Cypherium to Assist China in Advancing Blockchain City Infrastructure
Cypherium, the enterprise-level blockchain platform, will contribute to the blockchain development of a major Chinese city. An associate of global tech giants like Microsoft and Google, Cypherium has inked a Memorandum of Understanding, or MoU, with Suzhou City Municipal to advance the city’s development of blockchain Infrastructure. The firm declared the news on July 28.
Suzhou is among major cities piloting China’s digital yuan.
Suzhou City is a significant economic center located in Jiangsu Province. One of the most competitive cities in China, Suzhou, is among the pilot cities of China’s central bank digital currency project, the digital yuan. In April 2020, agencies and enterprises in the Xiangcheng District of Suzhou piloted CBDC with payments of 50% of local workers’ transport subsidies in the new digital currency. The project is also referred to as digital currency electronic payment or DCEP. The city also conducted a blockchain-based program targeting notary services in early 2020.
Driving blockchain interoperability
Suzhou City has famously piloted the DCEP project and other blockchain-related initiatives, and Cypherium will now additionally expand the city’s blockchain-related capabilities. Cypherium CEO, Sky Guo, described that the platform would be especially helpful in giving interoperability to several blockchain developments in Suzhou.
Guo said, “With several trials taking place in the city, especially with workers in the city of Suzhou receiving part of their upcoming transportation subsidies in DCEP. Interoperability will likely play a role in determining which projects end up succeeding.”
Headquartered in New York, Cypherium is producing an enterprise smart contract platform that achieves a mix of Proof-of-Work, or PoW, and HotStuff consensus algorithms. As reported, HotStuff protocol is also utilized by Facebook’s not-yet-launched digital currency project, Libra.
As an enterprise-focused startup, Cypherium has made a bunch of big partnerships to promote blockchain development. The firm positions itself as the first project to associate with so many tech giants, including Google, Microsoft, Amazon, and IBM. In mid-July, Guo predicted that CBDC-powered cross-border payments would happen in the next couple of years or even sooner.
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