Cypher – A Scalable and Permissionless Blockchain Platform Whitepaper
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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
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 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 two-thirds of majority of members within the validator committee.