CPChain is a Chinese blockchain company that recently completed its private sale. Find out everything you need to know about the platform today in our review.
What is CPChain?
CPChain, found online at CPChain.io, aims to revolutionize the internet of things (IoT) ecosystem in China and abroad.
Described as “The killer tech that the IoT industry has been waiting for,” CPChain uses blockchain to improve the usefulness of IoT networks. The term “CPChain” stands for “Cyber Physical Chain”.
CP-Chain uses blockchain as a backbone for IoT. Blockchain is used to speed up, scale, improve security, and reduce transaction costs for the IoT industry.
Here’s how the company describe itself:
“CPChain is a new distributed infrastructure for next generation IoT. CPChain intends to build a fundamental data platform for IoT system in combination with distributed storage, encryption computation and blockchain technologies, providing the whole process solution from data acquisition, storage, sharing to application.”
Today, the CPChain digital token (CPC) is priced at around $0.30 USD per token. Overall, the company sees itself as a next generation blockchain solution that will drive IoT adoption.
The beta chain for CPChain is expected to go live in Q3 2018. A sample application will follow in summer of 2019. By the beginning of 2020, CPChain will be in a position to have a fully viable and functioning protocol with a number of live commercial partners.
How Does CPChain Work?
CPChain’s core feature is to realize the transmission of value across cyber-physical systems. To do that, CPChain is creating a systematic scheme that addresses scalability needs for the IoT industry. CPChain addresses those needs using blockchain technology, with blockchain technology being used to solve problems like data storage and computation protocols.
Obviously, we already have platforms like IOTA that aim to revolutionize the IoT space. What makes CPChain unique? The company plans to introduce three core features, including parallel distributed architecture, a two layer hybrid consensus mechanism, and a lightweight side-chain consensus protocol:
Parallel Distributed Cloud Storage Architecture:
CPChain will deploy parallel distributed cloud storage architecture to solve the scalability problem created by large-scale data storing and sharing.
A New Hybrid Consensus Protocol:
CPChain will implement a new hybrid consensus protocol capable of huge scaling while optimizing computing power.
Side-Chain Consensus System:
CPChain will implement a side-chain consensus system focused on providing a high level of security while simultaneously allowing real-time, high-volume, concurrent transactions across the CPChain network.
Use Cases for CPChain
Some of the identified use cases for CPChain, beyond the broad “internet of things” category, include:
CPChain can be used for big data aggregation and artificial intelligence applications. In this system, the sharing of data will be rewarded, and user data can be used to enhance business data.
Personalized Auto Insurance:
Existing insurance programs have a very low level of customization. Risky drivers often pay the same rates as experienced, safe drivers. Insurance companies don’t have an adequate number of ways to measure driver safety. CPChain aims to collect vehicle data through its IoT network, allowing the driver’s driving style to be analyzed by the network.
Intelligent Transportation and Logistics:
CPChain can be used for applications like shared travel, where smart contracts can be used to complete a truncation between the driver and multiple parties. It can also be used for real-time traffic sharing, where IoT devices are used to measure traffic patterns throughout the city.
IoT devices can monitor every stage of a drug’s movement through a supply chain.
Overall, CPChain believes that its “aggressive roadmap” will place it at the forefront of IoT deployment within 3 years.
What Problems Does CPChain Seek to Solve?
CPChain aims to solve a number of major problems with today’s centralized IoT infrastructure. Some of the problems identified in the CPChain whitepaper include:
Cost of Device Connectivity:
Today’s existing IoT solutions have high costs. Many solutions use “chimney-type” vertical architecture. Their data centers are built for one single project, and each IT system has its own management tools and databases. This creates high costs and data isolation.
IoT infrastructure needs privacy from the ground up. IoT devices reveal crucial private details about individuals. CPChain aims to implement private infrastructure from the lower levels.
Lack of Meaningful Ways to Access Data Value:
IoT systems generate large amounts of data at all times. This data has tremendous value – yet we struggle to access this value.
Problematic Business Model:
For many IoT manufacturers, the only “business model” is to sell user data. This infringes on user privacy and rights. It also inhibits the future development of IoT technology.
CPChain aims to solve all of these problems using blockchain technology.
Who’s Behind CPChain?
CPChain has already partnered with major industry names like QTUM, VeChain, and HPB. The company has also secured investment from Torque Capital Partners.
Some of the key members of the team include Dr. Long Chengnian, PhD (co-founder and principal scientist). Dr. Long is a professor at Shanghai Jiao Tong University. He has over 40 published works and has a deep expertise in security, mobile IoT, MIMO wireless systems, and other technical IoT implementations.
The other CPChain co-founder is Dr. Zhao Bin, PhD, who has 12+ years of research and development experience across IoT, including 4 years of experience in the IoT department at Alcatel Lucent.
CPChain ICO Token Distribution
CPChain tokens (CPC) are distributed as follows:
- International Community (9%)
- Private Equity Investors (20%)
- Business Investors (20%)
- Founding Team, Developers, and Consultants (25%)
- Community Governance (26%)
There’s a total supply of 1 billion CPC tokens. You can view the CoinMarketCap page for the tokens here: https://coinmarketcap.com/currencies/cpchain/.
CPChain ICO Conclusion
CPChain aims to use blockchain technology to solve a number of major problems in today’s internet of things (IoT) ecosystem.
To learn more about CPChain and its CPC token, visit online today at CPChain.io.