Coin Specification

CYP Coin Specification

TickerCYP
AlgorithmX13
ConsensusProof Of Stake
Block time45 seconds
Maximum Block Size4MB
Block Reward1500 CYP
Premine1,000,000,000 CYP
Max Supply20,000,000,000 CYP
Transactions/second> 200

Masternodes

Masternodes are full Cybits nodes that perform additional functions on the blockchain. Functions include decentralized applications and smart contracts. Masternodes will receive 500 CYP of the 1500 CYP generated in each new block. Masternodes will be implemented before the Initial Coin Offering

Decentralized Applications

DApps have their backend code running on a decentralized peer-to-peer network, as opposed to typical applications where the backend code is running on centralized servers. A DApp can have frontend code and user interfaces written in any language that can make calls to its backend. Furthermore, its frontend can be hosted on decentralized storage such as Swarm.

Decentralized Finance

Decentralized finance (commonly referred to as DeFi) is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum.

Cybits Exchange

The team at Cybits are working on building a centralized cryptocurrency exchange that will enable trading of the most popular cryptocurrencies against CYP. This exchange will have built in arbitrage features allowing users to get the best price from each exchange and providing additional revenue to fund the Cybits project. The exchange capabilities will be included in the Desktop and mobile wallets, allowing you to exchange your coins at your desk or on the go.