Community Update #7
Here are the latest updates on our progress. Much work has gone into preparing for this significant event.
We are in the home-stretch now. The smart contract, as you already know, is ready and has been audited. We have been working on a smooth and efficient way to handle the migration process to render the process seamless and straightforward.
Furthermore, great care has been taken to do everything in a provable way, which will enable the core to validate and verify any error claim in a clear and timely manner.
This process needs careful work, and our core engineering team has been on it for the last week.
The steps in the process are:
- The core team launches a synchronization smart contract, which will listen to synchronize balances between the old and the new smart contract. This process runs in the background and will not affect trading. All trades done during this process will be accounted for.
- When synchronization is completed, and both contract balances are mirrored, we will announce the last block to be listened to. Starting from that block time, any transaction occurring in the old smart contract will be invalid. We will announce the change at least 48 hours in advance.
- When the last block event is called, the new HODLdex will be made public, and all balances will be already set. Synchronizing your MetaMask will recover your full balance. During this time and for a period of six (6) days, trading will be disabled on the old dex and the new dex.
- During the six (6) days of no trading, anyone can make a claim if they believe that an error occurred with the balance. We will be able to respond on a valid or invalid claim and send the Etherscan proof. If a claim is valid, the balance will be adjusted. Any claims must be filed during this period.
- After the six (6) days of no trading, trade will resume. No claims can be lodged at this stage because the core team will resign ownership of the smart contract ownership. Thus the system will become decentralized again.
This process has been chosen to treat any possible error(s) during synchronization fairly and with definitive proof.
The aforementioned is a lengthy and very delicate process. We will not rush steps for any reason. For this, we extend our sincerest gratitude to the community for its patience and resolve.
The new version of the HODLdex is completed and has entered the quality assurance (QA) phase. The initial results are spectacularly stable and well done. We expect to finish this period quickly.
Upon completion, we will be able to launch the first step of the migration.
A complete redesign was commissioned to facilitate the user experience.
The top bar now shows:
- Market cap;
- Current HODLC value.
Pages is now in two sections:
- Ether Balance: Deposit & withdrawals;
- HODLC Balance: Trade & issue HODLT’s;
- HODLT Balance: Approve ERC smart contract & redeem for HODLC’s;
- Global scrolling events list.
- Buy & Sell HODLC;
- Global Orderbook:
- Ability to cancel your orders with one click;
- My Orderbook:
- Ability to cancel your orders with one click.
The process of issuing and redeeming HODLT is built following ERC standards and first needs approval. This needs to be done to convert your HODLT tokens into HODLC commodity. The rest is a click away!
The HODL token (HODLT) is a new addition to the HODL family. It is comparable to a certificate exchangeable for HODLC at any time. This certificate is built as a standard ERC20 to be compatible with existing and future token and exchange ecosystems. It also enables HODL commodity to be leveraged as a payment method in time.
HODLT can be transferred using the send function in your MetaMask and can be deposited in other wallets, such as exchanges and/or other smart contracts.
Anyone having HODLT in their Ethereum address can go to the dex, synchronize their wallet, and the HODL balance will appear. They can choose to keep the HODLT or, if desired, convert HODLT to HODLC.
HODLT value is derived from its exchangeability for HODLC. Anyone patient enough will receive full price by selling through the smart contract.
Should liquidity be needed, we can expect over-the-counter (OTC) trade of HODLT and arbitrage opportunities on exchanges upon listing. In this case, arbitrage will be done by individuals or organizations buying HODLT for less than its corresponding HODLC value. Thus, the impatient create an instant gain for the patient who sell HODLC through the smart contract.
In any case, there will always be an advantage to buying and selling using the smart contract, as the gains directly correlate to capital gains. We see this as a convenience to aid mass adoption, integration into other projects, and use as a direct payment method.
Once again, we’d like to thank the community for their participation and support. The vision we’ve all rallied around is solid and sustainable. We look forward to years of using our profitability to engender change in the world. If you would like to donate to future upgrades and the project’s sustainability, it can be done here.