What is CYPHERIUM
Cypherium is an instant ledger to process real-time transactions for billions of users
And also a smart contract platform to enable enterprise use cases for all industries.
Cypherium is a trusted database to connect CBDCs, digital assets, and dApps around the world. It uses an open network to enfranchise any participant or contributor. Cypherium is a secure vault to combat the increasing threats to data privacy.
Introduction to Cryptocurrency
Before the introduction of cryptocurrencies we lived in a world transacted by physical cash (Fiat).,
Then came the introduction of crypto currency.
A crypto currency is a digital asset or currency designed to work as a means of exchange where in individual records of ownership are stored in a computerized data base using string cryptography form of ledger .
Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems and crypto currency does not exist in physical form.
When a currency is produced or issued by a single user it is centralized but crypto works through a distributed ledger technology .
Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency.Since the release of bitcoin, over 6,000 altcoins has been made .
Since the creation of bitcoin as the first public Blockchain . Engineers , developers and researchers though out the world have always wanted to expand the technology .
Although the early pioneers first mapped out blockchain’s potential as a digital payment network and a collaborative data sharing platform, poised to reshape human society entirely, the stark reality of the last ten years has shown us that these technologies were simply not ready to achieve these lofty goals. Blockchain has yet see“killer dApps” other than the issuance of digital currencies. Even Bitcoin has not attained its original goal of “a peer-to-peer cash payment system”.
Two of the most prominent digital currency projects were announced in 2019: Facebook’s Libra and People’s Bank of China’s DC/EP. Although these projects appear to have abundant resources and a huge potential user base, they are not the best use cases of blockchain technology because they revert back to the use of trusted third parties to expedite their regulatory compliance. However, true decentralization should not run into conflict with any regulator. Just as the internet is permissionless, blockchains can be both fully realized in their decentralization and governed with meaningful oversight.
What are the goals of Cypherium
1. A smart contract platform to enable enterprise use cases for all industries
2. A secure vault to combat the increasing threats to data privacy.
3. A trusted database to connect isolated data islands around the world.
4. An open network to enfranchise any participant or contributor.
5. An instant ledger to process real-time transactions for billions of users.
providing a truly decentralized and scalable framework, combined with an accessible and intuitive user interface, 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 HotStuff, our blockchain 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
For more information visit cypherium.io
