What Is Cherr.io About ?
An exciting and highly sought after ICO has been making a valiant effort in recent headlines progressing to share their ambitions with the ever so changing, and fast paced cryptocurrency market. Cherr.io, winner of the Futurehack Hackathon 2018 in Davos, aims to rebuild donor trust by removing the personal agendas amongst today’s centralized charitable organizations. Cherr.io is a B2B (business-to-business) platform entirely built on the Ethereum network. Along with a built-in voting mechanism, the platform ensures full auditability and traceability of all transactions. The platform is also promised to reduce and potentially eliminate administrative and marketing overhead costs for the charitable organizations. To achieve this, Cherr.io deploys the Cherr.io community to essentially do the advertising job via their social networks, who in return will be rewarded with tokens for their effort. The idea is to give the rewards back to the community in order to open up more funds for the actual beneficiaries.
Why A Token?
The CHR token will be mainly used for activating inactive charitable campaigns on the Cherr.io platform.
Activation of each campaign requires activators or charities to pay a fee in CHR tokens. By doing so, the platform will be able to identify the participants as well as determine reward eligibility. These tokens will be returned to the activators after the campaign ends, rather than going to the beneficiaries.
The CHR token utilizes a “Utility and Payable Hybrid” model. Its use cases for each participant role can be described as followings:
– Getting campaign listed on the Cherr.io platform
– Organization rating
– Fund allocation from the emergency pools
– Confirming the legitimacy of funds spent
Token holders (Cherrions)
– Participating in the activation process
– Staking for additional rewards
– Participating in the reward system
CHR token holders aka Cherrions, are the main players on the Cherr.io platform alongside with the charitable organizations. Cherrions are responsible for charity promotion, raising funds and providing community feedback/verification. Cherrions also have the option to lock in their CHR tokens on the platform (lock in duration determined by smart contracts) to participate in the reward distribution stage at the end of each successful campaign.
Additional details on token sale and distribution can be found in Cherr.io whitepaper here.
Proof of Charity
The basis of all mechanisms built on the Cherr.io platform. Its implementation tasks the community with the advertising job so that the the marketing overhead cost can be reduced by a significant margin.
A points system for rewarding certain activities done for the Cherr.io community. The points will be accumulated in both Status accounts and Reward accounts of the Cherrions. Both accounts will be awarded with the same amount of points, and have their own purposes. Status points show the level of a Cherrion while Reward points are used as a way to earn CHR tokens (e.g. exchange 1000 points for 1 CHR token).
All Cherrions will be able to lock in their CHR tokens with smart contracts deployed on the platform. A main benefit of doing so is to participate in the reward distribution at the end of a successful campaign. The max amount of tokens a Cherrion can lock will be determined by his/her Cherrion level.
The emergency pool, consisting of a common emergency pool and other sub-pools, is a wallet to be used in situations where a timely response is required. The Cherro.io community plays an important role in how the funds from the emergency pools are handled. Funds can only be transferred out from an emergency pool when the community determines the proposed campaign is for a good cause.
Two mechanisms will be implemented to prevent fraudulent activities, Community Ratings and Milestones. Community Ratings, ranging from 1 to 5, determine if the raised funds will be released to the receiving party’s wallet all at once. Receiving parties with ratings lower than 4 will receive funds in three milestones. When a milestone release is rejected by the community, funds will either be returned to the donors or go to an emergency pool.
Cherr.io aims for a beyond greater cause than a vast majority of projects within the blockchain space. The project is tackling some of the biggest issues in today’s charitable organizations: 1) centralized decision power, 2) high advertising overhead cost and 3) slow, limited outreach. With the Cherr.io platform, the community gains back the decision power and takes the responsibility to provide legitimacy and vetting. Cherr.io, as its name would suggest, strikes to be a platform as versatile as cherries in the forms of aid and support.
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