Blockchain and cryptocurrencies have undoubtedly been a global trending topic for some time now. However, despite their short longevity of existence so far, they have already experienced difficult times of hibernation due to strict regulatory laws.
However, blockchain technology is a huge revolution and has managed to hold its own, achieving new records this year. There are good projects like Facebook’s Libra that seem to have good resources and a huge potential user base, but they are not the best use cases for blockchain technology because they revert to using trusted third parties to speed up their regulatory compliance. The problem is that blocckhain is precisely decentralized, so no regulator should enter into the process. For this motivator today I wanted to introduce you to Cypherium (https://www.cypherium.io/), a new highly scalable, permissionless blockchain-based platform with a hybrid consensus mechanism that uses both proof-of-work and Byzantine HotStuff fault tolerance.
What is Cypherium?
Going into detail, Cypherium (https://www.cypherium.io/) is a blockchain protocol that uses a hybrid consensus mechanism to achieve decentralized commercial viability by maximizing both decentralization and scalability. In fact, the idea is that the platform will in turn serve financial inclusion for its users while providing operational efficiencies for its business and institutional partners.
Cypherium uses a digital currency interoperability framework to create financial inclusion among civilians, banks, government and businesses. In addition, the hybrid consensus mechanism provides unprecedented transaction throughput and contract execution time through HotStuff.
Key features of the platform are:
A comprehensive foundation for developers to create innovative applications capable of transforming the future of business, legal and enterprise solutions.
An instant ledger to process transactions in real time for billions of users.
A smart contract platform to enable business use cases for all industries.
A trusted database to connect CBDCs, digital assets and dApps worldwide.
An open network to grant rights to any participant or collaborator.
A secure vault to combat growing threats to data privacy.
Key encryption tools
- CypherLink: cross-accounting framework for notarial schema
- Cypherium Connect: third-party add-on module for banking systems
- Encryption validator: verification engine
- Cypherium ID: decentralized ID authentication system
How does it work?
Mining in traditional proof-of-work protocols such as Bitcoin takes on two related but distinct functions. First, mining involves choosing a leader responsible for generating the newest block. The second function involves verifying the transaction data that exists within the body of the block. However, there is nothing inherently beneficial in using a single process to complete these two actions.
Cypherium’s technology separates these the two main mining processes (electing the block generator and verifying the transaction data) into two distinct blockchains to improve the efficiency of both. On the one hand, an election chain elects Proof-of-Work leaders to write new blocks, on the other hand, while a transaction chain uses HotStuff consensus to verify transaction data within those blocks.
Main benefits of Cypherium
- Increased security: sophisticated technology implemented.
- Fast transactions: with blockchain technology, users no longer need to wait for transaction confirmation.
- Smart contract low-fees: companies of all sizes can benefit from using the platform having eliminated minimum prices.
- No fixed block size: faster and more adaptable processing allows the technology to scale.
With Cypherium, blockchain technology will be greatly enhanced. We have seen how the platform aims to get the greatest possible benefits from this technology and it seems that it could give rise to a new mechanism for using it through new consensus protocol. Focused on enterprises, it would be one of the main project to collaborate with huge enterprises dedicated to blockchain technology. This should help other projects to adopt it and get the best out of this impressive technology.
Besides, Cypherium has been partnered with very important enterprises that facilitate their integration to the world of decentralized finance and cryptocurrencies.
Name: Adrià Parcerisas
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2771775
PoA Bitcointalk: https://bitcointalk.org/index.php?topic=5364983.msg58208558#msg58208558
CHP wallet: CPH0F10D83A3B108E445D612FBEAB46320E08CDAD23
Cypherium: Enterprise-Ready Blockchain was originally published in DataDrivenInvestor on Medium, where people are continuing the conversation by highlighting and responding to this story.