Cypherium AMA Recap

Cypherium AMA Recap

CryptoDiffer team

Hello, everyone!😁

We are glad to meet here 

CEO at Cypherium  (@skyguo)

CEO at Cypherium, Sky Guo

Hi thanks Differ

I’m so excited to join this community!

Hope you’re all doing fantastic

CryptoDiffer team

Let`s start with introduction:

Q1: Can you introduce yourself and Cypherium to our community ?

CEO at Cypherium, Sky Guo

I’m Sky Guo, the CEO of Cypherium. Cypherium is a highly scalable and robust smart contract platform. Our proprietary consensus mechanism features a joint Proof-of-Work (PoW) and HotStuff (Also adopted by Facebook’s Libra) consensus mechanism that can achieve thousands of transactions per second without sacrificing decentralization. We also run our contracts on a Java Virtual Machine.

Cypherium’s technology has been vetted through several partnerships with tech giants such as Amazon Web Services, IBM and Google Cloud Platform. The blockchain’s efficacy has been proven through a to-scale use case with Randstad, one of the world’s largest HR providers, for whom Cypherium provided an identity solution to protect the data privacy of millions. Recently, their technology has garnered interest for its uses relating to CBDC. Cypherium’s Digital Currency Interoperability Framework, which allows CBDCs to interact and interoperate with one another as well as other digital currencies, has garnered interest from policy-makers, bankers and technologists.

As for myself, I have been programming since elementary school. I first used Bitcoin in 2012. I came up with the idea of Cypherium in 2017 after seeing the inconvenience of Ethereum, and decided to launch a new blockchain. I‘m also a speaker at the 1st United Nations Blockchain Summit, Nasdaq and OMFIF central bank panel with Bank of England, Swiss National Bank and Hungary Central Bank

CryptoDiffer team

Q2: What value does Cypherium add for central banks exploring the potential of CBDC?

CEO at Cypherium, Sky Guo

Cypherium’s technology features instant transaction settlement, absolute finality, low fees and full decentralization. Our interoperability framework can be integrated with central bank digital currencies to enable freedom of transfer and exchange. The central banks need to perform KYCs. Our decentralized digital ID solution can protect the privacy of billions of users without risking their privacy.

We have already began exploring digital currencies with central banks. This year, we joined the OMFIF, a global central bank think tank as founding member of its Digital Monetary Institute. In the past few months we had round tables with central banks of Europe, Germany, France, Canada, China. Also, we had spoken with Bank of Thailand,  Bank of England, Swiss National Bank and Hungary Central Bank on how blockchain can enable CBDCs.

CryptoDiffer team

Q3: What’s the detail about the Randstad and Google use case?

CEO at Cypherium, Sky Guo

Cypherium has developed a number of strategic partnerships throughout many industries and areas. For example, we have worked together with IBM, Google, and AWS to platform Cypherium Enterprise. The particular partnership that you refer to with Randstad and Google is an interesting one because it shows a use case for blockchain beyond finance, insurance, and real estate.

Randstad is a major international service provider of Human Resources. They connect people with jobs, companies with employees. They are accessing Cypherium through the Google Cloud Platform in order to make their database of applicants both more secure and more efficient. With our technology, Randstad can confirm applicant qualifications through the verification of public hashes on the Cypherium blockchain, without having to store and guard that data as a third-party custodian. Users’ professional profiles may be encrypted onto the Cypherium blockchain, whether by an authorized institution or by the users themselves and trusted data managers like Randstad may verify that information without necessarily having to store it themselves. In effect, this allows Randstad to access a large amount of sensitive data, as their business requires while keeping intact the critical security and integrity of such information. Partnerships such as these display the versatility of our technology.

For more details, please check https://cloud.google.com/customers/randstad

CryptoDiffer team

Q4: What is Cypherium doing to catch this wave of Defi?

CEO at Cypherium, Sky Guo

DeFi is an interesting buzzword. At Cypherium, we have been conceptualizing Decentralized Financial systems and instruments since our inception. Perhaps, because the global financial system (driven by the U.S. economy) is in such a precarious, even dangerous position, many crypto enthusiasts are looking for a way to articulate another vision of financial association beyond quantitative easing. But to answer your question, our blockchain is particularly suitable for DeFi because Ethereum’s transaction fees are prohibitively high, barring regular DeFi investors. Cypherium can process thousands of transactions per second, making the cost for individual transactions only a fraction of Ethereum’s. One thing we are doing is developing our Digital Currency Interoperability Framework, which will allow any blockchain (such as Bitcoin, Cypherium, Ethereum) to interact with CBDCs. This is needed for DeFi to scale because we want to allow the general public to invest in DeFi products using CBDCs, and we believe the Cypherium DCIF is an important step in doing so.

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

How will Cypherium Blockchain solve the scaling problem? And how will the platform overcome the threat of centralization?

How Cypherium will ensure high blockchain speed?

CEO at Cypherium, Sky Guo

Our blockchain features a hybrid consensus of PoW and HotStuff. HotStuff is a Byzantine fault tolerance algorithm capable of processing thousands of transactions per second. However, it was originally designed for centralized systems only. By combining the PoW we made HotStuff dynamic and fully decentralized. Check out our whitepaper for details

Cryptodiffer Community

CYPERIUM was created in 2017, What MOTIVATED the IDEA that brought #CYPERIUM PROJECT ? and 

what problem is CYPERIUM really trying  to solve ?

CEO at Cypherium, Sky Guo

Cypherium is addressing the lack of speed, finality and security of the popular smart contract platforms. Many ‘Ethereum killers’ use centralized technology or non-blockchain technology that are not accepted by the market. We want to combine the best of all available technology to build an unprecedented blockchain platform.

Cryptodiffer Community

Cypherium uses the PoW algorithm, how does it handle the main disadvantage of this algorithm, which is that it requires a high energy consumption by the mining process and also has a low transaction performance?

CEO at Cypherium, Sky Guo

We use PoW only for securing the blockchain and selecting the validator nodes. Only miners with a valid PoW can join the validator committee. Transactions are verified using the HotStuff algorithm. Therefore, we don’t have issue with 51% attack.

Cryptodiffer Community

Explain more about Cypherium’s unique digital currency interoperability framework (DCIF) and it’s role for CBDCs.

Explain the the multi-governance system in cypherium blockchain?

CEO at Cypherium, Sky Guo

Our multi-level governance allows independent governance at the network layer, protocol layer and smart contract layer. Any change to one of these layers won’t affect others. This is particularly important to ensure that our blockchain is always stable

The DCIF lays the foundation for CBDCs to exchange and communicate within a trusted environment. It’s similar to the ERC20 tokens representing tokens off the Ethereum blockchain. CBDCs can be programmed by smart contract on Cypherium platform

Cryptodiffer Community

Why did you decide to use Java smart contracts? What are its advantages? Do you consider it easy to build DApps on Cypherium?

CEO at Cypherium, Sky Guo

Cypherium supports both EVM and JVM. Java is worlds leading enterprise programming language and most popular mobile language. All Android apps are written in Java. As a mobile oriented blockchain, Cypherium strives to provide easy integration to mobile developers.

Cryptodiffer Community

Q: I’m a white hat hacker in internet, do you think Cypherium system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?

CEO at Cypherium, Sky Guo

Our consensus is Byzantine fault tolerant. Only if a hacker takes out 66% of our nodes can he truly sabotage our block

Cryptodiffer Community

How do you manage and operate Dapps’ chain connections? Can you tell me more about benefit various models for CBDCs and bussiness model of #Cypherium ? How does it generate revenue for development ?

CEO at Cypherium, Sky Guo

The CBDC transactions on Cypherium require transaction fees, which is the source of the validator’s profits. Because we can process hundreds of times more transactions than Ethereum, our transaction cost is super low, only a fraction of Ethereum’s.

Cryptodiffer Community

What are Cypherium’s core tool ( CypherLink , Cypherium Connect , Cypherium Validator and Cypherium ID ) and what they mainly featured for? What are these Tools’ main functions and mission? What problem is it solving ?

CEO at Cypherium, Sky Guo

These tools mainly solve the KYC/AML requirements of central banks and the integration of their payment systems/CBDCs

Cryptodiffer Community

The investor is not thinking about technology, but about the price of the token. How do you balance the development of technology and the value of the Cypherium coin?

CEO at Cypherium, Sky Guo

By stepping into the CBDC market we are catching a multi trillion dollar opportunity. The current crypto market valuation combined is less than the value of Tesla. However, CBDC is a market 100000x bigger than the existing crypto market. There are tremendous rooms for growth.

Cryptodiffer Community

Cypherium’s team consists of experienced and brilliant individuals. What made them to unite together and work in unison for the fulfillment of it and how does it act as an advantage compared to other projects in terms of brainstorming and guidance?

CEO at Cypherium, Sky Guo

We share the same vision and stick to the same value. We trust in the blockchain technology and always work only on the best stuff

Cryptodiffer Community

There are lot of articles about cypherium project advising in roundtable meetings with the Bank of France ,People’s Bank of China, European Central Bank, Central Bank of the Netherlands, — what does this mean, and where are we heading to?

CEO at Cypherium, Sky Guo

We are currently engaging with these central banks through our OMFIF events and other connections. We are involved in a couple of CBDC experiments/projects also. We will invite central banks to use our technology and make Cypherium the blockchain version of SWIFT

Cryptodiffer Community

Do you guys have any Partnership with any  Banks?

How will Cypherium connect fhe Traditional financial market with Defi?

CEO at Cypherium, Sky Guo

Yes we do. We’re part of Societe Generale’s startup flow. Check out the news: https://www.marketwatch.com/press-release/cypherium-listed-as-preferred-startup-on-societe-generale-startup-flow-2020-08-25?mod=mw_quote_news

Cryptodiffer Community

Q: I want to learn more about Cypherium, but the information is very small, most of Cypherium social networks are less active, the community is relatively empty and less, what strategy does Cypherium team have to develop the community and maintain long-term user?

CEO at Cypherium, Sky Guo

We have 12k+ members in our TG group and there are activities all day long. Maybe you joined the wrong group 🙂 be sure to join

Cryptodiffer Community

You entered into a partnership with Amazon Web Services, IBM and Google Cloud ! What benefit are Cypherium getting from these partnerships and what join projects are you going to work on? Will this partnership give rise to growth and success and Whats the main reason behind the collaboration?

CEO at Cypherium, Sky Guo

Yes. They will help Cypherium get more adoptions, which brings more awareness and demand

Cryptodiffer Community

Can you explain more about your latest updates to the Cypherium chain and the new partnerships that will lead you to success?

CEO at Cypherium, Sky Guo

We will announce it soon. Please follow us on Twitter and Telegram to get latest news!

Cryptodiffer Community

As we all know Defi is the talk of the Crypto Industry nowadays, Do you think Defi will incorporate Existing Financial system?

CEO at Cypherium, Sky Guo

Sure. Even central banks are now looking at DeFi. DeFi must resolve KYC/AML challenges before going mainstream. Cypherium is working with the policy makers to create the best platform for DeFi

Cryptodiffer Community

1. Cypherium’s Blockchain is leveraged on Google Cloud. Since google is a centtalized partner, how does Cypherium ensure decentralization o the network remains intact? Why is this partner needed? 

2. Cypherium Connect works as a third party with banking systems. In DeFi we usually rather not tristing third parties, how can  Cypherium connect keep the trustless princiole of DeFi while working as a mediator? Can this product work with both centralized and decentralized banking enterprises?

CEO at Cypherium, Sky Guo

A similar example is ChainLink. When they announced Google’s integration, they gained much bigger exposure. Partnerships can get Cypherium adoptions, which facilitates real demands of Cypherium

Cryptodiffer Community

How is Cypherium development in progress?  Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?

CEO at Cypherium, Sky Guo

Our development is nearly done. You can try out test wallet by going to our Telegram group. Our admins will send you test coins.

Our public token sale is around the corner also.

Cryptodiffer Community

If each bank adopts cypherium, does that mean that each bank must have a certain amount of CPH?

If so, will they be bought in the market?

Or is it sent from team’s holdings when you partner with them?

CEO at Cypherium, Sky Guo

Yes they’ll need to have CPH to send transactions

Cryptodiffer Community

The crypto space is very young and is changing rapidly. My question is, how flexible are Cypherium’s tools to adapt to abrupt changes in the crypto space?

CEO at Cypherium, Sky Guo

We are always working on the frontier of innovation. We are members of worlds leading blockchain academics group, IC3. Chainlink, Tezos and Libra are also its members. Other members include IBM, JPMorgan, Intel, Microsoft. We have strongest innovation background in the world

Cryptodiffer Community

Protecting users/member data and privacy has become a problem that many companies/projects must face in their development. 

So can you explain a bit about Cypherium Security?

CEO at Cypherium, Sky Guo

As a public blockchain, we never store user’s private data on chain. Users are supposed to only upload a hash of their data. All sensitive data must be stored off chain.

Cryptodiffer Community

To meet the requirements of assest security, scalability, privacy and other characteristics, how will Cypherium do? Can we expect to see a combination of Layer 1 and Lay 2 technologies on Cypherium?

CEO at Cypherium, Sky Guo

Of course. Most of the central bank digital currencies are built with their internal systems. Once they are connected to Cypherium, Cypherium will be L1 for CBDCs

CEO at Cypherium, Sky Guo

My pleasure. Thank you @makscryptodiffer and the community members too!

Cryptodiffer TEAM

Thank you @skyguo for your time!

Great answers!

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