Community update 2020–09–27
So much news! It has been a productive week for the team, and we’re excited to share it with you.
Bitesize news for snacking!
We are making good progress on the building of the new smart contract infrastructure and oracles.
We have almost finished the coding stage and should start the first run of the audit next week with the development of minor user interface changes.
The week after
The following week, we decided to run a new second formal audit to double down on precautions. This second audit will be published the same way as last time.
We have started working with a legal team in Gibraltar to lay the groundwork for the foundation’s opening. The foundation will take custody of the smart contracts infrastructure and its management in due course. Our goal is very clear: the foundation must not belong to any individual. Having said that, there will be a transitional committee between the time of opening and the first successful election. We estimate this will take a maximum of two (2) years to achieve.
White paper v2
White paper v2 is coming! This is huge! White paper v2 will lay the pillars upon which the foundation will be established, and it completes the HODLCommodity vision with a roadmap toward its full accomplishment. This white paper is packed with details. It will explain the basis and the new upgrade applied to the infrastructure. If you like to read white papers, you will not want to miss this one!
Can you hear the trumpets? That’s because we’re announcing that the ERC20 transactional token will be upgraded to a collateral-backed stabletoken pegged to the US Dollar. Can I get a what-what? Of course, the collateral is the HODLCommodity, and the smart contract will buy back stabletokens at any given time.
Take note, the stabletoken is meant as a medium of exchange and will not grow in value over time. However, it can…
- Be issued using HODLCommodity;
- Be returned to the smart contract at any time in exchange for its new current value.
This has the interesting effect of yielding a surplus in the commodity from the growth in value of the collateral asset, which will be redistributed in the same way as the reserve asset sale.
New redistribution and claim
And last but not least, we are announcing the upgrade of the redistribution functionality. This upgrade will make it possible to redistribute all assets generated by reserve sales as well as a bonus yielded from the number of currently floating stabletokens.
This bonus will be calculated each month and will redistribute the asset surplus proportionally to current stakeholders. This process is NOT automatic, and the user must interact with the smart contract to get the pending bonus assets.
This is done using the new claim functionality, which will show the currently owed bonus from the digital wallet’s perspective. The participant clicks on the claim. This resolves the pending bonus by transferring it to the smart contract’s digital address account.
Now everyone can see the redistribution in action every month, forever.
Whew! Was it good for you, too?
As ever, we remain…
the HODLC team