem needs the lending contract functionality in the worse way and this v0.1.0 release will mainly be focused around testing that aspect, with the other stuff just sort of thrown into play as a bonus and test of the market demand of sorts, if functions don't get used or are deemed to not be production ready, they will be removed. When v0.1.0 testing is completed to everyone's satisfaction and the site is proven "safe to use" experimental software then subsequent beta testing will be done on the Beta.Hive.Loans domain allowing for the cutting edge stuff to be tested before making it to the main production side of things. In doing this the hopes of not falling into a "rolling beta" style pattern where the site never has proper releases is hopefully avoided.

( a wee look into the chain syncing output.. Slower than usual, at only 4 blocks a second and 296 operations a second )

The HSC project as well as the Hive-Roller re-write are the next things on my "to-do" list and will get more focus upon a successful beta test of v0.1.0. I've "back-burnered" for way too damn long and it deserves some serious upgrades, which are actually written already and in use on a sister site on another non-graphene network, but need further testing / polishing.


As far as HSC (Hive Smart Chain) development is concerned it needs to be further developed before we can go into a testing phase, and with certain large stake holders working on their own vision of distributed bytecode execution / smart contract support here on HIVE and being able to afford to field some 30+ people on their development side of things compared to my unfunded 1 lone wolf developer the likelihood of HSC being launched before the alternatives are is simply put going to be up to community support, as the likelihood of garnering the coveted whale votes I'd need to be thrust into funding are very likely to never be extended out of conflict of interest or fear of competition. I've got a few highly knowledgeable team members lined up to help, but lord only knows I cannot expect anyone to work for "IOUs" or in lieu of payment.. That shit simply isn't fair / cool.

I might be entierly off in my presumtions that certain high stake holder accounts won't support the HSC project due to their own development pushes into the smart chain integration of HIVE as a whole and I honestly hope I am.. However given that "this is business" and what I'm doing could easily be viewed as a competing service rather than an easily accessible alternative to the other smart contract systems being built for HIVE, I'm not going to be terribly surprised if simply put support is withheld in favour of larger, better funded teams being first to market, it is what it is..

The first users for the first month or two will be 100% testers on an innovative experimental software platform. I'll have links set up to github for bug reporting and there will be limits on things like loan amounts and how much HIVE can be on an account at any one time. Backups of the site and it's systems will be regularly taken to ensure in case of a massive glitch in the system things can be restored, however due to the untested nature of the site, I've sided on the cautious end of things until the platform is proven solid over the course of a month or two. This is the way.

The Good News:

The site is far more "complete" than "unfinished" at this point. I expect the lending contracts, even in a limited testing phase, should be incredibly popular. Generating revenue for the site, the DHF and shareholders. Shares will be available from the v0.1.0 test phase launch and onwards via Exchange.

Speaking of shareholders, the initial trading asset of the exchange side of things on the site will be only the HLSHARE asset, which will be limited to 100,000 units at an initial price of 1 HIVE per a unit. All shares will be voting shares and by holding said HLSHARE asset this will entitle the holder to a monthly dividend equaling a total of 0.000002% the Hive.Loans entire revenue through fees per each HLSHARE held. Holding all 100,000 HLSHARE would ultimately result in a dividend of 20% the sites revenue being paid out to the holders account monthly, paid at the end of each month and verifiable through not only the site self audits but also on a revenue display for the month available to shareholders. This data of which shareholder holds how much will have an option to go "incognito" mode and hide holdings and stats from the users profile in a later version.

All in all, while reluctant to put any more deadlines or estimated launch dates out due to me completely missing the last two.. I'd be incredibly disappointed in myself if we weren't testing on Hive.Loans v0.1.0 by mid month. As that would take us a full month behind the projected original schedule. Granted this in part was caused by the time off I took during the Stabilizer shake up.

One service element I'm toying with idea wise and looking into it's feasibility is allowing for the trading of Hive-Engine assets on the websites exchange but rather than enforcing the current "SWAP.HIVE" trading pair that the HE platform insists on allowing for HE tokens to be listed and traded for HIVE directly. Now by no means is this something that is going to be included in v0.1.0 of Hive.Loans but is certainly something I'm highly considering in a following release. The driving thought behind this is that having alternative platforms to trade these popular within the community assets for HIVE directly rather than a proprietary "SWAP.HIVE" token that incurs a 2% (or something) fee to get in and out of might serve to increase the usage of the HE style tokens. When the HSC project goes live it's HRC-20 (ERC-20) style tokens will also find support on the sites exchange.

All in all the Hive.Loans site is gearing up to be an incredible inclusion of fintech on the HIVE network and will ultimately serve as not only an attractant to potential outside capital, but will also serve as the platform to which the newly invented "account as collateral" lending contract model will first find its legs and test out what effectively is what I consider a viable answer to the "stake liquidity" issue on HIVE that may be viewed as enough of a detriment to keep some of the "smart money" away.

I'm trying to delivery what effectively should have been an answer to the stake liquidity issue years ago while at the same time offering other highly demanded financial tools / investment vehicles. Keep in mind this will all be open sourced as well, allowing others, if they don't like how I'm running things, to grab the code and utilize it as they see fit. With that being said though there is going to be some form of licensing and protection against usage on other graphene chains implemented either prior to v0.1.0 launching or in a subsequent release. I'm indifferent to others within our HIVE community using the code, but will certainly go out of my way to make it extremely difficult if not "impossible" out of the box to run the Hive.Loans codebase on "competing" networks.

The Bad News:

Welp, the bad news is that while I'd hoped to have an at-least marginally tested site to deliver on v0.1.0 of Hive.Loans the fact of the matter is the v0.1.0 launch for all intents purposes when compared to a classical development roadmap will be almost entirely untested experimental software. With this being said.. As mentioned above, caps will be in place during testing in order to prevent massive amounts of capital from flowing into the experimental platform before it's fully tested and deemed safe for unrestricted capital to flow to and from the site.

  • Accounts will be limited to 1000 HIVE in them at a time, with annoying warnings if exceeded
  • Lending contracts will be limited to 1000 HIVE and 4 week durations initially for testing
  • Futures positions will incur an upper 100 HIVE limit and bankroll investing will be limited as well
  • The amount of lending contracts able to be fielded will be reduced from the non-test version
  • The on-site charting will not be the final version in this v0.1.0 launch and may display oddly

While the site sure as hell will bring in a new paradigm of how HIVE is viewed both internally by our own community and externally by the greater crypto ecosystem, part of me wishes I'd had another 3 or 6 months of development time available to me before the highly anticipated beta testing and full launch phases of the site. It's still an innovation and somewhat of a marvel if I'm briefly allowed to "toot my own horn" but it pales in comparison to what features and tools will be present in the full v1.0 production release planned for later this year, with all that being said though, I am super excited to be nearing the testing phase and while part of me dreads the potentially mind numbing amount of bugs needing to be fixed here coming up, a greater part of me is stoked to be able to offer HIVE what effectively is a first of it's kind prototype financial tool that no other network in crypto offers.

Being "first to market" always has it's advantages and pitfalls, I'm going to need the communities honest effort and aide in testing things and reporting bugs in order to deliver the best production releases possible. None of this is possible nor worth while without community support and I'd like to thank everyone who is excited for this platform and it's abundant opportunities for HIVE utility.

The Ugly News:

In a massive oversight on my part the mobile friendly version of Hive.Loans will not be present in v0.1.0, nor will the HiveSigner Login function be enabled. Due to some issues with the HiveSigner login code that was included in the original placeholder site and the fact that fixing the 0Auth will take me a bit it's disabled in this initial testing v0.1.0. It's planned that mobile support and HiveSigner logins will make it into the Hive.Loans v0.1.1 and if all goes well and I can raise enough capital to afford the development of iOS and Android apps for the service that is likely the route it will take.

This creation of the mobile apps is almost entirely dependent on how much seed capital the initial HLSHARE offering generates to afford these luxuries of development, as bringing in a second developer to create these apps who is better specialized in App creation is a far more lucrative and better usage of time and capital than having me pick up these skills and focusing on that. I have a developer in mind for the mobile app, and while he's a bit swamped at the moment with his own projects, I can't imagine he'll turn down the opportunity to smash out the Hive.Loans mobile app given a large enough capital compensation for this efforts offered.

The exchange side of things and well as the Hive Power delegation market (similar to won't be making it into the v0.1.0 test phase release other than the above mentioned HLSHARE / HIVE asset pair on the exchange being present. The reason for this is two fold, firstly the hardware required to support all of these crypto wallets listed on the exchange far exceeds my current monthly budget and secondly the code to facilitate the deposit and withdrawal of non-HIVE based currency isn't implemented yet. These are things that will be worked on in subsequent updates and again, will ultimately fall on how much capital the HLSHARE initial offering on site generates to make the inclusion of more hardware to run wallets financially feasible.

The planned "fast swap" style exchange (similar to the service provides) will also be missing from this v0.1.0 release, for the obvious reasons stated above and also due to the very nature of such a service requiring a fairly well populated set of "books" in order to properly facilitate "fast swap" style trades. In a positive note on the "fast swap" service though, the site fee charged for this service will effectively half of the current 1% standard fee charged by sites offering this service. Shareholders will effectively end up splitting 0.1% of the total volume of the "fast swap" service in the future as an addition to their already extensive list of revenue sources from the site.

HP Delegations to Hive.Loans are Going to be Needed!

Due to the design of Hive.Loans and it's automated self auditing and publishing of said audits every minute not to mention the "hiveScribe.js" module that effectively records most if not all actions by users on the site directly onto the HIVE blockchain in the form of custom_json breadcrumbs following a similar format to popular apps using the same operation a vast amount of RC to perform these proof writes will be required. Hive.Loans itself has no need for the voting power attached to the delegations but rather is interested only in acquiring enough RC to be able to perform all required blockchain proof writes it needs to and being able to recharge at a rate that is greater than it's daily usage. Once a later version of the site migrates to HSC the need for delegated HP will be reduced a fair amount however for what is likely to amount to the first couple releases after v0.1.0 the site is going to need a fair amount of HP to power it's action proof architecture writing on chain.

Currently I have 500 HP of my own delegated to the site, however I suspect this won't even cover the by the minute audit updates the site broadcasts. Working to scale back the bytes being written by the site in these audit updates in order to save on cost but at the same time trying to provide enough verifiable info to make the site audit worth even writing to chain..

Transparency is next to godliness... provided it's done in a way that doesn't erode client confidentiality...
...or put them in precarious situations with local law or govt.. Not about that type of shit.

While initially I struggled to figure out a way to incentivize lending HP to the @Hive.Loans account after some thought it was decided that the allowance of curation using the delegated stake up to 20% the daily voting power, rationed by percentage of delegated HP provided would be used as an incentive, effectively allowing a user to delegate the site HP but still retain access to it.. Or that a system be set in place to have @Hive.Loans delegated upvote / downvote power be put onto a well performing curation trail and then distribute the majority of curation profits earned by this course of action directly into delegators Hive.Loans accounts on a daily / weekly / monthly schedule.

As a side note: Please hold off on delegating until I get the system in place to handle this and you're able to make an account on the site. Currently delegations aren't counting towards anything.. That system still needs to be properly put in place and the benefits of providing HP done up.

A combo of the above methods will likely end up fielded and the delegation to site rewards is something that I've yet to completely hack together fully.. So if you have any ideas on this please share them in the comments section below. Feedback is highly appreciated, even if critical.

The database structure of the demo site needs updated but I'm not keen on pushing the required updates to the demo / placeholder site quite yet, as a few features still need more development side testing before I push them live, so people don't end up bricking their accounts or what have you. Given the untested nature of this upcoming site testing and the fact it may in fact be dangerous to use your normal account on the site.. It's advised you make a dummy test account to do future beta testing on the Hive.Loans platform to avoid irrecoverable account mishaps.


Basically I'm a half a month behind projected beta testing schedule due to piling on more functions than I'd initially planned for. Tons of features won't make the v0.1.0 beta test phase release including HiveSigner & mobile support but tons of other "unplanned" features will be present. Hoping the next few days of development work go well and we can be testing before mid-month.. Sorry for delay.

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Posted Using LeoFinance Beta


Thanks for the hard work and the status update, dude.

Delays in product development are always a thing and it's nice of you to be transparent and keep up us up to speed with that. Keep up the great work

Posted Using LeoFinance Beta

Besides the obvious embarrassment of missing my last two projected beta test starting deadlines.. It needed to be clarified that I'm delaying them not because I wish to, but because to not do so would be straight up dangerous to users out the gate.

When you're dealing with accounts, keys and currency it's better to delay and test more than needed than push an update that ends up with a botched product on the shelves.

Better safe than sorry, right?

I'm sure everyone would prefer a well-built product later than a collection of bugs and headache now :)

Posted Using LeoFinance Beta

Oh I'm sure we'll encounter bugs in testing, but that is partially why I'm limiting some things on site for the duration of testing.

Developing experimental software is always one of those things.. You're gonna encounter bugs, even a large dev firm will encounter em' Just a matter of weeding them all out before we open the flood gates and start really running volume through the thing.

I hope you can get these problems fixed good to know you're getting so much closer

Posted using Dapplr

Getting there. Sucks being behind schedule and having a storage device shit out on me.. But all and all besides the decade of music making lost the Hive.Loans project is inching closer to fruition.

Good man cant wait to see it in action

Well at least your keeping us updated about the progress. Some of us were worried about other projects not giving any updates. And as always, its always better later than never.

Posted Using LeoFinance Beta

Aye, given how I'm about 2 weeks behind where I wish I was and still not quite ready to go live with the v0.1.0 testing, this was the most acceptable action rather than keeping everyone guessing and in the dark.

Extensive details about the project, progress & targets. Great Work. I would alsl love if major stakeholders consider voting for HSC as It is the Bussiness which will benefit eavh hive holder no matter if you are building a completely opposite thing. Courage comes in when we support competition as there lies the better rewards. Else thibgs start to die when there is none to compete.

Great Work, Thanks again. I would delegate some HP as soon as system is set up. Not much but small drops make a pond.

Last thing, i am being lazy to read post again. Is there any date when Hive load shares are going for sale. I would like to get my hands on them. Thanks.

Originally planned to have HLSHARE go up for initial offering the same day beta testing starts, as they are basically the only asset that will be enabled on v0.1.0. I'd prefer to stay away from "pre-sales" as that just makes more work for me later to credit the pre-sale share to accounts (assuming accounts even exist in the system yet), but if one were to insist enough and was willing to wait to have the pre-sale HLSHARE credited to their accounts when they make them in the beta testing, might be willing to wiggle room around the share availability date a little bit. Sadly no discounts nor anything along those lines with the price being a simple 1:1 of HLSHARE <-> HIVE but given that the HLSHARE asset will remain tradeable on site long after the 100,000 units (capped) are bought up by the community, I'm honestly quite interested to see what price of HLSHARE comes out of it once the site fully opens up after beta testing.

Ideally the share prices go up when people see that the dividends, which are ultimately site service volume driven, are a good return on their HIVE, while still leaving the option of selling the HLSHARE on market later if required or they decide to move the capital elsewhere on site or to another platform.

( The site is going to have a number of investment vehicles / methods, best play might be to spread things out between them depending on your appetite for risk, quite interested to see what performance metrics the things pull, will have transparency on site earnings available, but have user earnings hideable )

Thanks for the detailed response. It is really helpful. Though a couple of whales could buy the whole shares quickly. It would be great to have a pre-announced date & time. Just last thing, shares are like token available on the hive-loans, ecosystem? I guess that is the case.

Eventually the shares will be made into HSC-20 (ERC-20) type tokens that can be sent to HSC addresses but this is a few months out.

Aye, a few whales could certainly buy up the whole lot, I'd not be against that, but would rather the distribution be wider than just a narrow set of holders.

We'll see what happens I guess. I agree with you on the time / date thing though.
When I have a better idea of when the site goes live to facilitate this, I'll announce it.

Highly appreciate the lengthy response and show of support. <3

Competition isn't my main goal here, although ultimately might be viewed as a side effect of what's being done here by parties wishing to view it that way. It's not my intention to step on toes or undercut people, but if it happens to the benefit of the whole community... Then it happens. Certainly not the prime goal as I'd rather be inclusive of all business here on HIVE when possible, regardless of if they are providing similar services to mine.

Thank you for your future delegation, even a handful of HIVE is better than none, currently have 9% my total HP delegated to the service and that should be sufficient for some testing and developing but sure as hell won't cover the RC requirements once the site is up and rolling.

Which style or preferred delegation incentive best sits with you? I'm entirely open to feedback and letting the community help design the system, as they are the ones ultimately using it.

I was reading your post, and I see this (sorry for the stupid friends of the post), I know that not many people read the post and more if they are long, but I like to read, and if I do not read my comment it is not relevant, well already has someone who still reads despite so much technology that gives us everything in hand

Highly appreciate you taking time out of your day to read what I've posted. <3

Very comprehensive update. I do hope you get some funding for your project. This is a great deal of work!

Posted Using LeoFinance Beta

I'm not sure the total line count of code yet.. But it's going to be well into the tens of thousands.

my unfunded 1 lone wolf developer the likelihood of HSC being launched before the alternatives are is simply put going to be up to community support

I can relate to this

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Sorry for the stupid long ass post folks.

The TLDR basically sums it up but lacks the nuances.

Thanks for the support and reading it (if you happen to, if not, no biggie)

Hopefully this FinTech development post fits with the LEO theme.. Still trying to figure out my place here.

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