Cypherium, which implemented the first cross-chain interoperability solution for central bank digital currencies (CBDCs) to communicate with their international counterparts, local industries and wholesalers, has revealed that it will raise funds through a secondary token sale.
According to a release, the sale will give investors the opportunity to purchase Cypherium’s multi-level governance token (CPH).
Cypherium’s developers claim that their platform is supported by an enterprise-grade blockchain network that can handle around 10,000 transactions per second (TPS). However, a high TPS rate does not necessarily mean that a distributed ledger technology (DLT) platform will be able to effectively address unique requirements of specific use cases.
As mentioned in the announcement, the Cypherium project has received support from Blockfolio, Pantera, and Qtum, all of which are fairly prominent names in the crypto and blockchain space. Cypherium claims it has worked on projects with various government entities and conglomerates. It has reportedly worked in some capacity with Amazon, Google, IBM, Randstad, and the Federal Reserve Board.
CPH is developed to serve as gas for running smart contracts (programmable business logic) and conducting blockchain-based transactions.
As explained in the release;
“Cypherium’s hybrid consensus mechanism, which incorporates HotStuff (Byzantine Fault Tolerance) BFT, the same consensus algorithm as LibraBFT together with Proof-of-Work, enabling the Cypherium blockchain to process tens of thousands of CPH transactions, making it fast and highly scalable.”
Sky Guo, Cypherium’s CEO and founder stated that the platform offers a solid, public infrastructure that can enhance transaction processing speed while offering an effective governance model. Guo also mentioned that the multi-level governance model “separates the governance from the protocol and the governance of the application.”
It also provides the software tools needed for creating sidechains, which can help the main chain with processing data, Guo said. He added that developers can use these features to create their own governance systems.
Cypherium previously secured 20,000 Ethereum (ETH) through a private presale that was conducted back in January 2018. The organization is now planning to acquire anywhere between $50-78 million via the public sale of its native CPH tokens.
As confirmed in the announcement:
“The TokenSoft platform where the public sale will take place has already started verifying investors’ identities, making sure they are not on a government sanction list ahead of the public sale commencing on 14 September 2020 at 9:00PM PT (UTC-7).”
The release added that a total of 300 million tokens are to be sold in two different phases. Phase 1 will aim to sell 200 million tokens “at 0.25 USDT per CPH. ” After the first phase, the team will start Phase 2, during which another 100 million tokens will be offered “at a price of 0.28 USDT per CPH.” If there are leftover tokens, then they’ll be “reallocated to the Cypherium ecosystem fund for use at a future date.“
In an interview with Crowdfund Insider, Guo had noted:
“Cypherium is heavily involved in the development of CBDC interoperability. On the business side of things, this is mainly achieved through our presence as a founding member of the OMFIF Digital Monetary Institute, a London-based think tank on central banking.”
He had also noted earlier this year:
“The DMI has connected us with a number of central banks across Europe, with whom we have discussed the construction of novel CBDC structures. Through tools like CypherLink (a notary mechanism based on the InterLedger protocol), Cypherium Connect (a third-party plug-in module for banking systems), and Cypherium Validator (a verification machine), our network can link any two banking systems.”
He confirmed:
“Cypherium can support cross-chain transactions among any two CBDCs or other digital currencies. This is a vital aspect of bringing CBDCs into a globalized financial climate.”
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