Chod is one of the practices practiced today by those following Tibetan Buddhism
as well as Bon
. It originates back to an Indian pandit Padampa Sangye, and was taught in Tibet
by Machig Labdron (XI century). The chod lineage survived in Tibet only.
The teaching itself is very elaborate and centered around techings on wisdom of emptiness. As for the practice, there are numerous methods and ways of practicing, from very simple meditations to very complicated, requiring travelling to distant places, not staying in one place for too long, etc. The aim of the practice is to eliminate egotism, as clinging to ego is considered to be the cause of all problems in samsara.
Among different practices chod consists of, the offering to one's own emotions and neuroses personified in the form of demons is very important. One makes oneself aware of different problems one has, and instead hidding one's head in sand, one faces them without fear.
The practice of offering regards not only one's personified problems, but also real beings, such as parents, friends, enemies, animals - one does offering for them all without discerning, praying for their happiness and wishing they actually receive all good things offered.
The chod is a practice which combines most important elements of Buddhist sutra, such as teaching on sunyata and compassion, as well as tantra, with elements such as visualisations etc. Nowadays very few people practice it seriously.