I found this project Cypherium is very interesting as it bridging the CBDC to digital currency.
And I find this AMA is conducted a more friendly way, where it is conducted in wording form instead of conventional teleconference way. So late-comer also able to catch up what had been discussed .
As some might have missed out the AMA which conducted in telegram. Here I also share the transcript in the AMA for fellow friends here to follow what had been discussed. Hope you find it useful
Moon:Hi, I'm Moon, founder of HappyBlock, and I've been invited to host this AMA.
Today, we are honored to invite Sky Guo, co-founder of Cypherium, and Sisi, Binance New media marketing manager , bring you the theme sharing meeting of "Is the Public Chain in the Field of Payment and Settlement the Next Outlet?".
This activity will be divided into three parts, one is the targeted questions of the guests；the second is the free questions of the audience；the third, the lottery part(Coin brought us a welfare red envelope this time, please look forward to it). I hope you will keep quiet in the first two sessions, and speak enthusiastically in the free question session, and those who get answers from the guests will be rewarded with additional airdrops from Cypherium.
Sky and Sisi, could you please give us an introduction?
Sky:Thanks Moon for hosting
Binance Sisi:Hello, I'm Sisi, and I am the new media marketing manager of Binance. I am honored to share the application of block chain industry landing with you all.
Sky:Hello everyone, I’m Sky Guo, the founder and CEO of Cypherium, an American blockchain company. Cypherium is a blockchain technology service company, a member of the Digital Currency Institute known as Official Forum of International Monetary and Financial Institutions (OMFIF), and US Faster Payments Council under the Federal Reserve, we had provided payment clearing solutions for the Federal Reserve, also we are partner of Societe Generale for its experimental CBDC.
I am honored to be the guest of this event to share with you the real use cases about the future blockchain industry.
Moon:It's an honor to host this AMA and so glad to talk to you guys. I'll start my first question.
THANKS Sisi
Now, the industry of the block chain industry is changing. In the next half year, the main online network of the well-known public chain has also aroused a burst of enthusiasm in the BTC circle. How to view the next development of the public chain?
Binance Sisi:With the application of block chain tech entering the real economy, from the encrypted economy, and echoing the rise and development of the digital economy, as well as the traditional offline industry "crying" under the stimulation of the epidemic, it is generally believed that 2020 will be the first year of the outbreak of blockchain industry economy.
Where is the foundation of block chain combined with real economy, that is, the public chain, whether the recent hot DEFI or DAO, is built on the public chain such as ETH. The public chain is the foundation, and DeFi, DAO, Layer2, etc. Are the "superstructure".
And as the DeFi fever fades, the public chain has a chance to prove itself.
that's all.
Moon:Thanks. Next question
As the United States and many other countries have developed and even issued national digital legal currencies, many people have seen the dilemma which needs to overcome of this kind of digital currency and the existing digital currency system. Is there a public chain involved in this field?
Sky:There is a gap of several orders of magnitude between the market cap of cryptocurrency and central bank digital currency. The future will definitely belong to central bank digital currency. Cypherium’s goal is to break through the barriers between cryptocurrency and central bank digital currency. It is the only and leading public chain in the field of payment and settlement.
According to the latest report of the Bank for International Settlements, as of mid-July 2020, at least 36 central banks around the world have issued retail or wholesale CBDC (Central Bank Digital Currency) work, and 18 central banks have published Regarding research on retail CBDC, another 13 banks announced that they are conducting research and development on wholesale CBDC.
Although many countries are trying to issue and develop central bank digital currencies, they have not yet produced a good solution to achieve interoperability among different currency other than Cypherium blockchain.
In 2019, according to the official website of the Federal Reserve, Cyhperium had submitted a clearing system solution to the Federal Reserve, explaining in detail how to use the high-performance Cyhperium blockchain network to help the Federal Reserve achieve better payment settlement.
Cypherium is a member of the US Faster Payments Council initiated by the Federal Reserve. Its members mainly include financial companies such as Visa, Wells Fargo, Goldman Sachs, and JPMorgan Chase. Only two blockchain companies have joined it, one is Ripple and the other is Cypherium.
In August of this year, we had an in-depth discussion with Bank of Thailand for the combination of central bank digital currency and DeFi. Moreover, we held a roundtable discussion with major international central banks such as the Bank of England, the Swiss National Bank, and the Hungarian Central Bank on how public chains can function in the mainstream era of CBDC. Central bank officials of various countries agreed that Libra is unlikely to become a global currency, and public blockchains have great potential in achieving interoperability between digital currencies and breaking through transaction barriers.
Done
Moon:Next question
Do you think the best service state of the central bank's digital currency comes from the public blockchain or the private blockchain?
Binance Sisi:I think both public bolckchain and private blcokchain can be used for CBDC. Central banks are likely to use private blockchains because they need to protect thier financial systems and the privacy of citizens who use CBDCs. However, private blockchains can create barriers to trust and interoperability, which can be solved by using public blockchains.
By far, most CBDC researches have focused on private blockchain, but publich block chains have better usability and rebustness. The bitcoin network, for example, has been running uninterrupted for more than a decade. In addtion, by allowing the barrier-free flow of data and messages, public blockchain can be free from government intervention. Because public blockchains typically have tens of thousands of point-to-point nodes, they can't actually be shut down.
In addition, the operation of public block chains are simple and cheap, and there is no membership fee to visit them. Their trasnparency also means that they can act as witness to private blockchain transactions, proving that payments have been completed and preventing duplicate funds from being sent. Because traders can't violate a well-defined public blockchain scheme.
The control of the central bank can also be achieved on the public chain, with higher trust. In addition, the publick blockchain can also improve the involution of money. A "stable currency" backed by the fiat currency has been successfully implemented on public blockchain and used for cross-border transactions.
The high transparency and trust of public blockchains are crucial to any international business. Take a simple letter of credit as an example: using a public blockchain, the importer can process the payment into a smart contract, and will only lend money to the exporter after receiving confirmation from the freight company. Each party can see and verify the smart contract and trust the execution of the public block chain.
that's all.
Moon:Thank you Sisi
Well
For central banks to explore the potential of CBDC, what value does Cypherium and other public chains create in it?
Sky:Cypherium is an enterprise-level blockchain smart contract platform. By combining the industry’s most cutting-edge Byzantine fault-tolerant consensus algorithm and the Java virtual machine, Cypherium can process thousands of transactions per second and achieve instant settlement. Its fastest speed is even faster than MasterCard (Mastercard) and Visa, without sacrificing the principle of decentralization and security.
As a smart contract platform, the Cypherium virtual machine can run on Java, which is the most used coding language in the world. This allows billions of legacy devices to be enfranchised by the blockchain world and seamlessly integrate with mobile financial applications. Cypherium's technology has gained recognitions of its partners such as Amazon.com, IBM and Google Cloud Platform. The effectiveness of the blockchain has been proven through Randstad's large-scale use cases. Randstad is one of the world's largest human resources providers. Cypherium provides identity solutions to protect the data privacy of millions of people.
Recently, our technology has aroused the interest of people in different industries due to its use in relation to CBDC. Cypherium's digital currency interoperability framework allows CBDCs to interact and interoperate with each other and with other digital currencies. This technological innovation has attracted the interest of policy makers, bankers and technicians.
Done
Moon:Recently, with Paypal’s support for Bitcoin transactions, blockchain cross-border paymentsare gainingpopularity, how to view the change of attitude of traditional giants towards encrypted currency?
Binance Sisi:Paypal, the world-renowned online payment system, recently announced taht it would allow users to buy, hold and sell a variety of encryptedcurrencies, including BTC, on the platform. Instead of accepting encrypted currencies as a form of payment, merchants will envetually receive legal tender. Paypal, on the other hand, only plays a role as a conversion platform between merchants and users. Stimulated by the news, the price of Bitcoin jumped from 12500 dollars to nearly 13200 dollars in a day. Although it has since fallen back, the day up is more than 5%. PayPal shares rose nearly 6% to more than $215.
It took 7 years for bitcoin to go from be opposed to being supported by Paypal. This fullly proved that the intetion of blockchain to overturn the industry has gradually emerged, and it has become an area that cannot be ignored by traditional industries.
As the industry leader, Binance is more sensitive than the traditional industry.
That's all.😊
Moon:Thanks. here goes next question
Blockchain projects have encountered many difficulties in landing on their own, and turning to traditional industries to seek cooperation has become the choice of many blockchain projects. What are the relatively large cooperation projects of Cypherium?
Sky:At present, Cypherium's technology and concepts have been recognized by many technology giants and we have entered cooperations with IBM, Google Cloud, Amazon, IC3, and Randstad, the world's largest human resources company.
In August, Cypherium has joined Startup-Flow of Société Générale, one of the largest and most prestigious banks in the world. Startup-Flow is committed to finding star companies with innovative spirit and bringing disruptive solutions to the financial sector.
France has always been at the forefront of European CBDC experiments. In May of this year, the Bank of France and Societe Generale became the first country to successfully trial a digital euro on the blockchain. Cypherium will explore and cooperate with Societe Generale on CBDC.
France has always been at the forefront of European CBDC experiments. In May of this year, the Bank of France and Societe Generale became the first country to successfully trial a digital euro on the blockchain. Cypherium will explore and cooperate with Societe Generale on CBDC.
In 2019, Cypherium cooperated with Amazon Web Services to provide enterprise customers with the blockchain service BaaS platform cypherium Enterprise, which was officially launched on AWS Marketplace.
At the end of 2019, Google announced a partnership with Cypherium to jointly improve and promote its enterprise service BaaS product Cypherium Enterprise.
In 2020, Cypherium joined the Microsoft Startup Program, and the goal is to become part of Microsoft's blockchain as a service (BaaS) in the next few months. The Cypherium blockchain uses hybird Proof of Work (PoW) and HotStuff consensus algorithms . The latter is also adopted by Facebook's Libra project.
Ranstad is one of the world's largest human resources companies and one of the world's top 500 companies.At the beginning of this year, Randstad announced that it chose to use Cypherium's enterprise blockchain solution. This case was exemplified by Google Cloud and show cased on the official website.
At present, Randstad uses human means to verify qualifications, which may take several months. After adopting the Cypherium blockchain, Randstad hopes to complete the verification instantly through official sources. It will be able to do this through digital signature on Cypherium blockchain, while maintaining privacy for Randstad’s customers and employees, and the authority can publish the hash value of the digital certificate on the Cypherium public chain, which allows Randstad to verify without collecting user‘s sensitive data, such as whether the user has a driver’s license.
Done
Moon:Thank the guests for the wonderful answer. This AMA has drawn a successful conclusion . Thank you for your active participation. You can get a deeper understanding of the payment field through the official website provided by the guests or the official website of Binance.
Binance Sisi:😊 Thank you for your support for Binance, and give a wave of benefits~
Sky:Thanks Moon and Sisi, it was a great pleasure to chat
Binance Sisi:Thanks Moon and Mr Guo, this is a fantastic AMA~
