​Cypherium Builds Blockchain for Everyday Life

Shazir Mucklai  |

Many bitcoin holders remember the chaos and controversy surrounding the Bitcoin fork in August, which resulted in the creation of Bitcoin Cash, a new currency that is dividing the crypto industry to this day. Forks are controversial as some believes it threatens the legitimacy of the original chain. It is one of blockchain technology’s biggest hurdles as the technology attempts to break into the mainstream market. But, with any new technology, there is room for improvement and innovators ready to put in the work. Cypherium, a team of developers with backgrounds at Amazon (AMZN), Google (GOOGL) and Microsoft (MSFT), are going against all odds to build a blockchain that processes transactions at the speed necessary to manage high volume data.

Currently, there is so much data trying to be processed on the Bitcoin Blockchain that it simply can’t keep up, similar to the way a computer slows down when the hard drive becomes full. It has to think longer and harder about simple commands, applications take longer to open, etc. Cypherium’s blockchain will be able to process thousands of transactions per second, making it a true competitor in the global market.

Cypherium believes it’s blockchain is more useable for everyday transactions like getting coffee or grocery shopping because of the low transaction fees and faster transaction rates. Currently, the Bitcoin Blockchain can only process 7 transactions per second. Compared to VisaNet, which is VISA’s (V) electronic payment network, which can process 2,000 transactions per second, this is almost unusable and is severely impacting Bitcoin’s ability to grow. In order for blockchain technology to make a significant impact in the mainstream market, it must be able to process more transactions and do so more efficiently. Cypherium’s blockchain looks to provide a faster, more secure and convenient alternative to the Bitcoin Blockchain.

Blockchain’s immutability is due to the process of verifying transactions. It’s a group effort with a system of checks and balances in place to sift out frauds, hackers or any other threat to the network. All participants must agree in order for the transaction to be verified, known as reaching consensus. Until now there have only been a few different methods of reaching consensus; all with their own rules, pros and cons. The different methods of reaching consensus share a main goal of verifying transactions as a group with no single participant more powerful than another. Cypherium, however, suggests a new consensus mechanism that combines the strength of two of the most popular methods, while rectifying their weaknesses. This hybrid consensus method will enable groups to come to agreement more quickly, while keeping the integrity of the system.

Cypherium has already begun building their blockchain, and also be holding a token sale in December. Their token, CRS, will fuel the transaction fees within the network. It will also be used as a monetary reward to the individuals verifying the transactions. While there are risks that accompany all currencies, Cypherium greatly reduces the risk of large value fluctuations of their token by building it on top of a blockchain that doesn’t rely on forking.

Governance disputes have led to value fluctuations and controversial forks in recent memory. Cypherium’s technology offers a solution to resolving governance disputes over the blockchain, encouraging a more stable currency. Cypherium, with their experienced team and innovative forethought, are experimenting with the possibility of creating a blockchain that is capable of becoming the cornerstone of blockchain technology in the consumer’s daily lives.

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