Cypherium, a highly scalable and permissionless blockchain platform, today announced that they have enabled support both for an Ethereum Virtual Machine (EVM) as well as the Ethereum Network’s primary coding language, Solidity. The benefits that come with this are many, but include bringing about much greater interoperability for Cypherium itself, and also means that Ethereum based smart contracts can be deployed on the network.
This development will enable full compatibility between Cypherium and Ethereum, allowing developers to seamlessly migrate assets between both blockchains. This will also let regular users access EVM-based projects deployed on Cypherium, all while enjoying significantly reduced gas fees and faster block production. This comes as an important step for Cypherium’s vision of achieving commercial viability by promoting cross-platform functionality in both traditional cryptocurrencies as well as the new breed of Central Bank Digital Currencies (CBDCs).
Compatibility with the EVM is a prerequisite for Solidity integration, the language that ETH smart contracts are written in. This is so important to Cypherium’s road map due to the fact that, currently, Ethereum is by a wide margin the most active blockchain for decentralized finance (DeFi) applications (dApps). Thanks to this update, all Ethereum based services can now be deployed on Cypherium and enjoy the benefits of the speed and scalability that the chain has to offer.
Cypherium is a permissionless blockchain solution, with a hybrid consensus mechanism that utilizes both proof-of-work and HotStuff Byzantine fault tolerance. Unlike many second and third-generation blockchains that abandon the original premise of an open, trustless consensus mechanism, Cypherium attempts to build on the valuable innovations of previous blockchains.
They do this by providing a consensus mechanism with unprecedented transaction throughput and contract execution time through HotStuff while leveraging an ASIC-resistant PoW system that maintains a thoroughly decentralized node election. With only 20ms block time, which is 40x faster than Solana, Cypherium is the fastest proof-of-work blockchain in the world. By adopting proof-of-work, Cypherium also gains the unique advantage of being regulatory compliant.
“Compatibility with Ethereum means that we can now show users how much more powerful DeFi can be when it’s on an enterprise-level blockchain. We see this as merely the beginning, and can’t wait to see what types of developments come from this update.”
– Sky Guo, CEO at Cypherium