Since 2018, there has emerged a myriad of smart contract platforms, mostly forks of Ethereum, and with it, a surge in the number of blockchain projects and security incidents usually consisting of significant economic loss. The number of blockchain security-related incidents had risen from 4 to 75 just in the first half of 2018 alone, with an estimated economic loss of 2.1 billion US dollars. In 2019, the losses amounted to more than 6 billion US dollars, demonstrating the severity of such a threat to the industry, writ large.
At Cypherium, we are wary of the vulnerabilities and threats faced by public blockchains, and more importantly, the greater economic impact of compromising the security of our system. As we continue to garner mainstream adoption of blockchain technology, working with a number of central banks, such as the People’s Bank of China, European Central Bank, Bank of Thailand, and many others, to advance their ongoing CBDC experiments, it has become imperative that we proactively conduct a blockchain security analysis in order to identify security risks earlier on, should any exist.
Consequently, a Public Blockchain Audit has been conducted by Knownsec Blockchain Lab in order to ensure maximum security of our public chain. The audit consists of a comprehensive review of the data layer, network layer, consensus layer, incentive layer, contract layer, and application layer. Upon reviewing 51 audit items in the eleven major categories of blockchain system security, we have successfully passed the audit, free of any relevant security risks or vulnerabilities.
Unequivocally resistant to Sybil and 51% Attacks, Cypher-BFT, our proprietary consensus algorithm utilizing a hybrid of proof of work and Hotstuff, recorded near-instant finality with a running time of 20–30 milliseconds and full block confirmation time of only 90 milliseconds. These metrics are consistent with our internal performance review, demonstrating superior scalability and efficiency when compared to the Ethereum blockchain with finality at 6 blocks or just over 1 minute and other Layer-1 smart contract platforms such as Solana.
The Solana blockchain has recently faced a major technical issue induced by high transaction loads that have led to transaction failures, halting the blockchain for almost a day and forcing a network fork under the pretext of excessive memory consumption. Solana’s consensus may be crash failure tolerant, but it does not have the mechanism to remove faulty nodes. Indeed, relying on centralized nodes for scalability has its limitations and only BFT can serve the technology needs for permissionless decentralization. Cypher-BFT, through view change, enables Validators to vote and remove faulty nodes given a 2/3 quorum is reached.
To learn more about the results of the audit, please click on the link below:
https://docsend.com/view/quhpbnkjawh4erjw
About Cypherium
Cypherium is a decentralized smart contract platform for creating and connecting dApps, CBDCs (Central Bank Digital Currencies), Enterprise Applications, and Digital Assets. We are one of the first blockchain companies with real, tangible blockchain applications in partnership with industry-leading enterprises and Government institutions.
Website |Twitter | Telegram | Reddit | Medium | LinkedIn | Instagram
About Knownsec
Knownsec Blockchain Lab has a team of top international blockchain security experts and 9 years of experience in security services for leading blockchain companies. It has served as the world’s leading digital currency exchange, wallet, underlying public chain, Smart contracts and other projects conduct security audits and defense deployments, and maintain the leading domestic core competitiveness in blockchain technology security, risk control security, and anti-hacking security.
Website | Designated storage platform | Contact us | Twitter
