After a successful period of development since the launching of the mainnet, the Cypherium team has more ambitious plans for the future. In addition to listing on several exchanges, partnerships with noteworthy companies, and being showcased as a FedNow Service Provider, Cypherium plans to adopt several additional features that will become necessary for the network to mature.
The following high-level plans reveal Cypherium’s development path for 2022 through 2023.
Central Bank Digital Currency Research & Development
Continue working with Central Banks on CBDC research and development
We would continue to work with finance giants and central banks on the R&D of CBDCs and blockchain applications with meaningful use. These tangible use cases mean that our technology has real-world value. It’s underlining the fact that CPH is not just a coin created out of thin air. We will continue to provide efficient decentralized solutions to enterprises and central banks will undoubtedly yield our success both in the short and long term.
More research and pilots and projects shall come. Previously, we have already worked with several prominent institutions and central banks and published many papers. In 2022 and 2023, there will be more to come.
Collaborate with governments and Central Banks to introduce regulated Defi
We would continue to work with financial regulators to build CBDC applications and regulated DeFi projects. Regulatory compliance is the most important factor for the survival of any crypto project. Cypherium is keeping close contact with regulators worldwide to stay on top of compliance. We are looking forward to continuing our conversations with central banks around the world as they continue their wholesale and retail CBDC experiments.
Transform Cypherium Wallet into leading instrument for digital identity and everyday payment
We would build a wallet app that facilitates CBDC payment and interoperability with crypto assets. The wallet will use CypherID for KYC and through CypherLink, Cypherium can serve as a connector to any type of digital ledger, including RTGS, CBDCs, or other types of virtual currencies such as Bitcoin.
The Cypherium Wallet is the mobile blockchain wallet for the Cypherium Token (CPH) and, because Cypherium is supporting the Ethereum Virtual Machine (EVM), the Wallet is compatible with ERC and BEP standard tokens as well. With the Cypherium Wallet, you can create wallet accounts, export, and import Keystore, and send and receive CPH, or other tokens, to other accounts.
Establish Cypherium as the global cross-border payment settlement system for CBDCs
Our goal is to create a barrier-free intermediary for global financial systems, both decentralized and centralized, to live in harmony and interoperable with each other. We are achieving this vision through our instant transaction finality, DCIF and full Smart Contract support.
Cypherium Connect is a plug-in module that processes Cypherium payment transactions in the banking system — it is similar to the front-end payment system. Between the remittance bank and the receiving bank, Connect has established an information channel for exchanging KYC/AML, risk control information, handling fees, exchange rates and other payment-related information. To attract banks to join, Cypherium has created adaptive designs on KYC/AML that can be personalized by both banks. Before the transaction is initiated, Connect sends this information to the counterparty of the transaction. Only by confirming OK can one execute the transaction and clear the funds.
Available 24/7/365, Cypherium Connect is a real-time intermediary to replace the inefficient legacy interbank communication systems and connect digital assets around the world. In addition, it is ISO 20022 compliant and can be seamlessly embedded with the current external financial systems plug-in module for banking systems.
On-chain Financial Instruments
Realize real-world financial instruments (e.g. stocks, bonds, derivatives, mortgages) on-chain
We will transform into the infrastructure layer of Web3, by providing decentralized identities, privacy, and interoperability to users. The Cypherium developers also have plans to incorporate Zero-Knowledge proof privacy, which in practice allows nodes to communicate about the existence of information without divulging the content of information. This will bring the privacy of our public network as it becomes increasingly overrun with sensitive information.
Make Cypherium the global reserve currency through CBDC adoption
Cypherium’s vision is to become an instant ledger to process real-time transactions for billions of users; a smart contract platform to enable enterprise use cases for all industries; a trusted database to connect isolated data islands around the world; an open network to enfranchise any participant or contributor, and a secure vault to combat the increasing threats to data privacy.
Cypherium is continuing to develop smart contract libraries for the various contracting languages it supports. These standard libraries–repositories that maintain coding definitions for commonly used algorithms, data structures, and mechanisms–will play an important role in the standardization of our nascent industry. They will also foster a common understanding among our devs, which will be an absolutely necessary foundation for the development of future apps and enterprises in an open system like Cypherium’s public network.
Of course, these plans are liable to change based on our priorities and circumstances. Nonetheless, the plans presented above provides Cypherium Community Members with a reasonable idea of our core priorities for the months ahead.