Community Update 2020–10–23

Hello StakeHODL’ers,

We are excited to announce that the data migration process has begun!

Migration

The data migration process has begun. If you’ve not been involved in a data migration before, it has multiple moving parts and players. The coordination of a migration can be fraught with difficulties and unexpected challenges. However, barring any unforeseen hurdles, we expect it to be completed Saturday. Trade will resume shortly thereafter.

This has been quite an adventure, and it will never truly be over: testing, optimization, security checks, upgrades — there will always be more to check.

Whilst the idea behind The HODL Project is relatively straightforward, the infrastructure that supports it is not!

After much consultation with our team and the auditors, we understand that the infrastructure will need constant checks, a bug bounty program, continuous QA and in-depth monitoring to be a step ahead of any unexpected challenges.

We could be testing the quality of the system until the end of the year. Still, the reality is, we have a living, upgradeable infrastructure that was made with continuity and adaptability in mind.

The audit report will be available to the community. No known bugs exist at this time, and the smart contract behaves as intended. As for certainty, there can never be enough; thus, the audit report suggests measures, like the bug bounty, that will mitigate those risks.

Again, this is the fate of pathfinders — to learn and adapt. This will continue to define the level of commitment our tech team has in the projects.

Governance policy

We have implemented a strong policy on how the upgradeability and trade-stop privilege may be used. This policy is a placeholder until these privileges and the working infrastructure are transferred to the foundation. This ensures that at no time control of the privileged account is lost or compromised and that no individual or group of 2 individuals can compromise the system through incompetence or malicious intent.

This policy consists of a multi-signature wallet (gnosis safe) controls a smart contract that enables upgradability and trade-stop. The multi-sig operates on a voting basis. There are five voter wallets. The quorum for any action is three votes out of four. The fifth key is a failsafe, given to a trusted party as a recovery key in the event two keys are compromised at the same time. The core tech team will keep custody of these wallets and the voting and monitoring responsibilities. This policy will also serve as a backbone from which the on-chain governance will develop in the future.

That being said, trade resumes soon!

Good Governance and Good HODL’ing!

The HODL Team