The name Cypherium may not be as popular as Bitcoin or Ethereum for now, but the platform does have a promising potential and future. It is a platform designed for companies (or Enterprise), which makes it unique and different because we don’t have quite enough of such an adoption. Blockchain is growing and more (and more) platforms with blockchain basis have been developed, and yet, many of them seem to focus on individual usage instead of corporation. Well, it’s a good thing that this platform is created because now businesses can start focus on enterprise adoption, which is actually very important for blockchain development and adoption.
Blockchain’s Journey and Development
You have to admit that Bitcoin pioneered the existence of blockchain and revolutionized the whole thing. Bitcoin was known as the Blockchain 1.0 and it used PoW consensus. And then Ethereum came to existence with its revolutionary smart contracts. The smart contracts truly revolutionized everything because you can make transactions in conflict-free, transparent, and unchanged way. Moreover, DApps have become a part of blockchain evolution, especially in Blockchain 2.0, because they made it possible for digital markets to appear, changing the landscape completely.
Well, in Blockchain 3.0, the technology is expected to deal with downsides and flaws of the previous platforms, especially when related to:
• Cost factor
If a blockchain platform wants to target Enterprise adoption, then the bottlenecks issues must be resolved, especially related to cost factor and scalability. On paper, blockchain technology seems to handle more process and transactions than the traditional (and centralized) system. But in reality, the blockchain technology is actually slower. Ethereum and Bitcoin, for now, can’t compete against PayPal or Visa. PayPal is able to manage 200 different TPS (Transaction Per Second) while Visa is able to handle 1,667 TPS. Ethereum can only handle 20 TPS while Bitcoin can only manage 7 TPS. This is a huge gap, and it shows how blockchain technology against the real-world system.
That’s why many have expected Blockchain 3.0 to deliver better abilities, opening more access to the next-generation projects. And this is the part where Cypherium is expected to contribute and create a crucial impact.
What Is Cypherium?
What makes Cypherium different from the already existing platforms? As it was mentioned before, it is designed as a part of Blockchain 3.0, which means that the technology would be different. It would be better and definitely more advanced than ever. Moreover, this platform uses a hybrid concept that combines PoW and HotStuff consensus mechanism. It is able to manage thousands of TPS without compromising decentralization. As a platform that is created to be enterprise-ready, it is able to achieve decentralization, commercialization viability, and also scalability.
The platform has 5 main goals for their platform (and also their projects).
• It has been designed as an instant (and also digital) ledger that can process transactions in real-time manner. And it can do it for their billions of members or users
• It is a (smart contract) platform that makes it possible for businesses to use cases and the technologies within all sectors, industries, and fields.
• It is created as a trusted and reliable database that can connect the (isolated) data islands on a global scale
• It is an open and transparent network that can enfranchise any contributor or participant
• It is created as a secure and protected vault that can protect the users from data privacy risks and threats.
The Specialty of the Platform
One of the platform’s biggest strength is the fact that they incorporate hybrid consensus mechanism. One of the perks is the ability to separate the transaction verification process from the consensus. It affects the overall waiting time reduction for verifying the transaction. As a result, it would reduce the transaction and processing ‘jam’, especially the ones that need faster transaction speed.
Another thing that makes this platform unique is the CVM (or Cypherium Virtual Machine), which function as a secure and isolated environment. The CVM is responsible for executing the smart contracts written (and then recorded) to (Cypherium) blockchain.
The CVM itself is designed by a Java-based system that has been adopted by Google’s Android OS. It is expected that such a system would help Cypherium implement smart contracts within Android-based mobile gadgets. The CVM is also compatible (and supportive) with EVM (Ethereum Virtual Machine). It means that the DApps (written and recorded) in Solidity should be able to perform on CVM too.
In the end, this platform is created as a blockchain that is ready and exclusively designed for business. It should be able to create financial benefit and exclusivity through convenient protocol interoperability. The platform is meant to provide scalable and decentralized framework, which can be combined with intuitive and also accessible (user) interface. You can say that Cypherium has created a solid basis for developers to make their own apps that can transform the future of technology, covering business, law, and also enterprise.
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Posted by: kurniawan05
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