Moving Forward with Tech Development [the commentary]
Yet again we had forewarning of the release of the latest hiveterminal blog. We knew that Hiveterminal’s tech team had been hard at work and an overview was coming. This was scheduled for release just after a platform migration, which appeared to be performed successfully last night (hurrah!) This follows on from a massive spike in interest of the $HVN token on exchanges with May's trading alone equalling that of the previous five months worth combined.
But enough of all this, let's crack on with the blog…
Sounds like the team are being busy bees at HQ (sorry community fam to bring the bee analogy up again). The VC has clearly helped give the team some extra impetus and direction. This is no surprise really because having an outside voice come in and give a different perspective always helps and can be so liberating. They get to see outside the bubble, they are not encumbered with history or past decisions and they can just look forward.
Platform development is now being handled by a company called Kalmia (anyone working for Kalmia hello to you!) The tech team was always an external element in reality, but previously run by one of the directors. Having a fresh new team with a deeper range of skills is allowing the team to push forward at a greater pace. I guess there are no toes to tread on as they can now call the shots on what they want. Kalmia sounds like the real deal and clearly has worked on some decent projects previously. There has been much discussion on the community channel about the pros and cons of having an external team. The general conclusion is that if you have a great relationship and the right sort of contract in place it can actually be a more effective solution. It means the team can increase resources as and when needed, whilst focusing their time and effort on generating business. Hopefully this will prove to be the case.
One of the things that has changed over time from the community’s perspective is a change in the tone of language, which was demonstrated by the following excerpt from the blog:
“Those of you who were very involved with the platform have seen certain hiccups happen, especially over the course of the past two months.”
It is good to see the team admit that they are human and mistakes can happen. From the community’s perspective, this was something the team were not great at. Holding your hand up and being accountable is a way more powerful approach than trying to blank it out. So kudos for this more enlightened approach, it is appreciated. We obviously watch everything you guys do under a microscope, so appreciate you feel pressure from us.
Then onto some action from the new tech team. It is so good to hear that they have reviewed the security, tested it and improved weak points. Doing this up front as a priority rather than adding bells and whistles is a good way to start things off, I like that this was the thought process rather than just going straight into the fancy stuff. This sort of thing needs to be right before European expansion kicks off as there are some naughty people out there.
Now on to the meaty parts..
Multi-Market Features: Two-Step Market Entry
We’ll condense this down to 2 points.
1) By the end of June, the Hiveterminal platform will allow non-Slovenian companies to register, and buy and sell invoices on the Hiveterminal platform. It’s awesome to see that the June target is still on, which is less than 30 days away! That will be the start of world domination! Yes, we said it, and we mean it.
2) But there is a caveat with this. Initially only selected companies will be able to use the platform and, first off, that is just to sell invoices. The plan will then be that once they get a decent number of companies in a country, they will open it up to that region. So this sounds very much like some sort of targeted / invitation-like process. It seems like a sensible approach as this allows for things to be done properly without getting overwhelmed, potentially frustrating or disappointing new customers. Getting a heap of customers then not being able to deliver never works well.
“Following on from the multi market development is going to be the ability to convert crypto to Fiat within the platform for invoice purchases.”
This was something the community was not expecting to be announced. It will allow people to easily utilize their crypto assets and generate a return from their crypto gains. The returns from factoring per invoice are running at around 6% on the platform (don’t forget this is per invoice, not an annual return which of course would be far better). This crushes any form of return you would get from a bank or similar, so make that money work for you! In the future it would be great to see collaborations with crypto staking businesses as something that could be looked at. We also don’t yet know what crypto people will be able to convert yet as well, so for that we will have to wait and see. It certainly is going to be an interesting additional functionality, but has a deeper meaning. Hiveterminal is truly starting to reach out to the crypto community who funded this fantastic idea.
None of us at soldonhive.com HQ could quite understand how this was never done in the first place. So many SMEs run their business from mobile devices, and so not having a mobile-ready website was a strange decision. Yes there is lots of data to be displayed, and it's not the easiest interface to get on a mobile device. But this was something that had to be done, and it is great that the management team has acknowledged this. This development will also only help with recruiting new businesses as it removes a barrier to adoption.
Partial Payments Feature
Sometimes invoices get paid back to investors in chunks, not one clean transaction, and this is going to happen sometimes. This new feature is being added due to requests from investors, and it is great to see the team acknowledging user needs and learning and adapting to real world situations.
The Road Ahead — Our Business Development Roadmap
To us, it sounds like the team are still working hard and making smart collaborations to move things along. This approach of not promising too much until things are more secure is not the crypto hype way of working, but is a far more sustainable approach. The focus is on delivering, not making headlines.
The team is doing a great job of building a real world business. There feels like there is a solid plan and foundation to the decisions that are being made. There is no denying everyone wants things to happen yesterday and, if not, then right now. The vibe is of a team focused on building and growing, doing the hard yards, putting the bits and pieces into place to succeed. Plans on track, new functionality, responses to community feedback … that is all really top notch stuff.
The bottom line is going to be the integration of those first new businesses outside of Slovenia and all the action that can bring. But in the meantime, the team are driving in a great direction and it’s looking like a great ride.
Published by @soldonhive on Wednesday 3rd June 2020
*DISCLAIMER: This is not financial or investment advice. The above references an opinion and is for information purposes only. All investments involve a high degree of risk and there is always the possibility of loss. This information is general in nature and has not taken into account your personal financial position or objectives. Before proceeding please refer to a licensed adviser or tax agent and relevant PDS for product details before proceeding.