Transition happens at the blink of an eye either from a devastated state to an improved pattern or the inverse of it. At the time of writing this article, the world is in a bad shape suffering from the rapid spread of COVID19 - A pandemic that has affected over 180 countries of the world. I sympathized with the families who have lost their loved ones to this deadly disease.
Blockchain as a technology is changing how the internet
and its users behave. Through its distributed-decentralized feature, by spreading its operations across network of computers, it allows bitcoins and other cryptocurrencies to operate without the need for central authority. Its use cases span across different sectors thus:
- Supply Chain
- Smart Contracts etc.
The potentials of blockchain as one of those technologies that have radically changed how industries work, from all complexity as a decentralized form of keeping record is almost without limit such as high user privacy, openness, heightened security, low processing fee and many more. These characteristics are embodied in the first generation of blockchain invented by Natoshi Nakamoto. However, subsequent generations of blockchain have revisited the initial purposes and have drastically deviated from real vision.
Permissionless is one attribute-by-birth of the first generation blockchain that does not impose restrictions on the consensus participants, making the network highly free of central authority. On the other hand, permissioned blockchain has a control layer that runs on top of the chains that governs the actions performed by the allowed participants. It is a kind that requires access to be part of the network hence it greatly affects interaction among participants of the network.
Barriers To Blockchain Adoption
To mention but a few, the following are some of the factors that hinder blockchain from going mainstream: however, these are attributed to both existing and current generation of blockchain:
- Low Scalability And Thoughput
Bitcoin blockchain as a case, uses a proof of work (POW) algorithm to achieve consensus among network of interconnected nodes. POW has proven to be very secure and effective for decentralization purpose but for scalability and transaction throughput when it serves as the only algorithm in the network. Perhaps, a good reason it is not able to achieve high speed and perform high number of transactions within the shortest possible time. Basically, this is not suitable for enterprise adoption.
- Swapping Scalability For Decentralization
In the usual sense, quest to make a blockchain scalable should not be what is bad but committing a crime to curb crime has only increases the crime rate. Several blockchains have directly exchanged decentralization for faster network thereby constituting governance centrally. Technically, this is not ideal. Many have employed different algorithm which fueled this problem. A good example such algorithm is Delegated Proof Of Stake (DPoS) used by Steemit, EOS etc.
HOW CYPHERIUM ADDRESSES CORE BLOCKCHAIN SHORTCOMINGS
According to here, Cypherium is a highly scalable and robust smart contract platform. Our hybrid design 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.
To fully grab what Cypherium's solutions are, it is vital to emphasize the key attributes in the aforementioned definition.
- Highly scalable smart contract platform
Like Ethereum (with the help of the Ethereum Virtual Machine (EVM) sand-boxed from the main chain), it is possible to write and deploy Smart Contracts on Cypherium ecosystem. Ethereum employed similar pattern as Bitcoin's but for few differences. Many have concluded that Bitcoin (the first blockchain) and other cryptocurrencies live wholly on single use case which continue to face more criticism as being speculative in nature. However, Cypherium (like Ethereum) designed a string of use cases that cut across many fields. The use of smart contract as string of use cases has proven to be useful and effective in various fields such as health, legal, Defi (decentralized finance), governance(such as voting) and real-estate to mention but a few.
What Are Smart Contracts?
These are computer protocols written with the intention of facilitating, verify and implement negotiation of a contract between two parties without the need for third parties. They are simply a way of executing an agreement between two persons. While the agreement is represented in computer code, they run on the blockchain (stored on public database) and cannot be altered. Smart Contracts are the life wire of decentralized applications and are, to a large extent more secure compared to traditional applications. Alteration is far difficult and perhaps it is impossible in the Virtual machine context. To know more about how smart contract works, have a visit here
Largely, Smart contract platforms offer blockchain-as-a-service and long-term investment opportunity/potential than just cryptocurencies. They are development platforms that derive and give the benefit of long-term value as more projects are deployed on it. Examples of Smart contract development platform includes Ethereum, TRON, EOS and Stellar etc.
Ethereum faces the issue of scalability such as in the case of Cryptokitties which despite of the novelty of the idea, single-handedly shutdown the network due to inability of transaction speed to keep up with demand. This raised concerns for chances that Ethereum will be able to support more ambitious ideas.
Hybrid consensus mechanism
Unlike many second and third generation of blockchain, Cypherium(built on the concept of first generation blockchain), with quest to encourage and maximize both decentralization and scalability not swapping one for the other, operates a combined sophisticated methods of achieving consensus (i.e agreement) in the network. A blend of Proof Of Work algorithm in tandem with HotStuff makes Cypherium more scalable, secure and effective for decentralization. Reading from a post here, src
HotStuff dramatically edits out the former inefficiency of asynchronous BFT protocols. In fact, HotStuff makes BFT more scalable by an order of magnitude, as the algorithm's view change complexity is made quadratically faster - a function of simply the number of nodes in the network, as opposed to a function of the nodes squared, as in the case of BFT.. It is employed to handle contract execution time with unaccustomed transaction throughput while PoW is used to maintain election of node in the network. The system is synonymous with using division of labor rather than allowing one process to perform all the tasks.
How Cypherium Is Different From Other Smart Contract Development Platfroms (Ethereum) And Why It May Be Preferred.
Cypherium is fully decentralized and as such, applications deployed on it will enjoy complete decentralization as all elements of one-point control is far-flung.
|1. Less scalable||Highly scalable.|
|2. Uses only Proof Of Work consensus algorithm (Planning to move to proof of Stake) which causes it less scalable as the network experiences congestion.||Uses a hybrid consensus algorithm (blend of proof of work and Hotstuff(increases contract execution time)). Reason Cypherium is highly scalable.|
|4. Developers struggle to learn new coding pattern as solidity is more complex and statically typed compared to other languages.||Developers of traditional applications are able to leverage on the existing knowledge of Java to incorporate blockchain technology into their project while learning solidity will be an added advantage. From research, Cypherium plans to support Vyper in the future.|
|5. Minimum fee for smart contract deployment may discourage businesses.||No |minimum fee for smart contract deployment. Businesses are attracted.
|6. Transactions are placed in queue and sometime confirmation time is prolonged where the network is congested.||The implementation of dual action blockchain enforces instant transaction confirmation. So, users are saved the waiting time.|
|7. Ethereum based applications' performance is retarded having difficulty running on mobile devices due to its stack-based architecture.||It uses register-based Java Dalvik architecture created for the Android Operating System. It lightweights applications to be able to run on mobile devices.|
|8. Waits for confirmation before transaction is finalized.||Instant transaction finality.|
Exceptional Feature Of Cypherium Architecture
Cypherium is fortified with sophisticated protocol that makes Multi-level governance possible.This is where governance of the network takes place, comprises of multiple layers where protocol level governance is distinguished from the application level governance. The former is saddled with decentralizing the network while at the same time modified to be capable of containing centralized applications layers. This is a feature that enables developers to build application (s) largely depends on their requirements either one with a centralized control or otherwise.
How Cypherium's Blockchain Solution Solves Real-life Problems.
1. Implementing dual action blockchain indicated that transactions are not placed in queue thereby are confirmed instantly. In this regard, more transactions are processed within seconds. Let's say Bob is trying to send 3 Ether to Jane while at the same time tens of thousands of users are trying to perform the same function, Cypherium's consensus algorithm (Hotstuff) acts in this instance to handle the transactions ensuring that burden is reduced on the network. Confirmation time is accelerated and transactions are approved at a high speed. There will be an improved trading relationship between Bob and Jane et al. Bob is confident in Cypherium to perform more transactions in the future while waiting time is minimized.
2. Decentralization requires that no trust is needed between parties to a transaction before it can be executed, which is a goal of blockchain that Cypherium upholds. A good example is an escrow decentralized Smart contract where the slogan "Code is rule" works fine. In this regards, the application requires no human intervention to conveniently execute a trade between the parties. The contract acts an escrow, sends coin to the buyer upon fulfilling the requirements. Another good instance is a cloud service usage such as the like of Dropbox - a centralized data storage server where security of data is not considerably guaranteed. Data leakage is also possible since administrators are humans and are likely to compromise clients' interest.
Using Cypherium platform for such, guarantees data security as there can be no centralized point of control if the developer wish for it. Data will be recorded on distributed ledgers in a decentralized way. The mannerism as which this is done is made possible at the protocol-level governance of Cypherium blockchain architecture.
3. The Cypherium Virtual Machine is embodied with a built-in safety check where Safemath safety check is performed automatically and vulnerability is detected before hand such as that commonly found in the Ethereum Virtual Machine. Although, the EVM is considerably safe but over the past years of Smart contract development, the cryptocurrency community has witnessed Smart contracts written in solidity subverted by a variety of bugs and exploits such as the DAO exploit and Parity multi-sig wallet bug. Meanwhile, it is common attribute the blame for the preponderance of unsafe smart contracts to the Solidity SC language and its many quirks. Furthermore, we maintain that some of the worst flaws in Solidity - a lack of inspection and traceability, the opacity and illegibility o code on-chain, and expensive, slow, and dangerous call to external smart contracts- stems directly from foundational design decisions in the architecture of the Ethereum Virtual Machine (EVM).
This costly defect is trampled upon by smart-coding the Cypherium Virtual Machine (CVM) to identify errors at compile time before deployment.To assure further high-level platform security, Cypherium offers one environment for testing and another for deployment.
A New Case Study Of Cypherium Blockchain
Blockchain, undoubtedly is known for its ability to hold data (both personal and big data) safely across blocks of ledgers. However, not all blockchain are reliable. Another factor to consider is "easiness of its usability" which is one major setback of EOS blockchain. Good technical know-how is required to use EOS network or EOS-propelled application. Randstad - a global leader in human resources industry having over 40,000 employees helps organisations (finding the right and competent hands to grow their businesses) and people (know where they are fit in) by using cutting-edge technology with passion to make a different. With its headquarter in located in Demen, Netherlands, it offers professional services by serving as a trusted human partner in today's technology driven of talent.
As usage of artificial intelligence in business is on the rise all around the world, Randstad has inculcated AI in her operation to supplement her core value - to know, to serve, to trust, striving for perfection and the simultaneous promotion of interests - and in line with her business principles, these AI principles lay out her aspirations and her commitment to the responsible use of AI. Companies' need for human resources grow overtime together with the need to find the right talent at the right time.
Recently, due to the rapid spread of a pandemic disease (COVID19) which is prevalent in United States of America, and over 135,000 cases recorded so far as at the time of writing this article, the US government explicitly called for an emergence need for healthcare practitioners to attend to affected COVID19 patients.
An idea of Randstad to employ blockchain for automating bureaucratic tasks, augmenting human capabilities and enabling team to focus on the critical art and science of matching talent with demand" would be perfect for this course.
Such idea as above becomes more realistic with the introduction of a fast, easy-to-use and reliable system, that could safely and securely manage personal data of millions of people without the threat of compromise. Not just a blockchain would serve this purpose but Randstad has uncover the potential of Cypherium to be highly effective combining with Google cloud for a solution. Cypherium Blockchain is proven to be rightful for data verification(KYC/AML) such as address confirmation, birth date, ID information and professional and academic qualifications, hence Randstad team decides to adopt this strategy while they focus more on how to make the best match.
Randstad is looks to transitioning from a traditional way of verifying personals information of applicants/employees (usually takes weeks or months) to instant verification leveraging Cypherium blockchain capacity. It is of high necessity for a company like Randstad to adopt the best ML and data analytic solution since it manages large human resource data points.
How Randstad Will Ensure Privacy Protection
Personal information are of essential and calls for proper handling strategy - a more reason Randstad sees security as being a top priority and cannot be swapped. Google cloud is known to be reliable for keeping private information safe. Integrating Cypherium's protocol with Google cloud framework will undoubtedly build a robust wall against hacking. Through decentralized identifiers standard, Cypherium guarantees data security rather than a centralized server which gives assurance of Randstad 's liability-free and blockage to vulnerability.
|SKY GUO||SOLOMON ZHANG|
|Chief executive officer at Cypherium. Has a good background in Computer science and knowledge of blockchain consensus, transactions and cryptographic algorithms.||Chief technology officer at Cypherium. Researches on Artificial Intelligence, Big Data, State machine replication, network security and novel cryptographic protocol.|
|JAMES ORBISON||JAVIER FARFAN|
|A Technical Writer at Cypherium.||Chief Marketing Officer at Cypherium.|
|BRYAN FORD||JEREMY GARDNER|
|Head of Laboratory||Partner at Ausum Ventures|
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