I built a gamified HODL contract on Ethereum. Looking for beta testers.
My first-ever crypto investment was made in July 2017. It was right before the crazy crypto rally of 2017. I purchased Bitcoin (BTC) at around $2,500. Since that time I have become a long-term crypto investor.
You may want to ask,
“So do you still HODL the BTC you bought at that time? If so, it’s almost 500% ROI now, dude!”
I’m pretty sure that there’s a ton of people in the crypto market who blow so many long-term profit chances. Due to the extreme volatility of crypto price, you have to withstand more ups and downs than any other investment assets, which makes it nearly impossible for people like me to invest for longer-term. If I didn’t repeatedly buy/sell BTC over the past three years, my seed value would have more than quadrupled.
It reminds me of one of the most famous quotes from Warren Buffett.
So, to successful gain from owning Bitcoin I should focus on the long-term, and yes, I am that confident about the long-term growth of the crypto market! Also, there’s the added cool factor because Bitcoin is still considered early-stage compared to other financial assets (check this cool infographic).
So, I came up with an interesting idea for those like me who hope-to-be-long-term HODLERS by creating a HODL protocol on Ethereum!
Neverlose.money — HODL game protocol with other HODLERS on Ethereum
Let’s assume that you start a long-term HODLER group with your friends, put each person’s long-term HODL asset in a vault, and make a simple game rule as below:
Do not touch the crypto for a set period (e.g. 3 years). Anyone who needs to withdraw within the period should pay 10% penalty money that will go to other friends still HODLING.
I built this mechanism as a fully decentralised protocol, called Neverlose.money.
- Site (beta version, connect via Goerli Testnet): http://beta.neverlose.money/
- Contract Github (open source): https://github.com/Steemhunt/neverlose.money-contract
This smart contract has two crucial rules:
- HODLERS lock-up their asset with a target set period (from 3 months to 10 years).
- If they withdraw the fund within the set lock-up period, 10% penalty and 3% platform fee will be deducted from the amount of the original fund, and this penalty will be shared with other active HODLERS as bonus money.
Let’s do some simple math. There are three HODLERS in this contract and they locked-up their assets for 1 year:
- Alicia — 15 ETH
- Brian — 45 ETH
- Charlie — 100 ETH
Charlie, however, decides to withdraw his fund due to the recent price spike of about 20%. He thinks it’s ok to pay the penalty cause he can still get 7% profit from selling out. In this case, 10 ETH will be charged as a penalty from Charlie’s broken asset and distributed to Alicia and Brian with 2.5 ETH and 7.5 ETH each as a bonus.
Beta Testers Needed!
Neverlose.money is in the closed beta stage and is under the process of security audit with a renowned company. But it is also important to find out potential risks, bugs, and improvement points with many other people together.
So, I’m looking for a maximum 100 beta testers for the testing of the Neverlose.money protocol. All the tests will be performed in the Goerli Testnet (so there will be no cost required for the transactions), and $100 worth of HUNT tokens will be sent as a reward at the end of the beta testing period to all testers who have correctly completed the process.
If you’re interested in the beta testing program, please check this announcement — https://docs.neverlose.money/beta-testing-program/about
Neverlose.money Beta — http://beta.neverlose.money/
Github — https://github.com/Steemhunt/neverlose.money-contract
