We present consensus methods, including Proof-of-Work, fail to achieve sufficient transaction throughput to satisfy the requirements of a public blockchain, or an application that leverages one. This also includes the mainstream exchange of the digital tokens that secure them. Additionally, transactions cannot be considered irreversible until several blocks have been mined. We present Cypherium, which proposes a hybrid consensus mechanism wherein a dynamic group of replica nodes acts as validator committee to determine the validity and order of transactions within a Byzantine fault tolerance-based blockchain system. In place of a certificate authority, the system adopts Proof-of-Work to establish node identities and enable its open participation. Leader election and transaction validation are decoupled into two separate chains to eliminate transaction confirmation time. Transactions are permanently recorded once verified by more than twothirds of the majority of members of the validator committee.
Our next @OMFIF virtual round table meeting will be on Wednesday August 19, 2020 with Bank of England, Swiss National Bank, and Hungarian National Bank. The discussion will explore how blockchain could benefit #CBDC with a focus on #interoperability [https://t.co/QsJ9G8rlHJ]
The IMF @IMFNews regards interoperability as one of the main challenges of #CBDCs. To tackle this challenge, we have developed #DCIF, an ISO 20022 compliant, real-time intermediary for exchanging digital currencies. Take a read here [https://t.co/taeMugescx]
Suzhou City Municipal is a major economic center piloting China's #CBDC and Cypherium will help provide an interoperability framework to the city's blockchain development. Take a read here [https://t.co/O376UTZCZz] and let us know what you think about our #MOU?