Cypherium, an enterprise-focused distributed ledger tech (DLT) platform that aims to facilitate interoperability between blockchains and central bank digital currencies (CBDCs), has launched its mainnet.
The Cypherium main network launch has come after the project raised $28 million in capital which includes $4 million from a public sale conducted in October 2020. Cypherium has also secured the other $24 million (from Pantera Capital, Blockfolio, and Qtum) in funding via a private token sale conducted in September 2018.
As mentioned in a press release shared with Crowdfund Insider:
“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.”
The announcement further noted that Cypherium’s Byzantine fault-tolerant (BFT) blockchain or DLT consensus algorithm, CypherBFT, features “instant” transaction finality. It can reportedly handle as many as 10,000 transactions per second (TPS).
Cypherium claims its network works faster than Mastercard and Visa, “without sacrificing the principle of decentralization and security.” But it’s worth noting that Mastercard and Visa are fundamentally different networks and technologies that are used to settle payment card transactions, while Cypherium is meant for DLT-enabled transactions that have other use cases.
Cypherium also aims to address scalability issues through “linear scalability” methods. The developers of Cypherium claim that testnet users have “already attested to the outstanding performance of CypherBFT.”
As confirmed in the release:
“In line with mainnet phase 1, Cypherium’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.”
Sky Guo, CEO at Cypherium, stated that the platform’s mainnet launch “marks a momentous occasion for Cypherium and its users, and paves the way toward broader adoption of digital currencies.” He added that with CBDCs and virtual currencies becoming an “inevitable part of our future,” we must focus on enabling interoperability between sovereign nation CBDCs and public blockchain networks.
Guo further explained:
“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.”
Cypherium has been working with tech giants Google and Amazon Web Services since last year. They’ve been focused on maintaining and supporting Cypherium’s blockchain as a service (BaaS) platform, called Cypherium Enterprise.
Cypherium has also joined the Microsoft Startup Program, so that the project can become a part of the tech firm’s BaaS “within the next few months.”
