Cypherium, found online at Cypherium.io, is a blockchain platform that aims to provide the building blocks for the future of applications. Here’s our review.
What Is Cypherium?
Cypherium aims to make blockchain mainstream by creating a more public-friendly blockchain. The goal is to address key shortcomings of today’s public blockchain infrastructure. Today’s blockchains can scale, but it comes at the cost of decentralization. This isn’t ideal for the commercial adoption of blockchain technology. Commercial adoption of blockchain technology has been impeded by insufficient infrastructure.
With that in mind, Cypherium wants to provide fundamental building blocks that developers can use to create groundbreaking applications. The long-term goal is “to provide a comprehensive foundation for the future of blockchain technology.”
In more straightforward terms, Cypherium is a business-grade blockchain suited for the development of enterprise apps.
The Cypherium blockchain is currently in development. The team began regularly posting updates in fall 2017. They’ve also published a whitepaper online.
Cypherium emphasizes scalability. It uses a hybrid PBFT/PoW (Byzantine Fault Tolerance and Proof of Work) consensus mechanism and federated architecture to achieve higher transaction throughput while preserving permissionless decentralization and integrity.
Cypherium’s virtual machine offers a lightweight sandbox environment where developers can test and produce apps.
Cypherium’s virtual machine supports smart contract scripting as well as identity management, secure messaging, and additional functionalities.
There’s no fixed block size, no minimum fees for smart contract execution, and no need to wait for transaction confirmation, making Cypherium one of the more adaptable blockchains available to businesses today. Cypherium also supports consensus self-upgrade that adjusts parameters according to network capacity.
Cypherium’s built-in currency is called CRS. CRS is used to convert and transfer currencies with Cypherium – like when using the blockchain for financial applications.
As the Cypherium website explains, the developers seek to achieve “the apex of scalability, decentralization, and commercialization viability.”
How Does Cypherium Solve The Scaling Problem?
One of the key innovations behind Cypherium is the way in which it solves the scaling problem. The blockchain uses a combination of Proof of Work and Practical Byzantine Fault Tolerance consensus mechanisms to create a highly scalable blockchain. Cypherium leverages the efficiency and flexibility of proof of work with the low latency and historical dependability of PBFT. The end result is a blockchain that is as open and usable as the original bitcoin blockchain, but offers better scaling through PBFT.
Cypherium also solves the scaling problem using multi-layer governance. The developers have separated governance at both the protocol and application layers, allowing them to achieve optimal scalability on the main chain. Developers can write and execute smart contracts within a mini fork without interfering with the main protocol. Once this is complete, the mini fork is deleted, and the smart contract then deploys onto the main chain and can begin handling high-volume transaction applications.
Use Cases For Cypherium
The Cypherium whitepaper outlines a number of possible use cases for the blockchain, including all of the following:
Stocks, bonds, and other financial instruments can be implemented using Cypherium’s blockchain. When compared with a traditional exchange centered system, a blockchain-based solution is more effective and costs less. Cypherium’s smart contracts can also support the conversion and transfer of any cryptocurrencies.
Like other blockchains that support smart contracts, Cypherium can be used to sign secure digital contracts. These smart contracts can be used to implement asset ownership, wills, and certifications.
Cypherium’s built-in transaction fee mechanism can effectively prevent spamming, allowing users to access a secure information exchange. Receivers can verify the authenticity of the messaging by checking its signature against the public key used by the sender.
Cypherium can be used to conduct shareholder or government voting, with results executed immediately, conditionally, or deferred until a designated time in the future.
Notarization relies on a trusted third party agency, and the Cypherium blockchain can directly verify information while improving efficiency and security compared to traditional methods.
Secure Data Storage:
Cypherium can be used for secure data storage. The Cypherium dynamic node election mechanism ensures that all nodes are replaced after a certain period, which minimizes the possibility of a single point of failure.
Internet Of Things:
Cypherium can register billions of IoT devices and enhance the security of these devices using cryptographic proofs.
Cypherium enables AI driven applications that involve frequent state transitioning and deep logic steps.
Who’s Behind Cypherium?
Cypherium is led by Sky Guo (Co-Founder, Executive Officer), Solomon Zhang (Co-Founder, Lead Developer), Nate Ren and (Co-Founder, Operating Officer).
Overall, the team consists of lead blockchain cryptographers who have backgrounds at companies like Amazon, Google, and Microsoft. Zhang holds a PhD from the University of Science and Technology of China, while Nate Ren has conducted research on blockchain implementation from Stony Brock University.
Bitcoin was once the world’s best (and only) blockchain. Over the years, however, bitcoin has demonstrated issues with scaling. Cypherium claims to solve the scaling problem using a hybrid PBFT and PoW consensus mechanism. Their blockchain aims to appeal to commercial users who need an adaptable, scalable, and capable solution. Cypherium wants to make blockchain mainstream by appealing to a wide range of corporations and needs.
To learn more about the ongoing project, visit online today at Cypherium.io.