Cherrynomic Tightening
On Wednesday, September 14, 2022, at or around 14:00 UTC, the Cherry Network’s Nominated Proof of Stake block validation and consensus system will be upgraded:
- Network epoch time will be reduced from one every ten minutes to every forty minutes
- Network session time will be reduced from one every ten minutes to every forty minutes
- Network era time will be reduced from one every hour to every four hours
This small change brings us closer to our Relay Chain launch, expected in 3–5 weeks, and the introduction of a fully EVM-compatible parachain a few weeks thereafter.
Most significantly, the reduction of era frequency will also reduce the validation rewards produced by Cherry Network’s Nominated Proof of Stake consensus system fourfold.
The coin emission formerly targeting 4.5% of the total diluted supply yearly would now target 2.9%. Validators and their nominators who earn more than ~34% interest on their CHER at present will see that number decrease to ~8.5%.
This date indeed marks our entry into a period of cherrynomic austerity where the founders, staff, and community will take direct action to control the supply of CHER.
DAO Treasury Burn
The Cherry Network boasts a treasury supplemented monthly by 2,000,000 CHER. Anyone can propose a budget to this treasury, and the Cherry DAO may vote to fund it or not. The distributed governance system has not yet been launched in the months since our mainnet release: therefore nobody could vote, and no proposals were approved for funding. For the past three months of mainnet activity, this additional 2,000,000 CHER a month was unclaimed and burned. We will not activate the Cherry DAO distributed governance system as long as these austerity measures are in action. As a result, every month the 2,000,000 CHER that would have been assigned to the Cherry DAO treasury will be burned.
Advisor & Partner Compensation Block
Advisors and partners to the Cherry Network will not receive CHER compensation during this period of elected austerity.
Why?
Many variables were considered, including factors both internal and external to the Cherry Network and its Ecosystem:
- Coin emission rewards validators who carry out the essential work of keeping the chain running and safe. However, network activity is diminished, and the risk and effort required to keep the chain going are also diminished.
- Coin emission provides a healthy supply that keeps markets liquid during a growth period. Due to the wider industry downturn, the Cherry Network and Ecosystem are growing somewhat slower than expected, and there is a reduced demand for network resources accessible by paying CHER fees.
- We updated the compensation structure for the storage suppliers in the Cherry Network Storage Module. These will no longer be paid out of coin emission.
- Other market-based considerations known to all and that need not be reiterated.
These actions are taken by the unilateral initiative of the Cherry Network Technical Committee with the long-term success of our Project at heart. They are subject to change as the situation progresses.
Get involved!
There are many ways to get involved with the Cherry Community, whether you’re a large or small investor, a developer, or a creator who wishes to join the Cherry Ecosystem.
We have just launched the Cherry Network Mainnet the first decentralized software connecting web3 to trustless file storage. Leverage the unique capabilities of the Cherry infrastructure, and build decentralized applications like never before. Potential partners who are interested in a trustless, business-ready interface to decentralized file systems can get in touch via our social channels or hello@cherry.network to learn more. Among the available opportunities is a spot in our Cherry Labs program, where we incubate innovative startups who build on the Cherry stack.
Join the Cherry Community
If the Cherry mission of providing truly trustless distributed file storage for decentralized applications speaks to you, then get in touch! Read our Cherry Lightpaper, and review our Technical Documentation to delve deeper into the Cherry stack.
We’ve brought together a community of technologists, artists, and creators, and we want you to get involved. If this speaks to you, we invite you to join our growing community.
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To learn more about Cherry, visit Cherry.Network
