Cypherium Launches Mainnet to Challenge CBDC Incompatibility
- Blockchain , Cryptocurrencies
- 09.11.2020 07:41 pm
Cypherium, the enterprise-focused blockchain platform facilitating interoperability between blockchains and Central Bank Digital Currencies (CBDCs), has shipped its mainnet. The launch comes in the wake of a $28 million funding round— $4 million from a recent public sale last month, and $24 million of which came from their September 2018 public and private token sale in September 2018 led by Pantera Capital, Blockfolio, and Qtum.
The Cypherium mainnet introduces a disruptive solution to address the key shortcomings of existing blockchain and DLT-based infrastructures, and to enable interoperability in every corner of the ecosystem, from fragmented and incompatible blockchains to upcoming CBDCs. Via the smart contract platform, Cypherium also intends to facilitate a network of open banks—providing additional utility to CBDCs and their accompanying institutions.
Cypherium's proprietary Byzantine fault-tolerant consensus algorithm, CypherBFT, features instant transaction finality, is capable of up to 10,000 transactions per second (faster than both Mastercard and Visa, without sacrificing the principle of decentralization and security), and addresses the scaling issue via linear scalability. Testnet users have already attested to the outstanding performance of CypherBFT.
In line with mainnet phase 1, the platform's native token CPH will be distributed to sale participants, after which tokens will become fully transferable. So far, $4 million worth of tokens have been sold.
“Our mainnet launch marks a momentous occasion for Cypherium and its users, and paves the way toward broader adoption of digital currencies," said Cypherium CEO, Sky Guo. “With CBDCs and digital currencies becoming an inevitable part of our future, fostering interoperability between both sovereign nation CBDCs, as well as public blockchains, has never been more important.”
During a recent Ask Me Anything with Binance, Guo dug deeper into Cypherium's enterprise-level blockchain smart contract platform.
"Cypherium's digital currency interoperability framework allows CBDCs to interact and interoperate with each other and with other digital currencies. This technological innovation has attracted the interest of policy makers, bankers, and technicians," Guo explained.
The platform runs on Java, the most ubiquitous programming language in the world, furthering Cypherium's ideals of interoperability and functionality. The use of Java empowers a wider demographic of developers and allows billions of traditional devices to be authorized by Cypherium and to seamlessly integrate with mobile financial applications.
In turn, the interoperable platform will foster CBDC innovation by encouraging open banking initiatives and infrastructure to be ingrained into CBDCs.
Guo has long vocalized the need for central banks to adopt principles from the cryptocurrency sector's decentralized finance (DeFi) model, allowing borrowing and lending via smart contracts, to make CBDCs interest-bearing instruments. Qualified parties could be enabled to issue digital assets backed by real-world assets, such as real estate and stocks—using them as collateral to secure loans in CBDCs, which could bring tremendous liquidity into the economy.
Cypherium's primary focus is supporting CBDC functionality, specifically providing an interoperability solution to allow segregated and incompatible CBDCs to communicate and interact with each other without the use of intermediaries. This will assist CBDCs in fulfilling their potential, especially when it comes to cross-border transfers.
However, the company is also pivoting towards Blockchain-as-a-Service (BaaS), intending to corner the blockchain market, which is expected to grow to $142 billion by 2027 as more traditional companies join the fray. Expressing this potential during the Binance AMA, Guo revealed several strategic collaborations, including IBM, Google Cloud, Amazon, IC3, and Randstad.
Cypherium has been collaborating with Google and Amazon Web Services since 2019 to maintain and support its BaaS product, Cypherium Enterprise. More recently, in 2020, Cypherium joined the Microsoft Startup Program, where Guo explained that the goal is to become part of Microsoft's BaaS within the next few months.
Randstad, a Fortune 500 company and one of the world's largest human resources providers, stands as one of the first users of the enterprise blockchain.
Before integration, the firm handled verification via human methods—a process that can take several months. Now Randstad hopes to complete the verification instantly through official sources. It will do this through digital signature technology, while maintaining privacy for Randstad’s customers and employees.
The authority can publish the hash value of the digital certificate on the Cypherium public chain, allowing Randstad to verify without collecting user data information.