A Noobs take on Cypherium.io — Review
Cypherium is here to address blockchain’s scalability problem and they do have a solution
Even though we are seeing good progress in blockchain development in the past couple of years, Enterprise adoption is one of the most important areas of blockchain that is currently lacking. Before understanding why Enterprise adoption has not happened, let’s take a recap of blockchain development that happened in the past few years
First came the Old Granddaddy Bitcoin, which was based on PoW and was termed to be “Blockchain 1.0”. Next came Etherum with the revolutionary smart contracts( exchange anything of value in a transparent, conflict-free way) and dApps, set the next stage of evolution Blockchain 2.0, which opened a new set of markets and changed the landscape significantly.
Blockchain 3.0 expected to remove all the drawbacks of previous blockchain platforms namely:
- Scalability Issues
- Cost Factor.
For blockchain to achieve Enterprise-wide adoption, the first step will be to resolve all the above bottlenecks especially the Scalability and cost factor
Lets first understand the real-world numbers. In the current scenario, Bitcoin and Ethereum cannot compete with the likes of Visa and PayPal. While PayPal manages around 200 transactions per second (TPS) and Visa does 1667 transactions per second, Etherium can process around 20 transactions per second while Bitcoin can do a TPS of 7 per second only. This simply shows how slow we are compared to real-world numbers.
Blockchain 3.0 is expected to offer better capabilities, as well as opening a sea of new opportunities for the next-gen projects.
This is the area where Cypherium is expected to make an impact
Cypherium is an enterprise-ready blockchain project, which is designed to be highly scalable and robust which utilize a hybrid design that features a joint Proof-of-Work (PoW) and HotStuff (Also adopted by Facebook’s Libra) consensus mechanism that can allegedly achieve thousands of transactions per second without sacrificing decentralization. Cypherium is designed in such a way to focuses on achieving scalability, decentralization, and commercialization viability.
There is enough written about Cypherium and how technologically advanced it is from the other projects around. Rather than going on more on technical analysis, I will give a sneak peek into the project and the solutions there are providing to the enterprise market which helped them to have some amazing partnerships in a short period.
Cypherium has stared the development of the project in 2016, by setting five goals for their project:
- An instant ledger to process real-time transactions for billions of users.
- A smart contract platform to enable enterprise use cases for all industries.
- A trusted database to connect isolated data islands around the world.
- An open network to enfranchise any participant or contributor.
- A secure vault to combat the increasing threats to data privacy
And boy they came up with solutions to all the goals set above
To answer the problem of scalability, Cypherium has adapted hybrid design featuring a joint Proof-of-Work (PoW) and HotStuff (Also adopted by Facebook’s Libra) consensus mechanism which helped Cypherium to achieve thousands of transactions per second without sacrificing decentralization.
The advantage of using Hybrid consensus is that it separates consensus from the transaction verification process. This helps to reduce the waiting time for transaction verification. thereby reducing the overhead of the network request accelerating transaction speeds.
To run smart contracts, Cypherium has designed Cypherium Virtual Machine (CVM), an isolated and secure environment in which to execute smart contracts written into the Cypherium blockchain.
CVM is designed using register-based Dalvik VM architecture ( A Java-based Virtual Machine adopted by Google’s Android operating system) which in future will help Cypherium to execute smart contracts on android based mobile devices. Cypherium Virtual Machine is also fully compatible with the Ethereum virtual machine (EVM), which means DAPPs written in Solidity can also be executed in the CVM.
Cypherium Enterprise is a highly scalable and robust smart contract platform which was developed by ex-software developers at Google, Amazon, Microsoft, and Tencent.
As per Cypherium Team, Cypherium Enterprise is designed to deliver faster transaction speeds than Hyperledger. While Hyperledger can perform 100–200 transactions per second on 10 nodes, Cypherium, on the other hand, can deliver 2,000 TPS on the same setting making the product best fit for Enterprise-wide adaption.
Cypherium has already made Cypherium Enterprise available as Blockchain-as-a-Service for enterprise customers through the stack platforms of Google, Amazon, Microsoft, and IBM.
Cypherium Token (CPH) and Valuation
CPH is the native utility token for the Cypherium blockchain which plays an integral role in the platform (paying membership fees, for voting etc) and will be used as a medium of exchange within the Cypherium ecosystem.
Initially, CPH was designed as a halving based model similar to BTC, ETH etc which was then redesigned to inflation based model with maximum circulation supply of 1,000,000,000 tokens.
Its is expected when the token will be listed in an exchange, it will be valued in the range of $150–200 Million. It is also to be noted that Cypherium is already a part of IC3 alliance in which Chainlink is also a part of. Looking at the use-case and partnerships a lot of room to grow.
Product Roadmap and Progress
The project is nearing the launch of Cypherium Mainnet. which is expected in the next couple of months. Reviewing Cypherium Github, It’s good to see that the team is keeping up with Roadmap is highly active in GitHub, which is a very positive sign for the Project.
One Striking feature of Cypherium team is most of them are fetched from top-rated institutions. All of the team members have rich experience in Blockchain development and design.
It is no doubt that Cypherium is designed keeping the complex requirements of Enterprise Business in mind. There are already Projects working on a similar concept like EOS, Aelf, ONT, Polka etc. Some of them have already on a more advanced stage of Roadmap like launching the mainnet (EOS, ONT) and Test Net(Aelf), whereas Cypherium has arrived the scene late. But there is one strong point Cypherium holds, it’s the Cypherium Enterprise
While Cypherium Enterprise is fairly new, it’s availability as Blockchain-as-a-Service for enterprise customers through the stack platforms of Google, Amazon, Microsoft, and IBM gives Cypherium a great advantage over other enterprise blockchains.
Apart from that, Cypherium has also been working closely with IC3 (Initiative for Cryptocurrencies and Contracts), a world-class blockchain technology research & academic consortium, to advance the integration of blockchain technology as a service.
If you wish to know more about the project, pls visit
• Homepage : https://cypherium.io/
• Medium : https://medium.com/@cypherium/
• Kakao : https://open.kakao.com/o/ghgVo4Ob
• Telegram : https://t.me/cypherium_supergroup
• Telegram Asia : https://t.me/cypherium_asia
• Twitter : https://twitter.com/CypheriumChain
• Reddit : https://www.reddit.com/r/Cypherium/
• Github : https://github.com/cypherium/CypherTestBin
A Noobs take on Cypherium.io — Review was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.