A few weeks ago before the Christmas break HDDCoin began beta-testing their HODL lockup program. It performed really well, and seemed to be technically most done from my perspective. Well, then came holidays which I’m sure did not help their timelines, but now the program is ready to launch. They have fully documented the process here, and if you are interested in jumping right in, that’s how.
I don’t usually like covering every Chia fork development, that had the possibility to turn this site into an ad for Chia forks, but this one I think is special. We have basically seen a constant reduction in price for the Chia Forks right from the beginning. It blows my mind that when this all started I considered XFX to be worth a sizeable fraction of XCH, but the reality has been a constant reduction in price as supply has increased through farming rewards and there has been nothing to do with these coins but sell them. They are offering “early bird” rates to anyone that jumps on right away, so they are serious about locking up HDD as quickly as possible, hoping to address that problem immediately.
That’s why I like the HDDCoin team so much, they are doing *something* rather than just copying Chia releases and calling it a day. And the HODL smart contract / program they have developed is a really big something, even compared to their web store. What HODL is a lock in program that will keep HDD coins stored on-chain for significant amounts of time, at the cost of some of the HDDCoin pre-farm. This is going to give people a reason to do something with the HDD they have accumulated that should slow the sell off.
Or at least that’s the theory. If it works, and creates a demand for HDD then I suspect that every other Chia Fork is going to run something similar out. Even Chia Network has not yet solved the problem of the ever-shrinking coin price, so if its as easy as just paying people not to spend their coin then that will be very attractive. I do not think, based on the business plan, that Chia Network could ever do something like this out of the pre-farm, but it will be extremely attractive to all the other ecosystem coins and tokens.
Kudos to the HDDCoin team for launching this product, and personally I am going to update my HDDCoin installation as soon as I’m done here, and I will be locking up my HDDCoin. This isn’t an endorsement, and it isn’t financial advice for anyone, its just that I’ve been farming these forks for what seems like forever now and they just sit there. I don’t feel like going through the effort of selling them for pennies, so they just sit there. So this is something I can actually do with them easily and securely. We need more of that, in Chia forks and in Chia.