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Hodlcoin info sheet

Igor Mortis edited this page Mar 27, 2018 · 33 revisions

HOdlcoin (Ticker HODL)

Announced January 07, 2016

Launched February 01, 2016 (FAIR launch - no premine, instamine, ninja)

Codebase: Bitcoin 0.11.2

Specifications

Maximum supply

191,586,500 coins by March 2020

followed by 5.5% inflation rate, declining to 3% over 16 years

Ticker: HODL

Symbol: Ħ

Block Time: 154 seconds

Subsidy: 50 HODL subsidy per block
Halving: Every 4 years
Mining Supply: Total of 81,962,100 HODL will be mined
Bonus Interest: Approximately 140 million HODL before the end of 2018.
Nominal Interest Rate: 5% APR
Max Term Deposit Interest Rate: 9.9% APR
Fair launch: No Premine/Instamine/Ninja/100 initial 1 HODL blocks
Port: 1989
RPC Port: 11989
Testnet Port: 8989
Proof of Work: 1GB AES Pattern Search POW. The HOdlcoin POW Algorithm is favoring CPU and consumer grade hardware with the intention of keeping mining participatory and distributed.
Codebase: Bitcoin 0.11.2
Current Tx per sec. : ~ 7 (Subject of HOdlcoin Improvement Proposal )
Current block size: 1MB (Subject of HOdlcoin Improvement Proposal )

https://medium.com/@freetrade68/hodlcoin-improvement-proposal-001-a802f9948d68
https://medium.com/@freetrade68/hodlcoin-improvement-proposal-002-adf802d2ccb7

Hodlcoin developers:
Primary Developer: FreeTrade - Previously created experimental coins MemoryCoin, ProtoShares(BitShares), LottoShares.
Release Manager: Fuzzbawls - Previously created Mintcoin, now dev. of PIVX
Developer: ghobson - GUI and network engineering
Head Of Network Services: AmitT177
Webmaster: drcvrgorac
Management: DanXmas
Chief Mining Officer: Orava
Hodlcoin faucet: Dwildcash

Features of Hodlcoin

  • Transparency - opensource code on Github, public blockchain with blockchain explorer
  • Hodlcoin have its own blockchain, it is NOT token
  • Interest 5% on active (not term deposited) balances (this is true for balances moved in last 30 days)
  • Interest up to 10% on term deposited balance
  • Interest is handled in the blockchain. No trust required
  • CPU mining only - with the intention of keeping mining participatory and distributed.
  • Easy in wallet solomining - it is still possible to solomine effectively with appropriate hardware. This feature is included to favor decentralisation.
  • Dedicated and active community

Benefits of Hodlcoin

  • Interest discourages users from leaving large balances on exchanges - expensive to maintain large sell walls.
  • Interest encourages users to keep their balances, reducing supply
  • Interest favors users over daytraders
  • 30 day limit will dilute abandoned balances, reducing supply
  • 30 day limit encourages term deposits, reducing supply
  • Encourages exchanges to trade in the coin, as they can earn interest on customer's deposits
  • Unconfirmed transactions become more valuable over time, as their inputs continue to earn interest.

About Hodlcoin

by FreeTrade cca 2016

Hodlcoin is a simple proposition and elegantly implemented. It's Bitcoin with interest and bonus interest for early adopters and HOdlers. Anyone who can understand Bitcoin can understand Hodlcoin.

Something I saw from previous projects is that users really like to see their holdings grow. Something very satisfying about that, so HOdlcoin is really designed with this user feedback in mind. It's a slow burner, so it won't suddenly show up on CMC at 10mil, but as we see addition of exchanges, services, pools, miners, stats and time . . we will see a gradual rise in supply and market cap.

The way we see the crypto world evolving is as a marketplace of competing and complimentary cryptocurrencies with different properties. The ones that will do best will have stable rules, good distributions, fair launches and good recognition. We aim to make HOdlcoin one of those coins. The branding and logos are pretty lighthearted and jokey, but the concept and coding behind it is serious. This is Bitcoin with interest. It is well coded - that's why you're seeing quality people getting behind it. It has been built to last.

"You will hold your own balances, you will earn interest. No counterparty risk, no KYC AML nonsense."

POW (Proof of Work)

1GB AES Pattern Search POW. Pattern Search involves filling up RAM with pseudo-random data, and then conducting a search for the start location of an AES encrypted data pattern in that data. Pattern Search is an evolution of the ProtoShares Momentum PoW, first used in MemoryCoin and later modified for use in CryptoNight(Monero,Bytecoin), Ethash(Ethereum). CPU/GPU friendly.

The PoW relies heavily on the AES-NI instruction set - if your chip has AES-NI it's going to be a lot more efficient than if it doesn't. Maybe by a factor of 10. If your chip doesn't have AES-NI instructions, it's probably not worth bothering trying to mine. 

So the search space is 1GB - if you have 8 threads running, all 8 run on the same 1GB. It completes the search faster if there are more threads. I recommend running the maximum number of threads on a single 1GB space to reduce the possibility of orphans.

The HOdlcoin POW Algorithm is favoring CPU and consumer grade hardware with the intention of keeping mining participatory and distributed.

Solomining

The network is better served by multiple solo miners. A pool miner with majority hash rate is in control of the network whether they exercise that control or not. Hodlcoin wallet have build-in solomining feature. But can be also mined using pools.

Interests and term deposits

"You're losing interest just by reading to the end of this very long, some might say, unnecessarily long, sentence. Get HODLed up - lock in the current interest rate now before more of your time is wasted by unnecessarily long sentences designed to delay your HODLing"

Hodlcoin have two types of interests:

  • Standart interest
    Interest is paid on regular balances (outputs), on every block, for a period of up to 30 days.
  • Term deposit bonus
    Coins are locked for specified time period.


1 week term deposit ~ 6.5% bonus on interest
1 month term deposit ~ 25% bonus on interest
3 month term deposit ~ 60% bonus on interest
6 month term deposit ~ 87% bonus on interest
1 year term deposit ~ 100% bonus on interest

The term deposit bonus is just a multiplier of the interest, so if you locked up 100 HODL for 1 year, you'd expect a return of 109.9 HODL (Capital 100 + Interest 5 + Term Deposit Bonus 4.90). See the chart for the multipliers, or use this formula - =(1-((409530-X)/409530)^6)100 (X is the number of blocks to lock for, min 2 days, max 1 year). To calculate your full bonus return on a term deposit . . . it's Principal + (Standard InterestTerm Deposit Multiplier)

Formula for term deposits

(1-((409530-X)/409530)^6)*100 (X is the number of blocks to lock for, min 2 days, max 1 year)



Graph - Term deposit multiplier



Graph - standard rate x term deposit multiplier


1 year term (9.9% APR)
6 month term (9.1% APR)
3 month term (7.75% APR)
1 month term (6.1% APR)
Active balance (5% APR)

Graph - Term deposit interest rate




FAQ

How do I calculate what interest I'm going to get?

  1. The Standard Interest Rate Interest is paid on regular balances (outputs), on every block, for a period of up to 30 days (561x30 blocks). The rate is  0.0000002384185791015625% (1/2^22). It's compounded every block, so the rate is approximated 5% APR. However, remember there is a maximum of 30 days, so to get that APR, you'd need to log in each month and shuffle the HODL to a new address.

  2. Term Deposit Bonus So if you lock an amount of HODL as a term deposit, you get a bonus on the interest. The longer the deposit, the bigger bonus. The bonus is just a multiplier of the interest, so if you locked up 100 HODL for 1 year, you'd expect a return of 5 HODL. The term deposit bonus for 1 year is about 100% - so at the end of the term you'd have 110 HODL (Capital 100 + Interest 5 + Term Deposit Bonus 5). See the chart for the multipliers, or use this formula - =(1-((409530-X)/409530)^6)*100  (X is the number of blocks to lock for, min 2 days, max 1 year)

  3. Bonus Interest Rates So here's where it gets interesting and also a little complicated. To encourage early adoption, astronomical rates of interest are paid in the early months. The max rate is 0.0000152587890625 (1/2^16). Compounded, the rate is 2274%. It's reduced every block by a multiplier - calculated like this =(409530-X/409530)^4 (X is the block where the amount is locked). See the previous chart.  So to calculate your full bonus return . . . it's Principal + ((Standard Interest + (Bonus Interest * Bonus Multiplier))*Term Deposit Multiplier)

n.b. When a Term Deposit matures, it stops earning interest - you need to move it to start earning interest again. n.b. Bonus rates are paid on regular balances too n.b. The bonus rate is locked at the time of the transaction, the rate you can achieve reduces over time due to the multiplier, but once you're earning that bonus rate, it doesn't reduce.

What is difference mining supply and interest supply??  

HODL is created in two ways . . . by mining . . . that's 50 additional HODL per block at the moment . . . and awarded as interest . . . which varies but always goes to existing balances.

The interest supply is large, but not really inflationary as it is going to existing hodlers - it's more like an ongoing stock-split. The mining supply is quite large at the moment, but will shrink in percentage terms quite quickly, so HODL will actually be a very low-inflation coin

in a year or so.

What you have to understand, is that there are two sources of new coins with HOdlcoin . . . mined coins and interest. Near the start, the majority of new coins come from mining, but as things progress, the number of coins created from mining becomes much smaller in comparison to the overall number of coins.

Inflation due to mining will reduce much faster than bitcoin, because bitcoin doesn't have interest.

Is the wallet "staking" even if it's not running ?

No! There is NO staking in this coin. You do gain interest, but it is in no way "staking"

Interest is handled in the block chain. No trust required.

Is this a long term project? What do you hope to do with this project?

The way we see the crypto world evolving is as a marketplace of competing and complimentary cryptocurrencies with different properties. The ones that will do best will have stable rules, good distributions, fair launches and good recognition. We aim to make HOdlcoin one of those coins. The branding and logos are pretty lighthearted and jokey, but the concept and coding behind it is serious. This is Bitcoin with interest. It is well coded - that's why you're seeing quality people getting behind it. It has been built to last.

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