Community update 2020–10–18
We are entering the last week before trade resumes! We’ve heard the comments from the community, and we understand your anticipation for trade to resume. We are equally champing at the bit. We appreciate your patience and trust in us to deliver the best product possible.
This period has been a game-changer in the nature and potential of the project. One, because creating an oracle to replace a price feed is anything but a simple undertaking. Two, it changes one of the project’s fundamental elements, decentralization.
Decentralization has become a buzzword in the crypto world, but the reality is that there are different levels of decentralization. Some will say that pure decentralization is the only decentralization. Others will argue for more of a hybrid system.
The choice of decentralization level stems from defining how to update, maintain, and upgrade the system. It also deals with how it can be applied to the network, how these privileges are granted, and how they are handled.
Different projects have different requirements such as oracles (real-world data) provided from one or multiple trusted sources with credible dynamics to prevent flash crash and equivalents.
In the case of The HODLC Project, the oracle needs to be maintained and upgraded through time. It would be foolish and shortsighted to assume that technology will never change. Think of how many times you’ve upgraded your cell phone. Would you still want to use your flip phone from 1998?
The HODLC Project also needs to provide reasonable guarantees that a data migration will never be necessary again and that maintenance and upgrades can be applied successfully with minimal downtime. This decision could have been made later, but the impact would have been much greater. Let’s solve problems while they’re still small.
This is why the HODLC Community Foundation is being opened. It will handle these privileges using strong policies involving multi-signature accounts and a voting structure. This is much more than a simple code upgrade; this is an evolution of the project.
Much work is being done behind the scenes to ensure the smooth transfer of power to the HODLC Community Foundation. The foundation is being created to ensure the project’s autonomy in line with the vision set out by the original white paper.
However, the foundation’s opening involves some lawyers and regulators to ensure that the project will endure, and this takes time. We look forward to when we can formally present it to the community.
Concurrently, we have been advancing on community building and core messaging with our marketing and media advisors. We are now starting to build the branding and strategy and preparing for our public debut.
The next large item on the agenda will be building the ecosystem. We’ve been taking some steps in terms of outreach and interest. These are exciting times!
Of course, what you may really want to know is when trade will resume. The team is putting the finishing touches on the audit, and it is anticipated that trading will resume next Friday.
If you feel the need to grumble, we do understand. We want trade to resume as much as you do. What we don’t want is to prematurely re-start trade. We appreciate your patience and solidarity with the project.
The HODLC Team