The Direction of Cache Privacy Focused Decentralised Finance for All
The Cache Core Team Evolving Cache in Response to Cache Community Feedback and Adapting for the Future
Cache has several Core Values:
- Universally Accessibility
- Mimic Everyday Cash & Become a Medium for Daily Transactions
- Create Stable Jobs
- Decentralised finance (aka DeFi)
Several achievements towards the ambitious aims of Cache have been achieved in the young life of Cache. However, there is still much more to do! The development of Cache is evolving and while The Cache Core Team prefers to look back at achievements the Roadmap for the Future includes:
- Mobile Wallet
- Multi-Sig Wallets
- Hardware Wallet Support
- Cache Social Platform
- Cache Card
- Cache ID
And importantly for this article:
- Community Governance
It is right here we can look at the difference between Cache and other projects. The difference is not just the evolving of best in class technologies incorporated into Cache, it is the way the Core Team is going about it.
Projects with ‘Owners’ many have seen. And ‘Rug pulling’, ‘Abandonment’, ‘Ninja Mining’, ‘Dumping to Exchanges’, ‘Back Doors’ and many other dubious tactics and an overall lack of ‘transparency’. And all manner of issues with ‘Premines’.
Projects that aim to solve these issues with Community Governance also face issues. ‘Lack of Funding’, ‘Lack of Resources/Infrastructure’, ‘Lack of Direction’, ‘Lack of Doers’, ‘Doers dropping out because of lack of remuneration’ et al.
Both styles of project are subject to ‘Getting it wrong’ at the core level whether it be core technology, emissions, hyperinflation, etc
The Cache Project is different.
Why? I am so glad you asked! The difference is provided by the Core Values of Cache. This means that remuneration to the Core Team for developing Cache is not ownership of a premine, timely dumps to an exchange or other nefarious profit strategies seen in crypto. The remuneration is a stable, sustainable job as part of the Cache Jobs Ecosystem. Our reward and sustainability are only possible by achieving that particular part of the Roadmap for the Future — Community Governance of a Truly Decentralised Finance Blockchain!
But wait, I thought you said Community Governance has problems developing? Yes, but here is how the difference applies. The design toward developing Community Governance is paying the Core Team and other contributors to make it all happen! It is like incentivized guidance and work to create Cache for a community accessible to all.
Therefore, the Core team must engage IRL (in real life) as well as forward our development of Cache. It is slower but by demonstration it is also happening as we are incentivised to do so.
The Core Values and Roadmap for the Future (which will always be undated) is why the Core Team has referred many things to the Discord community for discussion. The Core Team’s job is to Respond to the Community and guide it to a self-sustaining decentralized finance ecosystem with community governance.
This means we must address issues presented by the community or other modalities as Cache gains more notice for its unique qualities.
Here are some summarised:
$CXCHE’s total supply seems too high. Then the devs made the changes to the emission effectively making it higher compared to emission.
$CXCHE Premine! Are Dev’s transparent? Why is it there? Or simply “I hate premines!”.
$CXCHE documents are inconsistent and they made changes.
So, what does this mean? It means Core Team is doing its job and taking on feedback!
Let us start with Total Supply. It has become clear that we need to re-evaluate this for the sake of the project’s future.
After looking at feedback (Thank you Cache Community), and lengthy discussion between the Core Team on opposite sides of the planet (zzz’s) The total supply is proposed to be 300M $CXCHE. This is consistent with emission changes.
The proposed Total Supply of $CXCHE is 300,000000
Not to worry, all your preciously mined $CXCHE are safe as this does not affect any wallet holding $CXCHE. It does however mean that there will not be as many coins minted as originally planned.
A key distinction is that a change in supply is not to be confused with a change in the quantity supplied. The former causes a shift in the entire supply curve, while the latter results in movement along the existing supply curve.
Because Cache uses no form of Emission curve, the reward is not affected by these decisions.
Initially, Cache’s Total Supply of 500,000,000 $CXCHE was planned for the longevity of the project to well exceeded our lifetime, our goal here has not changed. The feedback from the Cache community suggested the Core Team re-evaluate the total supply that can be minted by the Blockchain to something more suitable and realistic.
The newly proposed amount of 300 million $CXCHE was backed by the community members like the previous decision to lower the initial block reward from 5 to 3.
The Cache block reward starts at 3 $CXCHE and increases by 0.25 approximately every 90 days until 5 $CXCHE per block.
This however does change the effective premine percentage from 3% to 5% of the supply, which this is still lower than some other projects that utilize a premine.
The premine equals 15 million $CXCHE
The team thought about burning coins in attempts to lower the fund back to 3% but the only way to achieve this would be to “lock” the coins until the end-block which essentially is a burn. However, the coins would still be shown as still circulating in the supply because there is no way to make coins “disappear” from any Blockchain as every coin is accounted for.
This could confuse people that do not DTOR (do their own research). So, to avoid this issue it was decided not to ‘burn’ the coin’s but in fact re budget Cache’s Foundation Fund and Community Governance fund from this.
The Cache Core Team presents this plan as sustainable, and in the interests of the Cache Community:
- Total Supply 300M $CXCHE, instead of 500M.
- Emission, Block Reward starts at 3 then + 0.25 every approximately 3 months until 5. This has been ratified by general consensus of the Cache Community. From there (block 525600) the Block Reward will remain static at 5 ongoing unless altered by Community Governance or general consensus of The Cache Community.
- Premine 15M $CXCHE, remains the same amount. Effectively a 5% premine instead of 3%.
- The Premine will be regarded as spilt 60/40 between the Foundation Fund (effectively a 3% premine of 9 Million $CXCHE) and the Community Governance Fund (effectively a 2% Premine of 6 Million $CXCHE).
- The Foundation will be managed by the Cache Core Team. The Core Team will respect the Core Values of Cache and input from the Cache Community. Its Function is to guide the development of Cache interim to effective Community Governance. The Core Team will be as transparent as possible and respond to any general consensus of Cache Community feedback or query.
- The Foundation Fund will determine and pay all Cache wages interim to transferring this function to Community Governance.
- Foundation Fund will Bank half of its allocation (4.5 million) for 12 months repeated annually until Community Governance absorbs The Foundation. This will sustain a monthly budget delegation to fund Cache wages in the Cache Jobs Ecosystem, bounties etc.
- Unspent funds in the monthly budget will remain with Foundation Fund.
- The Foundation may transfer funds to the Community Governance Fund at any time. This allows for earlier start of Community Governance if in place and effective before 12 months.
- The Foundation may use excess funds to pursue informal action consensus of the Cache Community.
- When formal Community Governance is in place said governance may elect to absorb the Foundation and proceed Cache as entirely Community Governed if Cache Sustainable Jobs model is continued by design.
- Community Governance Fund will Bank all 6 million $CXCHE allocation for 12 Months to allow time for Community Governance to be put in place.
- With 10.5 M of 15 M premine (70%) banked it is effectively not “dumpable” during exchange launches. This can be considered a premine of only 1.5% (4.5 M).
- The 4.5 M allocation is liquid for the Foundation to develop Cache — marketing, exchange fees etc.
- The Core Team will make available view keys for any addresses related to the Premine, The Foundation, and Community Governance.
- The Core Team will provide a White Paper.
- The Core Team will commit to the above plan incentivised by their own jobs in the Cache Sustainable Jobs Ecosystem.
If this plan is accepted by the general consensus of the Cache Community on Discord, then the plan will be enacted by the Core Team before exchange listings.
The Core Team wishes to thank all that have given feedback so far — both positive and negative. We hope the feedback continues so we can bring to fruition Privacy Focused Decentralised Finance for All.
We, the Core Team, hope we have provided transparency and intent.
Be safe and well,
Your Cache Core Team. 😃