HashCoins in 2017 / 2018

What do we all like to do on the New Year’s Eve? Of course to plan our future and also to sum up the results of the previous year. Following the tradition, we would like to share with you what was the year 2017 like for HashCoins and its major projects — HashFlare and Polybius. Perhaps a glimpse into the past will tell what to expect from 2018.

And now we pass the word to the representatives of the projects!

HashFlare

2017 was vibrant. The wave of interest towards cryptocurrencies and mining has risen unexpectedly and has washed out everything on its path — only the most persistent could withstand. Fortunately, HashFlare is one of those projects that managed to cope with exponentially growing interest towards cryptocurrencies.

Yes, despite some difficulties we’ve faced (could it be otherwise?), 2017 was successful:

• This year number of our users has doubled.
• We have expanded our technical support staff — the number of people in this division has grown (at the beginning of the year there were only two of them), and the number will continue to increase.
• The number of programmers in our team has enormously risen — among them those who are engaged in ongoing support of the project, those who develop an updated version of the service, and the separate team that develops blockchain products.
• We are working hard on the elaboration of HashFlare 2.0 — a part of preparatory work has already been done, particularly in December we’ve carried out server migration.
• In 2017 we’ve equipped a new data centre in Iceland and continue to expand!
• Finally, we’re seriously considering the possibility of adding new mining contracts in the new year.
• Of course this year we had to make many tough decisions. The most clamorous one was the transition to fixed-term contracts that is related to the increasing demand and a limited equipment availability on the market.

Without any exaggerations the last quarter of 2017 was really mind-blowing for the cryptocurrency world — everything and everyone were blown away, as well as our processing services — the network stood still, and transactions didn’t go through. All these problems are related to the immaturity of cryptocurrencies, but in fact, this is a temporary phenomenon. Next year we look forward to functional upgrade not only of our services but the whole Bitcoin network. That means everything is going to be much faster, more stable, more reliable and more convenient than it is now.

Polybius

We’ve talked a lot about the preparatory work that was carried out this year, and finally, we are ready to answer the question bothering thousands of Polybius token holders — “What is going on? Is anything happening at all?”

In early 2017 the Polybius project was fully compiled, and its idea seemed to be tempting not only to us but also to the general public — for implementation of the project we were able to conduct a very successful ICO — it was among the most successful ones by the standards of summer 2017.

What have we done since then?

• A professional with global financial experience is officially joining us as a co-founder and CEO. We will be able to disclose his name as early as in January 2018.
• We continue to form the backbone of specialists among whom there will be people with the most diverse experience including in global finance. A lot of new things will appear on our website which by the way will also be updated in 2018.
• As mentioned earlier we are working on improving the performance of the Polybius Wallet. During January and February, we are going to update the platform which will eliminate about 90% of the problems in its performance which at the moment cause dissatisfaction among users.
• We are working on the legal structure of the enterprise and have planned the course of the upcoming audit.
• We have finalised our business model which will be published in the first quarter of 2018. It will include our vision of the project infrastructure and the analysis of the market to enter first.
• In the context of market analysis, we will also disclose our plans for the jurisdiction of business incorporation.
• We have launched some prototypes of the future infrastructure into development or have already developed some of them — for example, the Authorizer service is already finished and is now being tested. You can also give it a try.
• Since the project will be primarily based on the integration of financial systems, the key element of our system is the mechanism for authentication and authorisation of users. We already have a clear understanding of how we are going to bring DigitalPass into being — the documentation is ready, MVP will be prepared at the beginning of the year, and during spring we plan to test it on the HashFlare platform. Simultaneously we are negotiating with other service providers who might be interested in using DigitalPass.
• At the moment we are preparing to adopt major regulations such as PSD2(regulates access to banking data by third parties) and GDPR (regulation on personal data protection).

Finally, we compile and describe company’s development trajectory (so-called roadmap) — this is the plan for our further development which we also are going to share with you in early 2018.

Behind all of the preparatory work is a huge amount of paper chase, without which, however, it is impossible to start any project. At the moment we have prepared and sent documents to a considerable amount of companies that will be engaged in servicing or working with us. It is referred to the developers who will work on the DigitalPass and the infrastructure of the project, as well as agencies that will prepare documents and a legal base needed to appeal for a license. Finally, we are working through our legal agreements and have already signed contracts with the key partners who will provide us financial and business consulting services.

The main thing we are aiming right now is cooperation with the auditor who by the summer of 2018 will have to check company’s financial statements for the current year. Among other things, the auditor will recalculate funds and check the wallets to make sure we have reflected all the data correctly. Our accountants are already preparing for this time-consuming process.

Thus at the time, almost all preparatory work has been done. The implementation of our plans will begin in 2018. Next December we are looking forward to being able not only to please you with recaps or prototypes but with an entirely operational product.