What is Cherry Network?
CHER is the native token of the Cherry Network, which is a Layer-1 blockchain infrastructure that provides users with decentralized file storage and a powerful smart contract platform. The platform aims to link smart contract technology with decentralized file system technology. Thus, it allows users to build and run decentralized applications (dApps), as well as store and distribute large amounts of data securely and transparently. Check out the Cherry Network price chart above to see the live CHER price.
The Cherry Network is built on Parity's Substrate and it employs the Proof-of-Stake (PoS) consensus mechanism. The two key elements of the project are – the Cherry Storage and the Cherry Virtual Machine.
Team Behind the Cherry Network
The network is governed by the community, through its DAO. However, there is a solid team behind the project. The team is headed by Herman Jacobs, the CEO of Cherry Labs. Jacobs attended the University of Cape Town where he got a degree in Engineering. He also attended the University of Michigan for a master's degree in Computer Engineering. Besides, Jacobs has years of experience working as a blockchain consultant and an open-source developer.
Cherry Labs is an incubator that is fully focused on the Cherry Ecosystem. While the community decides on which proposals to implement or not, the team at Cherry Labs is responsible for the business and technical aspects of the network. The Cherry Network has also secured high-profile partnerships for the growth of the network. Luben Capital and Shima Capital are two investment firms in partnership with the project.
Use Cases of CHER Tokens
Primarily, the CHER token is the governance token of the Cherry Network. Besides that, it offers utilities and staking opportunities within the ecosystem.
As a CHER coin holder, you can participate in the decision-making process. However, to create proposals for other community members to vote on, you must stake at least 1000 CHER crypto tokens. If your proposal is successful, your stake will be returned to you, but if it is not, the amount will be slashed and a portion returned to you.
In addition, the Cherry Network gives grants to developers and teams seeking to build applications on the network. These grants are given in CHER tokens and they range from below $5,000 to above $10,000. The value of the grant received is converted to CHER Tokens and transferred to the wallet of the grant winner.
Care to see the previous and the current CHER price? You can see that on the Cherry Network price chart.
CHER Tokenomics
The Cherry Network has decided not to put a limit on the maximum supply of CHER tokens. With each new block that is mined, a changing number of new CHER tokens are issued and distributed within the ecosystem. The treasury, validators, stakers, and storage providers all benefit from this distribution mechanism. The system is designed this way to encourage and reward those adding value to the ecosystem, and encourage all participants to act correctly on the network. Activities that may cause inflation or negatively impact the network and the CHER price are frowned upon. Users who engage in these activities are removed promptly.
