2022-06-28 03:08:56
On Wednesday 29th at or around 17:00 UTC the first phase of Cherry Network’s nominated proof of stake consensus will be activated. 5 network validators were already selected. They are operated by
- Mathematician, cryptographer, and Cherry Network co-founder, Romeo.
- Luben Capital, renowned cryptocurrency venture capital firm and Cherry Network’s closest capital partner.
- The Cherry Network Core Team.
- Cherry Labs, Cherry Network’s own incubator dedicated to expanding Cherry’s Ecosystem.
- Vai Group, a banking and financial conglomerate backing multiple cryptocurrency initiatives among which Cherry Network and Unigate.
We also are proud to welcome a backup validator managed by Spherelink, a research community designing protocols to scale Web3.0 adoption. They will become active in case one of the founding 5 goes offline, or in the next expansion of the Cherry Network consensus’ validator set.
Users will thus be able to nominate one or more of these validators and share the block rewards the validators earn, proportionally to their stake.
Documentation about on-chain nomination, validation, and their rewards can be found at https://docs.cherry.network/cherry-node/consensus/become-a-nominator. A more user friendly guide on how to nominate will be provided in our new knowledge base at https://dao.cherry.network/c/how.
Thanks to the hard work of our partner Spherelink, CHER holders are also able to earn staking rewards directly on BNB Chain. A link to their liquid staking web app will be shared shortly.
We had originally planned to enable staking a week after the release of the Cherry Network mainnet. We have postponed it due to operational issues with one of the 5 founding validators, and to give more time to test the Spherelink off-chain Liquid Staking facility.
None of the issues encountered pertain to Cherry's Core technology which has performed as expected since the mainnet network launch.
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