Today, we got the chance to chat with Sky Guo, the Co-Founder and CEO at Cypherium. In this interview, we discussed Cypherium’s goals, what makes them stand apart from their competition, and much more.
What is Cypherium?
Cypherium is a hybrid blockchain that seeks to solve the problem of decentralization and scalability, delivering a user-friendly platform that can offer interoperability for multiple Central Bank Digital Currencies (CBDCs). The goal is to address the shortcomings of current blockchain offerings and create a product that can interact with a wide range of decentralized assets, all while maintaining the strengths on which cryptocurrencies are already built.
If you could distill Cypherium’s purpose into a few key points, please give a brief overview of what those points would be?
By leveraging a faster, more decentralized technology, Cypherium strives to go beyond other blockchain projects and offer commercially viable cross-border payment solutions that don’t sacrifice the original philosophies of security, decentralization and scalability. The Cypherium platform aims to integrate with CBDCs from nations all over the world, and can host Decentralized Applications that utilize any and all of these new assets seamlessly. The end goal is to revolutionize the future of business and enterprise solutions.
How does the network function? What do you think its biggest competitive advantage is?
The Cypherium network leverages two consensus protocols that work in tandem. One is the “Election” chain whose purpose is to select Proof of Work validators to mine new blocks. The other, our “Transaction” chain, uses the proprietary Byzantine fault-tolerant consensus algorithm, CypherBFT, to verify said transactions. Differentiating between the selection and validation processes allows for the network to scale far more easily than most of its competitors. In fact, Cypherium is currently capable of 10,000 transactions per second, which already puts it ahead of mainstream competitors Mastercard and Visa.
Can you tell us more about your team? What about your advisors?
Our CEO is Sky Guo, a UN Blockchain Advisor and Nasdaq Blockchain Analyst. Then there’s our CTO, Dr. Solomon Zhang, with a PhD from the University of Science and Technology of China. In addition, our Head of Business Development, James Chang, and our Business Development Manager, Hobai Gong, make most of the magic happen at Cypherium.
Of course, we can’t forget the help from our wonderful team of advisors, including Victor T. Samuel, Founder of NV Global Ventures, Jeremy Gardner, Director at the College Cryptocurrency Network, Dr. Bryan Ford, Professor at Swiss Federal Institute of Technology in Lausanne, and Javier Farfan, a senior marketer at Verizon, PepsiCo and Microsoft, followed by Ten Yen, Chief Protocol Officer at Avalabs.
What is the competition like for Cypherium?
Realistically there are several blockchains which are aiming to bring decentralization to the banking and financial services sector(s). For example, Ethereum 2.0 is going to be rolling out in the next couple of years, and is seeking similar boosts in performance and scalability. There are also projects like Fnality, which similar to Cypherium, are aiming to create an interoperable financial landscape that allows for the seamless transfer of CBDC’s and other digital assets. The main benefit of Cypherium compared to its competition is that the Cypherium blockchain is ready to work today, and possesses the throughput to handle the transaction velocity needed by banks today, without compromising on the network’s level of decentralization, while also seamlessly integrating the wide range of new digital currencies that are coming soon.
What are Cypherium’s biggest internal strengths and weaknesses at its current stage?
Our biggest strengths include not only the technology outlined above, but also our partnerships. We have partnered with names like Microsoft, Google Cloud, Amazon Web Services, Chainlink, IBM, OMFIF, IC3, Randstad and many more, all in the interest of bringing this technology into mainstream adoption as soon as possible. The only real weakness at this stage is the need to get more information out to the public, so they can come to understand how decentralized finance is going to revolutionize personal finance for the better. This is definitely changing, but because many regular users may not understand the importance of blockchain, education will be key to global adoption.
How has/will COVID-19 impact Cypherium’s operational, financial, and overall health in both the short and long term?
It’s no secret that the COVID-19 pandemic has had a negative impact on the functional operations of people and businesses worldwide, including us. However, we are optimistic that Cypherium can be a major part of the recovery process by offering a perfect solution for governments to get relief out to their people by way of new CBDCs. While we haven’t seen this distribution method employed yet, digital currency in 2021 will likely make the most sense for getting large aid programs out to the masses. However a given nation decides to distribute stimulus packages to their population, Cypherium stands to be among the best solutions for making sure that money ends up in the right hands.
On a closing note, got any fun predictions about the future of our space to share with readers?
As mentioned, we are likely to see a real push towards the creation of new CBDCs. China is already rolling out the digital Yuan in some test cities and it is looking likely to see national adoption sometime in 2021. Other nations as well, such as the UK, United States and Canada, have all been researching the creation of their own digital currencies. It is almost certainly only a matter of time before CBDCs are a global norm, and Cypherium plans to be there to offer interoperability and decentralized applications for all of them!