Enterprise-level blockchain platform Cypherium is going to contribute to the blockchain development of a major Chinese city.
Cypherium has signed a Memorandum of Understanding with Suzhou City Municipal to advance the city’s development of blockchain Infrastructure as announced on July 28.
Suzhou City is a major economic center located in Jiangsu Province and one of the most competitive cities in China. Suzhou is also among the pilot cities of China’s central bank digital currency project.
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. Suzhou has also piloted a blockchain-based program targeting notary services in early 2020.
The city has successfully piloted the DCEP project and other blockchain-related initiatives.
Cypherium will now further expand the city’s blockchain-related capabilities.
Cypherium CEO, Sky 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.”
Cypherium is developing an enterprise smart contract platform that implements a mix of Proof-of-Work and HotStuff consensus algorithms.
HotStuff protocol is also used by Facebook’s digital currency project, Libra.
Cypherium positions itself as the first project to partner with so many tech giants, including Google, Microsoft, Amazon, and IBM.