This enterprise-focused blockchain platform, which facilitates interoperability between blockchains and Central Bank Digital Currencies (CBDCs), said it wants to enable regular users to access EVM-based projects following lower gas fees and faster block production.
Coin Rivet spoke to Cypherium’s founder, Sky Guo, who explained the Ethereum Virtual Machine, or EVM, as a decentralised computer that manages the deployment and execution of smart contracts and decentralised apps (dApps) on the Ethereum network.
“Developers utilise this decentralised computation engine to make applications accessible from literally any internet-powered device on the planet,” he said.
“Since the heavy lifting is done in the EVM, no matter how powerful an individual’s computer or mobile phone is, the user experience stays essentially the same.”
Guo also elaborated EVM is one of the most reliable and widely-used platforms for building and running smart contracts.
Moreover, he added, many public blockchains will also adopt the EVM.
“With full EVM compatibility, Cypherium is able to provide interoperability for all EVM blockchains, including Ethereum, Avalanche, and Binance Smart Chain,” he noted.
Talking about the main difference between ‘traditional’ cryptocurrencies and CBDCs, Guo reiterated traditional cryptocurrencies are generally built on permissionless blockchains.
Many, including Bitcoin and Ethereum, don’t have a central entity that operates them and instead, the network is maintained by a globally distributed network of public nodes who ‘vote’ on protocol upgrades proposed by a collective of developers.
All parts of the system are wholly controlled by a central entity – typically the central banks.
Growing its ecosystem with Solidity
Guo also stressed the importance of the Solidity integration.
Solidity is the de facto standard smart contract programming language, and it has the biggest developer community, rich documentation and tools, and an ecosystem of apps.
“By supporting Solidity and EVM, Cypherium will invite more smart contract developers and foster its ecosystem’s growth,” Guo asserted.
He explained that this is important for two reasons.
“First, it allows for the smooth transition of existing smart contracts onto Cypherium.
“And second, we wanted developers who were already familiar with Solidity to feel at home on Cypherium.
“They don’t have to learn anything new; they can simply get to creating and enjoy the benefits of enhanced throughput.”
Guo also commented the company is currently working with several government bodies, including central banks and law enforcement agencies, to create a new framework for regulated blockchains.
“By bringing order into the space, we will end the ‘Wild West’ of crypto and make it a better, safer place for fintech innovation, as well as increase user confidence,” he concluded.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.