Cypherium and the Initiative for Cryptocurrencies and Contracts (IC3) have shaken hands to collaborate on new blockchain scaling solutions.
Cypherium is a blockchain platform with a team of developers that have experience working with tech giants such as Google, Microsoft, and Amazon. Whereas, IC3 is an initiative by the faculty members of prestigious institutions such as Cornell University and UC Berkeley, among many others. IC3 focuses on further development of blockchain technology by employing various innovative methodologies.
Details about Cypherium
Cypherium’s main purpose is to provide a blockchain that is not only secure but has the true potential of being used in everyday commercial transactions. Due to this goal, Cypherium is highly focused on resolving scalability issues.
So far, Cypherium has been able to adopt various functionalities within its blockchain platform. As per the company, it has learned from both the benefits and shortcomings of two of the most notable platforms: Bitcoin and Ethereum.
Learning from their experience, Cypherium has developed its blockchain while ensuring that Bitcoin’s revolutionary capabilities coupled with Ethereum’s improvements to the smart contract platform could be improved upon.
At the same time, it makes sure to not repeat the same mistakes as Bitcoin regarding scalability issues that now make its transaction processing times range from a few hours to a few days. As per Cypherium, Ethereum is bound to face the same problems unless it does something about the function of its current Proof-of-Work method.
For its platform, Cypherium has adopted quite a few functions. Through its node election mechanism, elected nodes are only going to hold temporary positions to verify transactions, which in turn will ensure decentralization at all times.
The platform also eliminates the possibility of longer confirmation times by separating mining and transaction verification processes.
Cypherium is thus very confident that its current system is very much capable of overcoming scalability issues with the current blockchains, and this brings Cypherium to partner with IC3.
It could be a beneficial partnership
IC3 aims to make its researched technological innovations available for further adaptability by its industry partners. The members of this initiative include names such as IBM, Intel, Microsoft and J. P. Morgan.
The initiative revolves around improving blockchain technology, which has made it a logical partner for Cypherium, it now needs to ensure that its scalability resolution would stand through rigorous, real-world testing while also making sure that any remaining issues regarding scalability can be resolved with the expertise of both teams.
Together, these two organizations have joined forces to ensure that they can take scalability to an even higher efficiency than what Cypherium has been able to achieve so far.
What does this mean?
Simply put, it would be very beneficial for blockchain technology. With the likes of the R3 Consortium and IBM’s various ventures to collaborate with multiple organizations from all over the world, this particular partnership will only add to the collective minds of these powerful entities in the long run.
Like any other technology, blockchain will only evolve with continuous efforts and immense research. It is good to see that more and more organizations are coming together to share their findings and ideas with each other. Any positive development from here could go a long way in defining how the world uses blockchain a few years from now.