Governance
Cherry uses a sophisticated governance mechanism that allows it to evolve gracefully over time at the ultimate behest of its assembled stakeholders. The goal is to ensure that most stakeholders can always command the network.
Cherry combines novel mechanisms, including an amorphous (abstract) form of state-transition function stored on-chain defined in a platform-agnostic language (i.e., WebAssembly). It also allows for several on-chain voting mechanisms, such as referenda with the novel concept of Adaptive Quorum Biasing and batch approval voting. Stake-weighted referenda must agree upon all changes to the protocol.
To make any changes to the network, the idea is to compose active token holders and the council together to administrate a network upgrade decision. No matter whether the proposal is proposed by the public (token holders) or the Council, it finally will have to go through a vote on a referendum to let all holders, weighted by stake, make the decision.
Last modified 2mo ago