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Blockchain technology has been praised as the next best thing since the internet. And it’s not entirely an exaggeration; the digital ledger has a lot of benefits.
From transparency to immutability, blockchain technology brings home the bacon in make sectors.
Yet, the mass adoption of blockchain technology still appears to be a mirage. The different blockchains – Ethereum, Bitcoin, EOS, Casper, Polygon, Binance Smart Chain, and others – all have their strengths and weaknesses.
However, none can rival centralized payment gateways, which explains why adoption is still not happening.
While many of these blockchains tinker with their framework, calls for a new entrant has risen in recent times. Cypherium has heeded that call.
What is Cypherium?
Cypherium is one of the new kids on the block. The Cypherium network aims to spur the mass adoption of blockchain technology. The new blockchain hopes to achieve such a feat by competing favorably with the existing giant players.
The Cypherium Advantage
For a new entrant, it’s okay to feel Cypherium is being cocky. Everyone claims to have all the answers when they’re outside, but things change as soon as they begin to feel the heat.
Interestingly, Cypherium has identified some of the challenges haunting current blockchains. Bitcoin’s archaic POW has several loopholes, ranging from scalability to poor transaction speed.
The Cypherium network is being propped as more scalable with transaction speed rivaling those of centralized payment gateways.
On Bitcoin’s blockchain, as many as 6 confirmations are required before a transaction is considered a success. Add the limited number of transactions in a second, and the bitcoin blockchain might never be used for peer-to-peer transactions.
The Cypherium network requires fewer confirmations and thousands of transactions are completed in milliseconds. Of course, they are no match. The Nakamoto Consensus is a few decades old, so it needs to be revamped to support current realities.
Cypherium isn’t just gunning to be the blockchain for transactions, it hopes to be the one on which developers build all the apps of the future.
From afar, Ethereum seems to be holding the forte well. The Ethereum Virtual Machine brought smart contracts to the digital ledger, making transactions truly trustless. However, many years later, the Ethereum chain is still trying to go beyond the Energy intensive POW to the POS system.
Though most developments happen on the Ethereum blockchain, it’s highly expensive. Cypherium plans to provide a more viable environment for developers to do all sorts of development without worrying about transaction costs. Also, developers will find Cypherium easier to work with as debugging isn’t a nightmare, a situation that makes Ethereum quite tedious to use.
Cypherium is taking a cue from Ethereum with the launch of its Cypherium Virtual Machine. The new blockchain looks set to deliver an improved version of the Ethereum smart contract.
Cypherium smart contracts are easy to upgrade and more secure.
What many of the existing chains lack is a solution to the blockchain trilemma. The inability to solve decisively the trio of speed, decentralization, and security without sacrificing any for the others. Cypherium claims to deliver on all three fronts with no compromise. That’s a bold claim from a blockchain that is yet to be put to the litmus test. However, if Cypherium does indeed solve this complex riddle, then we are inches away from mass adoption.
Closing Remarks
Cypherium makes lots of claims for a newbie. Yet, the team isn’t exactly new to the blockchain. They have seen it all. Regardless of their wealth of experience, there’s a lot of work to do. Mass adoption of blockchain technology awaits!
Find out more about Cypherium by following their social media websites below:
WEBSITE: https://cypherium.io/
GITHUB: https://github.com/cypherium
TELEGRAM: https://t.me/cypherium_supergroup
TWITTER: http://twitter.com/cypheriumchain
FACEBOOK: https://www.facebook.com/CypheriumChain/