In an email to Finance Magnates, a spokesperson from the new blockchain project ‘Cypherium’ revealed that Pantera Capital has chosen the project as the recipient of an investment.
While Cypherium’s blockchain still hasn’t been publicly launched, Pantera has a knack for choosing rather successful projects–Ripple, ShapeShift, OmiseGo, Polychain Capital, and (of course) Bitcoin are all counted in its portfolio.
The spokesperson from Cypherium wrote that “Pantera’s key investment will help Cypherium’s development team build a more adaptable, scalable blockchain for real-world use cases.”
Cypherium Presents Itself As a Versatile, Scalable Blockchain
Cypherium has branded itself as a cryptocurrency that provides ‘the building-blocks for the future of applications’. More specifically, Cypherium writes that it is a ‘highly scalable and permission-less hybrid blockchain platform’ that makes use of both a Proof-of-Work (PoW) algorithm and Byzantine fault tolerance consensus.
Proof-of-Work is kept separate from the transaction verification process. Thus, Cypherium claims that its platform has been designed to ‘achieve unprecedented scalability’ with thousands of transactions per second and no waiting times. There is no fixed block size on the Cypherium network, and there are no minimum fees for smart contract execution.
The Cypherium website also explains that Cypherium’s governance structure is comprised of a a few different layers, ‘where protocol level governance and application level governance are separated.’ This makes it possible for centralized applications to be created on Cypherium, which may be an attractive feature for centralized institutions–for example, banks who wish to issue their own digital currency.
The Cypherium token sale began on December 14 and ended on January 11, raising $25 million–nothing to shake a stick at. However, although Cypherium claims to have been designed to improve upon many of the problems faced by the Bitcoin and Ethereum networks, it has yet to prove its worth–the network has not gone public yet.
Additionally, many of the ways that Cypherium describes itself are somewhat similar to the myriad cryptocurrencies that throw around buzzwords like ‘scalable’, ‘blockchain’, and ‘smart contract’ willy-nilly.
That being said, financial backing from Pantera Capital is still no laughing matter, and Cypherium has provided extensive Proof-of-Concept materials for its technolgy. All that’s left now is to see if Cypherium’s bite is as powerful as its bark.