Community Update #1
Hi, StakeHODL’ers!
Today’s post is about the learning curve of the HODLCommunity. It’s been one month since the launch of HODLCommodity, and we’d like to keep you abreast of current plans. We, the Community, got involved and are committed to the success of the project.
Overall, the Community has backed the vision of a global decentralized savings network. That isn’t to say that this is the only use of HODLC, but currently, this is the focus of the Community. To make this vision happen, we need to look back on the experience and knowledge we gained to make things more fluid and transparent.
First, the project has shown steady traction despite relatively nonexistent marketing and public relations. We want to thank the Community for their grassroots efforts. It is vital that we all support the project. Our modest community-level branding is yielding promising results. We think that the results serve as proof of the project’s decentralized and from-the-ground-up foundations, and provides insight for our primary audience as to what this project could be capable of.
While HODLC remains open to many different kinds of users, we see a pattern emerging. Based on the whitepaper, this was not unexpected, and we expect to see a variety of user types as the project matures. Generally, we are seeing two types of participants in the network, investors and savers. The difference between these two types of participants is not trivial. HODLC’s new economic dynamics are based on the concept of recurrent usage at low-volume and high-velocity versus large-investment and large-dumps. HODLC is not a digital asset that is easily adapted to this sort of trading. If that is a user’s goal, there are plenty of alternatives that we encourage them to investigate.
The takeaway here is that HODLC is open to everyone, including laypersons, non-investors, and the non-technical. The concept is relatively uncomplicated by design, and this opens up the potential for mass adoption.
Second, by monitoring the network’s behavior and participant issues, a handful of technical difficulties have been spotted and are becoming a friction point for participants. After careful investigation and testing, it has been concluded that the problem lies in the memory handling of the order book within the smart contract. Simply put, it is not able to deal with more than 50–70 trade at once; as a result, it “forgets” other transactions. Although there is no risk to the HODLC themselves, this prevents the scalability needed for incoming waves of adoption.
The technical side of the Community mobilized around this challenge and is now proposing to upgrade the smart contract. This upgrade will make the smart contract more scalable and reduce gas costs while benefiting from the network’s experience and behavior to render the whitepaper’s core rules and promise in a time-proof manner. However, this will take time. As this will be a democratic process, we will need the support of the whole HODLCommunity to proceed with the migration.
We will keep the HODLCommunity informed on the process and progress. Details will be forthcoming. I’d like to reiterate here that the smart contract belongs to no one, so this can only be done if the HODLCommunity supports it.
Finally, in light of this development, we have chosen to delay the listing process until the new smart contract’s migration is completed. This will leave more time for the HODLCommunity to raise funds toward this goal and investigate listing into even more exchanges.
We are excited to see that this is already developing into a substantial project that is building up an ecosystem. This proves the core aims of the project are simple to transmit and understand as many people have already understood the key concepts of the network and the user-friendly business processes of recurrent usage.
We might say that the road ahead is long. However, there is no road — we are building it. We are pathfinders.
