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Cypherium, a business-focused Distributed Ledger Tech (DLT) platform that aims to facilitate interoperability between blockchain and central bank digital currencies (CBDCs), has launched its mainnet.
The launch of Cypherium’s core network came after the project raised $ 28 million in capital, including $ 4 million from a public sale conducted in October 2020. Cypherium also secured the other $ 24 million (from Pantera Capital, Blockfolio and Qtum) in financing through 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 associated institutions. “
The announcement also found that Cypherium’s Byzantine fault-tolerant (BFT) blockchain or DLT consensus algorithm, CypherBFT, has an “instant” transaction intent. It can reportedly handle up to 10,000 transactions per second (TPS).
Cypherium says its network runs 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 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 problems through “linear scaling” methods. The Cypherium developers claim that testnet users have “already attested to the outstanding performance of CypherBFT”.
As confirmed in the press release:
“In line with phase 1 of the mainnet, Cypherium’s native CPH token will be distributed to participants in the sale, after which the tokens will become fully transferable. Tokens worth $ 4 million have been sold so far. “
Sky Guo, CEO of Cypherium, said the platform’s mainnet launch “marks an important opportunity for Cypherium and its users and paves the way for wider adoption of digital currencies.” He added that with CBDCs and virtual currencies becoming an “inevitable part of our future,” we need to 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 partnering with tech giants Google and Amazon Web Services since last year. They 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 join the tech firm’s BaaS “within the next few months.”
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