Cypherium <> BSN AMA
Time: Oct 15, 12:00 PM UTC+8
Host: Sky
Guest: Tim
Introduction Statement
Sky: Hello, everyone, and welcome to the Cypherium <> BSN AMA. My name is Sky Guo, CEO at Cypherium. Today, I invited Tim Bailey from Blockchain-based Service Network (BSN) to answer questions regarding the partnership and upcoming developments.
Sky: can you please begin by giving us a brief introduction about you and BSN?
Tim: Hi, my name is Tim Bailey, and I am the VP of global sales at Red Date Technology. The Blockchain-based Service Network (BSN) is a cross-cloud, cross-portal, and cross-framework global public infrastructure network used to develop, deploy, and maintain all types of blockchain distributed applications (DApps).
BSN aims to change the existing problem of the high cost of developing and deploying blockchain applications by, just like the internet, providing public resource and interoperability environments to developers.
Our partnership with Cypherium was inevitable as there are so few blockchain infrastructure projects that solve the blockchain trilemma, thereby giving developers more freedom to create scalable applications for the masses. BSN's technology dramatically reduces costs associated with the development, deployment, and maintenance of blockchain applications. We are excited to accelerate the development and universal adoption of blockchain technology together with Cypherium.
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Sky: Hi, my name is Sky Guo, and I'm the CEO at Cypherium. Since the launch of the very first smart contract platform, Ethereum, blockchain technology has offered a renewed way of recording transactions or any digital interaction in a way that is secure, transparent, and efficient. As such, it carries the possibility of disrupting industries such as financial services, trade finance, global payments and remittances, government projects, smart cities, and more. However, the lack of interoperability, performance issues or transaction speeds have led some people to doubt its viability. To convince skeptics about blockchain's true potential, I launched Cypherium to address the critical shortcomings of existing public blockchain infrastructures.
As a layer-1 protocol, Cypherium's innovative architecture successfully addresses the chronic blockchain trilemma — solving the perceived limiting trade-off between speed, security, and decentralization — making unprecedented advancements in bringing the grand vision of crypto to everyday life. Further, our blockchain is designed to create financial inclusivity through protocol interoperability while delivering operational efficiencies for our enterprise and institutional partners.
Our approach to creating financial inclusion between civilians, banks, government, and enterprises begins with our Digital Currency Interoperability Framework. The DCIF is Cypherium's proprietary architecture for allowing any asset, including CBDCs, stable coins, and digital assets, to be received or distributed on-chain and cross-ledgers. It is analogous to the transportation networks or power grids, which make up the basic physical infrastructures required for a functional economy. Like Ethereum, Solana, and Binance Smart Chain, smart contract platforms pave the groundwork for developing decentralized applications.
Sky: What were the significant factors that led to your decision to partner with BSN <> Cypherium?
Tim: BSN's mission is to make blockchain technology available to everyone by making it easy and cost-effective to develop blockchain-based applications. We want to integrate all the leading blockchain frameworks into the BSN so they can be easily accessed by developers worldwide.
Cypherium demonstrates superior scalability compared to other layer 1 protocols, recording near-instant transactional finality with a running time of 20–30 milliseconds (ms) and an entire block confirmation time of 90 milliseconds on an internal performance review and blockchain audit conducted by Knownsec Labs. Cypherium's hybrid dual chain consensus mechanism, Cypher-BFT, a combination of Proof of Work and Hotstuff Consensus, is a fully public and permissionless blockchain. It does not rely on centralized nodes for scalability, thereby wholeheartedly manifesting the principles of decentralization in product form.
The Cypherium blockchain integration into BSN is exciting because of a shared focus on helping financial inclusion become a reality across key financial verticals. Cypherium's strong track record of building scalable solutions for real-world applications and use cases prove they are capable.
Tim: How is Cypherium different from other public chains? What are your most compelling use cases?
Sky: Cypherium is one of the first blockchain companies to have real-world, tangible blockchain applications. Our state-of-the-art innovations in decentralized identification combined with highly scalable hybrid consensus and smart contracts serve as a critical foundation for CBDC and fintech integration, as well as other real-world use cases.
Cypherium's most notable use case is with Randstad, a fortune 500 human resources company, which utilizes the Cypherium blockchain to authenticate user identity in a secure and efficient decentralized system. The case study was co-published by Randstad, Google Cloud, and Cypherium on the Google Cloud website.
By working alongside industry-leading companies like Google Cloud, AWS, IBM, and financial regulators like Federal Reserve Board, Société Générale, and OMFIF Digital Monetary Institute, Cypherium's next major use case involves facilitating cross-chain transactions between digital assets, starting with CBDCs.
Sky: How will the BSN & Cypherium partnership help more developers to deploy Dapps more easily?
Tim: To support the mass adoption of blockchain technology, BSN provides an easily accessible and low-cost blockchain development environment to developers worldwide. BSN is working with partners to build and operate BSN portals in every country and region to provide developers access to BSN resources.
Integrating Cypherium into the BSN will make the Cypherium layer-1 protocol available to an expanded pool of developers in new markets to build new applications. Cypherium's highly scalable blockchain infrastructure, with its innovative use cases and trust framework for mass adoption, can now be accessed more seamlessly through the BSN ecosystem.
Sky: What's the impact of the cooperation between BSN and Cypherium?
Tim: The cooperation between BSN and Cypherium enhances the capabilities of both parties and also the greater blockchain industry in applying more efficient decentralized solutions to traditional industries. BSN has a large developer community that requires a solid foundation on which to build decentralized applications or dApps, and Cypherium offers BSN developers an EVM-compatible blockchain infrastructure that is based on Java. Building dApps on Cypherium will unleash the power of innovation and creative disruption in traditional financial services, trade finance, global payments and remittances, government services, and smart cities.
Sky: Will we see more collaboration between BSN and Cypherium shortly?
Tim: Yes, the integration is just the initial phase of the partnership. Many more exciting and impactful developments will be announced in the next few months. These can include but are not limited to co-development of use cases and research with fellow BSN partners. Please stay tuned for updates!
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Other discussions, if there are any.
Cypherium has initially focused its efforts on developing the killer decentralized application for institutions, which will propagate the mainstream adoption of blockchain technology, already evident in the billions of dollars being poured into the crypto market by enterprises such as Blackrock, Morgan Stanley, Tesla, and Microstrategy.
Cypherium recognizes that the crypto market has evolved to where reliable technological innovation for making business procedures more efficient is desired more than a mere crypto asset. By working directly with BSN partners, including Central Banks, Enterprises, and other blockchain projects, Cypherium will continue providing its proprietary decentralized solutions to achieve mass adoption.
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How will BSN help Cypherium's goal of providing cross-chain interoperability to emerging CBDCs?
One of the main goals of the BSN is to make communication between different chains much easier and faster. With this in mind, integrating Cypherium into the BSN provides developers with a cost-effective platform to achieve cross-chain communication between Cypherium and other chains, both permissioned and permissionless.
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Closing statements from Sky and Tim:
Today's AMA is very informative and forward-looking. We appreciate Tim's sharing time with our community. This partnership will open the doors for Cypherium and BSN to join forces to bring real, meaningful blockchain use cases to the world, especially China. We thank every community member for joining today's AMA. See you next time.
