Cypherium, a scalable and permissionless blockchain platform, has enabled support both for an Ethereum Virtual Machine (EVM) as well as the Ethereum Network’s primary coding language, Solidity. The company said the benefits that come with this are many but include bringing about much greater interoperability for Cypherium itself. It also means Ethereum-based smart contracts can be deployed on the network.
This development will enable full compatibility between Cypherium and Ethereum, allowing developers to migrate assets between both blockchains. This will also let regular users access EVM-based projects deployed on Cypherium, all while enjoying significantly reduced gas fees and faster block production. This comes as an important step for the company’s vision of achieving commercial viability by promoting cross-platform functionality in both traditional cryptocurrencies as well as the new breed of central bank digital currencies.
Compatibility with the EVM is a prerequisite for Solidity integration. The company said this is important to its road map due to the fact that, currently, Ethereum is by a wide margin the most active blockchain for decentralized finance and dApps. Thanks to this update, all Ethereum-based services can now be deployed on Cypherium and enjoy the benefits of the speed and scalability the chain has to offer.
Cypherium is a permissionless blockchain solution, with a hybrid consensus mechanism that utilizes both proof-of-work and HotStuff Byzantine fault tolerance. The company explains that unlike many second and third-generation blockchains that abandon the original premise of an open, trustless consensus mechanism, Cypherium attempts to build on the valuable innovations of previous blockchains. They do this by providing a consensus mechanism with strong transaction throughput and contract execution time through HotStuff, while leveraging an ASIC-resistant PoW system that maintains a thoroughly decentralized node election. Cypherium said its block time is 20ms. By adopting proof-of-work, the company said it also gains the unique advantage of being regulatory compliant.
“This is an essential part of our overall designs for Cypherium,” CEO Sky Guo said. “Compatibility with Ethereum means that we can now show users how much more powerful DeFi can be when it’s on an enterprise-level blockchain. We see this as merely the beginning, and can’t wait to see what types of developments come from this update.”