The Blockchain technology has been a path-breaking invention and more and more industries are coming forward and using its decentralized system for dealing money and doing transactions. Unlike traditional banking systems, Blockchain technology is far more secure, ensures privacy, transparency, low-cost transactions and overcomes the complicated legal barriers. But said so; Blockchain is yet to be developed and it has been facing certain drawbacks.
Blockchain is based on the Proof-of-Work and Proof-of-State mechanisms, but there are certain shortcomings. These mechanisms allow Bitcoin tokens to be distributed, but due to lack of scalability the transactions fees are significantly high and takes a lot of time. The Ethereum based smart contracts are the widely used platforms in Blockchain, but they have security issues as well. The smart contract fees are rapidly increasing day by day.
What is Cypherium?
Cypherium was designed to overcome the Blockchain limitations giving more emphasis on the problem of scalability. It uses a Hybrid Consensus mechanism, which will perform thousands of transactions per second with very minimum fees. The aim is to achieve a more secure decentralized system by combining the Byzantine Fault Tolerance consensus with the Proof-of-Work or POW mechanism. Cypherium’s token is Cypher or CPH that will secure the Blockchain transactions. Cypherium is a permission-less Hybrid consensus Blockchain platform where anyone can join and exit the system anytime.
- Fully democratic and allows free entry and exit from the system.
- Highly secure. Every user has a private key, so an attacker cannot forge a transaction.
- The Proof-of-Work node election process eliminates Sybil attack.
- A dynamic and decentralized system with no permanent membership.
- Fast transaction process and suitable for daily purchases as users do not have to wait for transaction confirmation.
- All the transactions are verified properly. A unique multi-signature mechanism from both the parties before executing any transaction.
- Nodes get elected through mining, so if the token price goes up, the transaction fees are subsequently lowered to increase the volume of total transactions.
- The interface is AI based and maintains the current industry standards.
- A highly proficient team is behind the ecosystem whose main aim is to create a more robust, advanced and flexible ecosystem.