Varys Capital is pleased to announce an investment in Cherry Network. Cherry Network’s mission is to provide a truly trustless blockchain-based index system, allowing files to be optimally and efficiently retrieved on demand. Smart contracts running on the Cherry Virtual Machines are then able to interact with this decentralized file system synchronously and perform read/write and access rule operations.
In 2021, Amazon Web Services, Azure, and Google Cloud combined accounted for nearly two-thirds of total cloud spend, and the collective market share controlled by these three giants is still growing. Art or speech that is deemed “controversial” or “inconvenient” has an ever-increasing chance of being suppressed by the big players in the field. Cherry represents a shift towards democratization of file storage and retrieval that is open to any good-faith participant in the network, no matter how individuals may feel about what is being said.
Through its blockchain-based file storage, Cherry provides censorship-resistant control over digital assets that is enforced by a distributed stake-based consensus and the ability to set who can view your data and what they can do with it. Cherry also provides high levels of scalability and endless throughput that does not come at the expense of decentralization or security. Network participants can connect their hardware to Cherry’s worldwide marketplace, seeking customers that need files and functions to be stored – with the flexibility of setting their own fees. The $CHER token is issued every block to reward network participants for contributing resources and helping to secure the network, which can then be staked to achieve a further return on investment.
Owing to its focus on art and file storage, Cherry Network will also support a next-generation non-fungible token (NFT) standard named Cherry Originals that will focus on the key attributes of ownability, exchangeability, composability, mutability, programmability, and portability. The upshot of these fundamental concepts is that you have the ultimate control over the token: what it does, who can see it, and who can have it. It’s yours to hold for yourself, or to set it up for grabs for the first new owner to have for themselves.
Cherry Network will also support the building of decentralized applications (DAPPs), allowing developers to build advanced solutions that are stable, scalable, and cheap to operate, and Cherry will come with a suite of features that abstracts away the complexities of developing web3 applications that allows you to focus on building better products for your users. Being built on the Interplanetary File System (IPFS) means that all user-operators hold a portion of the overall data-system that is replicated so that it is accessible even if a user takes their store offline. IPFS as a concept has been battle-tested through real-world events and has already been used to bypass government blocks on speech deemed contentious, such as Wikipedia.
The need for a safe haven for speech and art has been growing as authoritarian forces continue to crack down on contentious content, and Cherry Network is well-poised to provide that safe haven. Due to the distributed nature of storage, no individual can hold sway over what can be held on the network,and governments and corporations will find blocking such a distributed method difficult. Cherry Network will be shown to be a valuable addition to the growing suite of applications through the community-based, democratized spirit that digital assets have been built on.
If you have questions about our fund or would like to be sent investor documents, you can contact our investor relations department at [email protected].
