CyberMiles (CMT) Review – A Decentralized Ecosystem for Ecommerce
|White Paper URL||https://www.cybermiles.io/wp-content/uploads/2018/03/Project-white-paper_en-US.pdf|
CyberMiles aims to build a smart, fast and safe blockchain network that will remain free to participants. It does this with its Smart Business Contract which is designed to be more powerful than the Ethereum Smart Contracts. Their long-term goal is to be considered the “master token” for ecommerce and replace Amazon and other giants with a library of smart contracts that any ecommerce provider can use.
- The Idea and the Team Behind CyberMiles
- CyberMiles Partnerships
- CyberMiles Price History
- The CyberMiles Technology
- The CyberMiles Network
- How to Purchase CMT
- How to Store CMT
- Roadmap and Future Updates
The Idea and the Team Behind CyberMiles
The Ecommerce landscape, today estimated to be over $1 trillion, is currently dominated by a few giants like Amazon and Ebay, making it extremely difficult for new brands to compete. CyberMiles wants to decentralize the ecommerce marketplace so that people can make transactions, settlements, dispute resolution and returns via standard smart contracts that run on the blockchain. In other words, it seeks to transform the ecommerce industry towards a peer-to-peer marketplace.
CyberMiles was launched by an ecommerce company by the name of 5miles that specialized in garage sales and apartment hunting. The founder, previously a co-founder and CTO of Light in the Box and GM of Alibaba’s Taobao mobile platform (and holds a doctorate in Particle Physics Dr. Lucas Lu), successfully grew the website to 12 million users after only three years. It now seeks to shift these types of ecommerce transactions to the blockchain.
The Cybermiles team is also made up of chief scientist Dr. Michael Yuan, who holds a Ph.D in Astrophysics and is the author of five books on software development. He has been active in large open source projects such as Firefox and JBoss.
The CyberMiles Foundation, a Hong Kong-based non-profit, is responsible for the CyberMiles project. The company also has partnerships with venture capital firms such as Blockchain ventures and ArcBlock, a company whose goal it is to become the first blockchain that supports the building and deployment of decentralized applications.
CMT Price History
CyberMiles raised $30 million in an ICO after distributing 420 CMT last November, making it one of the most successful ICOs to date. Another 280 million CMT had been previously distributed during the private sale beforehand.
“We’re delighted that our token contribution event has been met with such enthusiastic interest from the community,” said Dr. Lucas Lu, CEO of CyberMiles and founding member of 5miles. “The public blockchain platform we’re developing has the potential to revolutionize e-commerce, so community support is critical to funding this initiative.”
After the token was sold for an ICO price of $0.0524, it rose to $0.588 by early January. It is currently trending close to the January price.
The CyberMiles Technology
Due to issues of scalability and performance, Ethereum’s Ethereum Virtual Machine (EVM) and decentralized applications are difficult to use. Ethereum currently supports around 15 transactions per second, which is not nearly enough for an ecommerce marketplace (or enough to compete with traditional marketplaces such as Visa, which processes 45,000 transactions per second). The scalability issues around Ethereum were especially highlighted by the CryptoKitties blockchain game released at the end of last year.
CyberMile’s solution is the creation of a blockchain with a consensus mechanism that prioritizes high throughput – the goal being tens of thousands of transactions (TPS). It does this with a proof of stake consensus model, where participants “stake” or hold tokens in exchange for confirming transactions in new blocks of the blockchain. This is much more efficient than Ethereum’s Proof of Work model.
Third-party applications for the ecommerce industry also will become more powerful and easier to develop using CyberMile’s platform. The new blockchain protocol which will support this goal is the Smart Business Contract. The main difference between CyberMile’s and Ethereum’s smart contracts are that CyberMile allows access to an integrated stack of powerful business software middleware. In other words, the middleware ensures that CyberMile’s Smart Business Contract is easy to develop and highly reusable.
Here are the options available in the CyberMiles middleware system:
- Rules engine – A rules engine ensures that business contracts follow certain rules in an easy and efficient manner.
- Business Process Manager (BPM) – A machine that imitates the execution of a multi-step contract. Once the two sides agree to a contract, the BPM steps in with the rules engine to determine the next steps to take.
- Distributed database – A distributed database is necessary to apply complex frameworks and store application data and then replicated across nodes on the blockchain. Transaction results are stored on the blockchain itself rather than the distributed database.
- Distributed file and data storage service – The distributed file and data storage service works with the Smart Business Contract to provide access to file services for larger data files needed for decision making.
- Distributed webhook service – A distributed webhook system can receive external events (e.g. FedEx delivery notification) related to the Smart Business Contracts.
Smart Business Contracts are reusable as well, meaning that key term can be easily changed. This reduces time and cost of developing new business applications.
Another key feature of the technology is that the CyberMiles dAPP manages data that is not able to be stored on the blockchain for privacy or performance reasons. This data can be easily transferred to the Smart Business Contract, however.
The idea is for other Ecommerce applications to be built on CyberMiles in the future.
The CyberMiles Network
Cybermile’s network is capable of managing user identity, recording credit history and reputation, and facilitating financial transactions – all without central data storage or clearing house to ensure privacy and safety.
The CyberMiles network will be powered by the CMT token and implemented on the public Ethereum blockchain as an ERC20 compliant token. However, once CyberMiles develops its own open source blockchain, it will exchange the CMT tokens for a native CMT it issues on the new blockchain. All value and rights will be transferred from the old to the new token.
The token supply schedule is an annual 8% increase for the next 10 years.
CMT has several functions, including:
- It rewards participants for computing and maintaining the integrity of the network. This may include services such as running network nodes, validating transactions, and executing smart business contracts.
- It rewards participants for contributing value-added services. This includes services such as customer support.
- It allows transactions within the network, including record keeping. As a result, the cost of transactions and friction on the network may decrease significantly.
Participants are punished for bad behavior by losing tokens, but rewarded through the proof of stake consensus model as well as the actions described above.
CyberMiles will also have a wallet function for storing CMT.
How to Purchase CMT
The main way to purchase CMT is through Binance, either through trading bitcoin or ether. Binance currently has the largest volume of CMT trading and allows you to exchange CMT with Bitcoin.
CMT is also available on the following exchanges:
- Huobi (Trade CMT with ETH on Huobi)
- Lbank (Trade CMT with BTC on Lbank)
- BCEX (Trade CMT with CKUSD on BCEX)
- OKEx (Trade CMT with USDT on OKEx)
- DragonEx (Trade CTM with USDT on DragonEx)
How to Store CMT
CMT can be stored in any wallet that supports ERC-20 tokens such as Coinomi, MetaMask and Myetherwallet.
For maximum security, however, you should store your KIN on hardware wallets such as Ledger Nano S and Trezor.
Roadmap and Future Updates
CyberMiles plans to go live with its mainnet at the end of 2018 and its 12 million users start accepting CMT as payment as early as this summer.