Blockchain infrastructure platform Cypherium is partnering with the Initiative for Cryptocurrencies and Contracts (IC3) research group to develop new blockchain scaling solutions.
The partnership was announced today, alongside the news that Cypherium will launch an initial coin offering (ICO) early in 2018 and that the two entities hope their joint work will lead to mainstream adoption of blockchain-based platforms.
Cypherium plans to use its CPH token to power transactions and smart contract functionality for decentralized apps and a deferred payments system, according to the release.
The company, which includes former Google, Amazon and Microsoft engineers, notably utilizes the Bitcoin-NG technology pioneered by IC3 co-director Emin Gün Sirer. Bitcoin-NG was designed to solve scaling issues with blockchains by using two different types of blocks.
Sirer, who is also a computer science professor at Cornell University, said Cypherium is a “perfect fit” for IC3, continuing:
“Both of our organizations are dedicated to the research and application of methodologies that will solve scalability, compliance, governance, and performance issues with widespread blockchain adoption.”
Cypherium co-founder Sky Guo said the partnership would help his company grow as it attempts to bring its blockchain to a mainstream audience.
Network cables image via Shutterstock