The Sui ecosystem is currently trending and buzzing with a lot of potential gems. Our research team has been diving into some of the most exciting projects. And one that’s caught our eye is Chirp.
Imagine a decentralized communications platform where your data is secure. And your interactions are private, with full control over your social life. That’s what Chirp promises to deliver. So, let’s take a look at what makes Chirp stand out in the thriving Sui ecosystem. And why they could be the next big thing in decentralized communication.
What is the Chirp Network?
Chirp is a new Decentralized Physical Infrastructure Network (DePIN) project. Their focus is to revolutionize decentralized communication and social interaction. Chirp leverages blockchain technology to create a platform that prioritizes privacy and ownership.
The project has a simple mission. This is to assemble all wireless connectivity protocols into a single network. Chirp focuses on IoT, true Mobile 5G, and Broadband Internet to improve wireless communication.
Here’s why Chirp has a unique approach: Most decentralized IoT networks, like Helium’s, only support one type of communication protocol (LoRaWAN). This places a cap on the number of users and devices that can join. However, Chirp has a different approach to communication. It operates an ecosystem that provides a full suite of services designed to onboard most IoT devices currently on the market.
Chirp Network is boosting wireless connectivity with its physical routers. Anyone can set up Chirp’s “BlackBird” gateway devices outside their homes to provide connectivity for rewards. The BlackBird serves as a gateway to connect different IoT devices. This includes LoRaWAN, cellular IoT, and close-range residential devices.
The Chirp Network currently supports over 1,500 IoT devices. Chirp’s approach to telecommunication enables individuals to own and operate crypto-based DePIN miners. This way, it creates a vast network that can reach remote corners.
What sets Chirp apart from its competitors?
Chirp’s unique approach to network infrastructure is its biggest feature. Individuals own, install, and run the telecom hardware. These individuals follow strict installation guidelines to ensure top-notch signal quality for customers. This way, Chirp ensures that its networks only provide a reliable wireless experience for customers.
Other companies can leverage Chirp’s decentralized infrastructure to build apps and businesses. Chirp offers opportunities for services like Uber and gaming platforms like Pokemon Go. There are a lot of possibilities within Chirp’s decentralized ecosystem.
Team and social media
Chirp Network has a publicized team, which is good for transparency and trust. Their network states that the team has decades of experience in different fields. The team is led by Tim Kravchunovsky, who serves as both founder and CEO. You can find details about their core team members on their website.
We also looked at their social media. Chirp has about 46k followers on X. The team is pretty active on X, sharing frequent posts and updates. There’s also a decent amount of engagement from their community.
They have about 21k members on their Discord channel. Activities on their Discord were minimal. Chirp has around 24 thousand members on their Telegram. In summary, they have a growing social media presence with average engagement.
Chirp Network tokenomics
$CHIRP is the native token of the Chirp Network, used to incentivize operations on the network. $CHIRP has four main use cases on the network:
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Access to network usage
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Reward network participants for reliable coverage.
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Access to the broader network
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Supports participation in governance
We couldn’t find many details on the tokenomics of the $CHIRP token on Coinmarketcap or Coingecko. That’s because they have not launched the token. There’s a maximum supply of 300,000,000 CHIRP tokens.
CHIRP tokens are minted over time to help cover liquidity needs during the first year of operations. About 10% of the $CHIRP tokens will be pre-minted and controlled by the team. This will help cover token listings and other activities.
Additionally, new emissions will start at 17% of the projected supply per year. Furthermore, token emissions are reduced by a factor every two years. This would help create scarcity as the economy grows.
Here’s the emission schedule
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Network keepers: 50.66%
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Investors and advisors: 19.50
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Chirp team: 14.84
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Token reserve: 8.73%
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Token Treasury: 6.27%
Token allocation
Chirp’s tokenomics design aims to:
Gradually release tokens to incentivize long-term participation.
Reduce emissions over time to create scarcity.
Allocate tokens to various stakeholders for different purposes.
The token allocation is as follows:
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Network keepers: 30%
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Ecosystem growth pool: 15%
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Strategic supporters: 16%
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Token Treasury: 15%
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Liquidity: 5%
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Chirp team: 15%
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Advisors: 4%
Vesting
Different stakeholders have varying vesting periods and unlocking schedules. Some tokens unlock immediately (TGE), while others have linear or phased vesting. For the Chirp team, 0% will be unlocked at TGE. Then, there’s a 3-month cliff that subsequently unlocks in two phases: 1.25% in the first 12 months. The remaining will be equally distributed in the following 30 months. This vesting schedule also applies to the advisors.
Partners and funding
Chirp lists the following as partners on its website:
- Mysten Labs (the founding team behind Sui)
- XMAQUINA
- Peaq
They also list some of the companies their team has worked with:
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Google Scholar
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The World Bank
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Chemonics
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Veon
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T-Mobile
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Huawei
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University of Oxford
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Columbia University
There’s no clear information on their funding.
Protocol News
Chirp recently announced a couple of partnerships and major network updates. First, there’s a new partnership with Streamr to enhance decentralized IoT. Streamr is a decentralized data-streaming network. They also had a partnership with Farmsent to transform agriculture.
Chirp launched its testnet on Sui in March to enable early adopters to contribute to the network’s capability. They also made some upgrades. And added new tools to their ecosystem. This includes tools like the Crypto Explorer and Mining Board for transparency.
Chirp also participated in key events, such as
- Token 2049,
- the Sui Base Camp at Paris Blockchain Week 2024,
- the Web3 Corridor during Berlin Blockchain Week 2024.
The team also focused on global expansion. They installed BlackBird in new locations. This includes places like Canada, New Zealand, and Thailand.
Conclusion
Chirp Network has a lot of features we admire and like. We also like that they have a growing community. They have lots of educational materials and frequent updates. We like this for transparency. They’ve also had a couple of airdrop campaigns. These are all community-building measures.
Chirp has also recorded some growth in recent months. The number of active Blackbird miners increased to 349. And they have almost 1,000 IoT devices connected to their network. That’s good for growth.
Then, Chirp is strong on transparency. They have a public team. That’s to their credit. Chirp’s CEO, Tim Kravchunovsky, is also visible in the blockchain space. He’s been on several podcasts, AMAs, and Web3 events.
Furthermore, DePIN Hub, a ranking platform, recognized Chirp as one of the top DePIN projects. Other tech and Web3 media outlets, like Coindesk and Techopedia, have covered Chirp. That’s solid visibility.
Their tokenomics look solid. It seeks to increase scarcity and value, as well as control inflation. However, we can’t determine if $CHIRP will be a gem based on its tokenomics. Other factors come into play to make it a good investment. This includes factors like
- market demand,
- adoption of the platform,
- competition, and market conditions.
Chirp has great potential as a DePIN project. But we can’t call it a gem yet. There’s nothing on their token yet. And details on their funding are not publicized. However, they have good potential. But we currently do not classify them as a Sui gem.
We have another article evaluating a possible Sui gem. SUI currently trades at $0.9179.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Sui.
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