https://www.youtube.com/embed/RN4HLfGP38g?si=5MNp0ZqDBvw7S1YX
Below is a recap of the live discussion with Seraphim on Feb 14, 2024 which you can view at the link above
There has been a lot of progress since we last updated you - I'll try to keep today's update quite brief.
We performed a few maintenance upgrades to both the relay chain and parachain nodes. This is simply to provide better stability. I've still seen some reports of slow or, I guess, excessively slow transaction speeds of the bridge (or processing speeds rather). We've also performed and maintenance on that - so specifically in the Polygon and both inbound and outbound transactions to the bridge, and out of the bridge should be quicker and more reliable.
More broadly we'll continue to undertake a few market-based operations to sustain CHER’s price in relation to some changes I would say in the treasury policy of our project. We believe that as we undertake greater investment in the basis of our project, namely the brand, the appearance, as well as the token, we believe it sound that we also partake of some investment in market activities.
This will sustain Cherry's price as well as its liquidity across its various trading venues - Pancakeswap, Gate, and others. This investment is of course worth mentioning because it's a change in treasury policy as I mentioned; we've been quite conservative and we do have money to spare, and rather than spending it as we would have on further developing (which we will of course continue to do) the policy would be to accelerate spending or divert (in limited portions) spending from less tangible objectives to (as I mentioned earlier and I also mentioned in AMAs prior) retaining the brand value, perhaps improving how we communicate its value and the brand and and the potential value, as well as the token by which people can participate in the in the brand and the value that undergirds it.
The exact modalities of this I guess it's best not to disclose - of course we you don't want, let's say, for people to front run us as we, let's say, announce a token buyback and our treasury gets a buried price due to people manipulating the markets in response to our announcement of a buyback (let's say) - but we will perform these actions, we will invest a greater share of the remaining treasury in such actions.
Buybacks are just one of these types of actions - we can certainly improve the market not just by buying back tokens which is a quite difficult (since we only have so much budget for it that would and could be spent on such action compared to the large sale volume that could arise in response to this announcement) but other actions could involve (as I mentioned earlier) providing liquidity to various market venues as well as varying or assisting volumes with market making arbitrage between the various market venues and others.
Beside this, and beside the continued efforts to maintain the project, the effort has shifted now for about three months to storage.
A preliminary version of this storage is out and has been out for many months accessible through I believe the upload file feature on cherry.place - this simply uploads a file and places it on the IPFS node connected to any validator of the CHER network.
In response you'll be issued an identifier by which you can then fetch it as well as other IPFS indexing facilities. We plan on expanding this but primarily the objective is to redesign from scratch an effective monetary system that rewards not just storing files (which is easily gained I would say and can be quite easily gained in other networks that have attempted similar feats such as filecoin and and others). And assigning greater value or greater greater weight to this reward computation to know the throughput. So not so much as storage but rather a combination of storage and demand for that storage, so if these nodes have files that are queried a lot there's of course a greater value to holding them rather than storing files that are seldom quered or not at all.
This is a quite a complex and hard issue - we believe to be able to… well I'll refrain from any announcement now… but there is progressive and compounding progress and improvement in this aspect, and once this aspect is is unlocked, we can fit it with what we've already built: the technology to store the files and to distribute them to the clients (the users) who would make use of them. and that combination would, we hope provide a an effective competitor to the incumbent Filecoins and others.
We have demonstrated interest in this this product - we've been working with partners for a long time now - some startups, some not - we've had enterprise deployments of this very technology through which now the project is mostly financed. I've seen questions about the project's finances - we will not disclose much information about that mostly because I would say it does not fully give full regard to Cherry token holders simply because there is no clear fixed relation between revenues and and CHER. As we try work that out of course it is our duty as stewards of the project, but also a sort of fiduciary duty as well.
Certainly as holders of of CHER it is in our interest but also it is an interest of preserving the tech, the brand, and community behind the technology that will allow us to spread it further beyond what a team of perhaps a dozen can distribute to enterprise clients. But anyways that also is a factor within this pivot in how the Cherry treasury is redesigned for this market action rather than other investments or perhaps savings.