We are excited to announce that Cypherium, the fastest decentralized blockchain using proof-of-work, and IC3, the consortium of world-class academics spearheaded by the faculty members of Cornell, are partnering to solve the scalability issues that plague mainstream adoption of blockchain technology.
Everyone by now has heard of the obstacles that crop up once a blockchain achieves major popularity. A favorite — and cute — example is the infamous CryptoKitties, a digital cats application that allows users to pay Ethereum in exchange for buying and selling in-game items. At around 12% of all transactions on the Ethereum network, CryptoKitties all but grinded Ethereum’s blockchain to a halt. That level of activity left nearly 30,000 transactions stuck in limbo as the system struggled to process the backlog. This caused the Ethereum community to plead with its miners to increase the gas limit by 33% just to encourage quicker processing for submitted transactions. Cypherium aims to solve these known scalability issues, as well as anticipate new ones before they cause congestion or breakage.
Partnering with IC3 addresses these issues head-on in two ways: first, it gives us a dedicated lab space to run experiments using unparalleled laboratory equipment. Second, it gives us easy access to some of the world’s sharpest minds that are ready to collaborate on the most complex problems facing the ledger systems today. IC3 are already experts in the blockchain field and are routinely testing and proposing new solutions. Just a few weeks ago, IC3 advised on a solution that could solve the multi-sig problem of how to complete authorization of a transaction when the other required admin(s) die or becomes unavailable.
Hold on to your hats, because we have a lot of exciting new functions planned for release, and with IC3’s partnership, we’ll be delivering them to you at break-neck speed.
