1) Hi Cherry Network, I understand you are working off an autonomous network but can you tell us about your team as well as their cryptocurrency experience?
Our team has rich experience as engineers in the cryptocurrency industry. I joined crypto very early on, contributing to projects such as Feathercoin and Namecoin in early 2013. I later joined DASH where I met my current cofounder Buer. From there we went off to work on PIVX, a privacy-focused cryptocurrency that became very well known in 2017. Those of you who were around in 2017/18 may remember PIVX as we climbed the Coinmarketcap rankings to reach 8th place, peaking at more than nine-hundred million dollars in value. The third co-founder is called Romeo who hasn’t worked in the crypto industry before but has contributed to a variety of open-source efforts including i2p, a privacy networking solution.
The three of us started Cherry in November 2020, and together with a team of skilled engineers, we have been developing our network through to today. I’d love to tell you all about Cherry and our progress so far and share our exciting plans for the future.
2) What is Cherry Network all about? What is your utility? How to get involved?
As you already pointed out in the first question, we’re building a layer one blockchain network. This means ours won’t simply be a token or dApp, but rather a platform where dApps and other things such as NFTs may be built. In addition to this powerful runtime where smart contracts can run, we also have a storage module whereby people can store their files in a safe, private, and distributed way. The novelty of Cherry Network is that files stored in our distributed file storage can be accessed by the smart contracts running on our runtime. This means that smart contracts which are limited to using expensive and limited online storage on other blockchains can now access databases and other complex data structures completely trustlessly on Cherry.
We believe this is an important feature useful to a lot of applications that must store large amounts of data. Over 44 projects have already committed to joining the Cherry Ecosystem and building on our technology, but we want more people to get involved! The best way to do it is to get your hands dirty experimenting with our code and chatting with our community to learn the ropes.
We’ll be launching our testnet shortly, and we plan on building out our documentation over the next week or so. Keep an eye on our announcement channels for that.
If you’re a layman and what I just said above reads like gibberish, keep reading! We appreciate the diversity of skills and while Cherry is a great technical product for dApp developers to leverage, there’s room for people with backgrounds other than engineering. Check out the dApps building on Cherry and have fun trying to break them.
3) Walk us through your Token Economics, please.
The Cherry Token (CHER) is the Ecosystem’s native token designed to empower the Cherry platform and foster a mutually beneficial relationship between investors, developers, and node operators.
Some of its features are:
– Blockchain Fees: The Cherry Chain offers powerful features which entail expensive computational resources to maintain. Users can Pay the fees incurred while interacting with the decentralized applications hosted on the Cherry Chain with CHER
– Storage and Indexing: Store and index important files in the global decentralized network of file hosts powered by the Cherry Storage protocol, and pay for these services in CHER
– Stake & earn rewards: Secure the network with Cherry’s lightweight stake-based proofing algorithm, and earn CHER while doing so.
– Funding: The Cherry Project is endowed with a perpetual treasury to pay developers and proposals, while operating independently from external resources.
We’ve just closed our private sale, and we’re now moving to the public sale phase currently penciled in to occur on December 21st. People interested in purchasing our token can register for whitelisting on our launchpads Samurai by CyberFi, Kommunitas, Synapse Network, and our very own Seedling.CM
A complete account of the tokenomics can be found on https://cher.to/cherrynomics
4) Can you briefly explain how the Top milestones that the Cherry Network team aims to execute before the end of this year or going to execute in future, will help them succeed and What Cherry Network may look like in 2022 and beyond?
Our roadmap is quite simple: launch our testnet in a matter of days/weeks, IDO on December 21st, TGE the last week of December, and launch our mainnet in Q1 2022.
Beyond that, our team’s focus is now on our ecosystem growth I already mentioned earlier.
The first dApps launched on Cherry will likely be basic infrastructure applications like DEX, lending facilities, bridging, and file storage interfaces. We will later focus on more high-level user-facing dApps that better reflect the features Cherry has to offer such as social networks, a google drive equivalent, and a video streaming platform.
By the end of 2022 I already mentioned we plan on onboarding at least 100 projects onto our platform, and we have every intention to meet this goal.
We recently closed a 2.9 million dollars private sale, which, together with the additional money raised in our public sale currently scheduled for the 21st of December, will give us the funds to promote Cherry’s solutions far and wide.
One last big element we hope will be completely deployed by the end of 2022 is Cherry’s decentralized governance system. From day one, we always thought of Cherry as a DAO where everyone should get a chance to speak their truths and affect changes to the project’s vision. While the work thus far was fairly focused among the founders and the core team, we really hope that more and more people will join our ranks and feel the liberty to submit proposals for new developments, features, and initiatives that benefit the entire network. The broader community of governance-tokens holders will then have a chance to review these proposals and award a monthly budget to the most worthwhile causes.
5) How do Cherry Originals work?
I am sure this audience is well aware of the ins and outs of NFTs. Well, there are some downfalls to this smart contract standard, and we’ve built something to solve them. Cherry Originals are our implementation of the infamous ERC721, extended with Cherry’s unique distributed storage and runtime synchronicity features.
Traditional NFTs are immutable references to the information stored elsewhere, like in web servers, or IPFS implementations like Arweave and Filecoin. NFTs don’t mean anything more, precisely because the files are stored on a different network than that on which the token is running. This also means references may oftentimes break as web servers go offline and IPFS pinning services terminate. We see this as a major bottleneck, which Cherry solves.
NFTs in Cherry (Originals) don’t break, the files and the smart contracts which reference them exist on the same network and thus maintain perfect synchronicity between these two states. Furthermore, Cherry Originals can be set up to grant their owners special access to the media they reference. For example, owners may choose to switch the access rules to the file such that only they can view it and none else, or destroy both the NFT and the underlying file altogether (to promote scarcity).
Cherry Labs is collaborating with over 10 artists to deploy their Cherry Originals, there are a few really fun and creative ones. Stay tuned!
6) I am more curious about the revenue and income streams. What are you dependent on now and what about in the future?
Cherry is a DAO and as such our team is decentralized and self-organized. We strongly believe in this organizational model. It allows everyone wanting to help the project to just submit proposals and get things done without any central direction or approval, just by persuading the stakeholders who all want the best for our project.
The Cherry DAO is self-funded by a monthly 2M CHER endowment taken out of inflation. The community decides how to distribute it.
7) What is your listing plan like? Where will you be listed next?
We’ve just closed our private sale (https://blog.cherry.network/cherry-private-token-sale-successfully-completed-325dc625be2a ), and we’re now moving to the public sale phase currently pencilled in to occur on December 21st. People interested in purchasing our token can register for whitelisting on our launchpads Samurai by CyberFi, Kommunitas, Synapse Network, and our very own Seedling.CM.
8) What are the benefits of holding CHER token as a long term investment? Can you tell us about the motivation and benefits for investors to keep the token in the long run?
The Cherry Token (CHER) is the Ecosystem’s native token designed to empower the Cherry platform and foster a mutually beneficial relationship between investors, developers, and node operators.
Some of its features are:
– Blockchain Fees: The Cherry Chain offers powerful features which entail expensive computational resources to maintain. Users can pay the fees incurred while interacting with the decentralized applications hosted on the Cherry Chain with CHER
– Storage and Indexing: Store and index important files in the global decentralized network of file hosts powered by the Cherry Storage protocol, and pay for these services in CHER
– Stake & earn rewards: Secure the network with Cherry’s lightweight stake-based proofing algorithm, and earn CHER while doing so.
– Funding: The Cherry Project is endowed with a perpetual treasury to pay developers and proposals while operating independently from external resources.
9) Crypto is growing very fast in South East Asia. Will you be expanding into this region? What will you do?
I am personally very excited about the SEA and APAC regions, and I know I speak for the whole team when we wish this demographic were more represented in the crypto sphere.
You guys have great engineers and we’d love to have them on board either working with Cherry in some capacity, or building on our infrastructure. We’ll be launching a developer outreach program targeting specifically this region in 2022 followed by an incubator offering for the best projects.
10) Before we go into the live question segment, can you share an inspiring quote for our members.
I had to think about this one…
Whether you think you can, or you think you can’t, you’re right. – Henry Ford
