NEW YORK, Sept. 27, 2017 (GLOBE NEWSWIRE) -- Although the development of efficient blockchains has come a long way since 2009, scalability remains to be a major issue within blockchain. While many companies are actively working on a wide variety of technical answers to the blockchain scaling question, with many focusing on off-chain or side-chain solutions, the industry has yet to establish a well-functioning system ready for mainstream use. Previous structures are burning more electricity power than all of Google’s data centers combined and can still take many hours to complete.
Lead blockchain cryptographers have banded together with experts from companies such as Google, Amazon & Microsoft to create Cypherium. Building off Emin Gun Sirer and Bryan Ford’s work on the Bitcoin-NG and ByzCoin protocols, Cypherium aims to be a market-ready solution for scalability. Cypherium is comprised of experienced technologists possessing extensive background in cryptography, decentralized networking and software architecture.
Cypherium will be leveraging a hybrid PBFT/PoW consensus mechanism to provide optimal on-chain scalability, enabling thousands of transactions per second. This novel consensus mechanism adopts the idea of decoupling key block mining from micro blocks for faster transaction processing, first pioneered in Bitcoin-NG. Cypherium also borrows from ByzCoin to elect a group of validators from recent key block miners, ultimately allowing said groups to commit transactions collectively. Additionally, Cypherium has a light-weight sandbox environment that separates testing and production, while supporting consensus self-upgrades. By bringing governance on chain, Cypherium will avoid hard-forks and ultimately allow network participants to adaptively adjust transaction block sizes as well as other proposed protocol upgrades.
Cypherium CEO Sky Guo shares his excitement to launch, “Cypherium has shown promise to mitigate the scalability problem that permission-less blockchains are currently facing. We have all seen problems with scalability that have inconvenienced and angered many. We are happy to provide a resolution to one of blockchain’s largest criticisms.”
Cypherium is a highly scalable & permission-less hybrid blockchain platform based on proof-of-work and Byzantine fault tolerance consensus. Mentored by Emin Gun Sirer of Bitcoin-NG and Bryan Ford of ByzCoin, Sky Guo conceptualized the first blockchain protocol optimized for both on-chain scalability & mineability through a hybrid PBFT/PoW consensus mechanism. The design goal of Cypherium focuses on achieving the apex of scalability, decentralization, and commercialization viability. Cypherium’s unique consensus mechanism provides unprecedented transaction throughput and contract execution time through PBFT, while leveraging an ASIC-resistant PoW system for decentralized node election. By providing fundamental building blocks for developers to create groundbreaking applications, and an intuitive interface for users to access these functionalities, Cypherium aims to provide a comprehensive foundation for the future of blockchain technology. For more information, visit www.Cypherium.io