According To Cypherium Website
Cypherium lead blockchain cryptographers have banded together with experts from companies such as Google, Amazon & Microsoft to create Cypherium. Building off Emin Gun Sirer and Bryan Ford’s work on the Bitcoin-NG and ByzCoin protocols, Cypherium aims to be a market-ready solution for scalability. Cypherium is comprised of experienced technologists possessing extensive background in cryptography, decentralized networking and software architecture.
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Cypherium will be leveraging a hybrid PBFT/PoW consensus mechanism to provide optimal on-chain scalability, enabling thousands of transactions per second. This novel consensus mechanism adopts the idea of decoupling key block mining from micro blocks for faster transaction processing, first pioneered in Bitcoin-NG. Cypherium also borrows from ByzCoin to elect a group of validators from recent key block miners, ultimately allowing said groups to commit transactions collectively.
Cypherium is a highly scalable and robust smart contract platform. Cypherium hybrid design features a joint Proof-of-Work (PoW) and Practical Byzantine Fault Tolerance (PBFT) consensus mechanism that can achieve thousands of transactions per second without sacrificing decentralization. Cypherium also implements a Turing-complete virtual machine for smart contracts that runs on Java, the most widely-utilized and reliable programming language in the world. This enables us to democratize the development of smart contracts and lower the barrier to blockchain adoption for existing enterprise.
Software is designed to achieve commercialization viability through maximizing both decentralization and scalability, without sacrificing one for the other. Unlike many second and third generation blockchains that abandon Satoshi Nakamoto’s original permissionless, trustless consensus mechanism, at Cypherium try to build on the valuable innovations of blockchains. Cypherium’s unique consensus mechanism provides unprecedented transaction throughput and contract execution time through PBFT, while leveraging an ASIC-resistant PoW system that maintains a thoroughly decentralized node election.
Mining in traditional Proof-of-Work protocols like Bitcoin takes on two related yet distinct functions. First, mining involves electing a leader who is responsible for generating the newest block. The second function consists of verifying the transaction data that exists within the block body. However, there is nothing inherently beneficial about using a single process to complete both of these actions.
Cypherium’s technology separates these two processes into two distinct blockchains in order to improve the efficiency of both. An election chain chooses Proof-of-Work leaders to write new blocks, while a transaction chain uses Practical Byzantine Fault Tolerance consensus to verify the transaction data within those blocks. Building off Bitcoin-NG and ByzCoin protocols, the Cypherium blockchain is optimized for both on-chain scalability & permissionless mineability through this hybrid approach to consensus.
Cypherium’s governance is composed of multiple layers, where protocol-level governance and application-level governance are separated. While the protocol layer is decentralized, it has the capacity to support centralized application layers suitable for situations that might require such measures, such as central-bank-issued digital currencies.
Cypherium lays a comprehensive foundation for developers to create groundbreaking apps capable of transforming the future of business, law, and enterprise solutions. Using a hybrid consensus mechanism that utilizes both Proof-of-Work and Practical Byzantine Fault Tolerance, Cypherium software is designed to achieve commercialization viability by maximizing both decentralization and scalability without sacrificing one for the other. Unlike many second- and third-generation blockchains that abandon Satoshi Nakamoto’s original permissionless, trustless consensus mechanism, Cypherium is built on the valuable innovations of previous blockchains.
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