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CyberMiles (CMT) Review – A Decentralized Ecosystem for Ecommerce

CyberMiles targets to build a smart, fast and safe blockchain network that will stay free to participants. It does this with its Smart Business Contract which is designed to be extra effective than the Ethereum Smart Contracts. Their long-term goal is to be regarded as the “master token” for e-commerce and substitute Amazon and different giants with a library of clever contracts that any e-commerce company can use.

The Idea and the Team Behind CyberMiles

The Ecommerce landscape, these days estimated to be over $1 trillion, is currently dominated by means of a few giants like Amazon and Ebay, making it extremely challenging for new brands to compete. CyberMiles wants to decentralize the ecommerce marketplace so that humans can make transactions, settlements, dispute resolution and returns with the aid of preferred clever contracts that run on the blockchain. In different words, it seeks to transform the ecommerce industry toward a peer-to-peer marketplace.

CyberMiles used to be launched via an ecommerce enterprise via the title of 5miles that specialised in storage income 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 solely three years. It now seeks to shift these types of ecommerce transactions to the blockchain.

The Cybermiles group is also made up of chief scientist Dr. Michael Yuan, who holds a Ph.D in Astrophysics and is the writer of five books on software program development. He has been lively in massive open source tasks such as Firefox and JBoss. 

CyberMiles Partnerships

The CyberMiles Foundation, a Hong Kong-based non-profit, is responsible for the CyberMiles project. The organization additionally has partnerships with undertaking capital corporations such as Blockchain ventures and ArcBlock, a corporation whose purpose it is to come to be 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 final November, making it one of the most profitable ICOs to date. Another 280 million CMT had been in the past allotted throughout the private sale beforehand.

“We’re delighted that our token contribution event has been met with such enthusiastic pastime from the community,” stated Dr. Lucas Lu, CEO of CyberMiles and founding member of 5miles. “The public blockchain platform we’re creating has the manageable to revolutionize e-commerce, so neighborhood assist is integral to funding this initiative.”

After the token was sold for an ICO charge of $0.0524, it rose to $0.036189 by using early January. It is presently trending close to the January price. 

The CyberMiles Technology

Due to issues of scalability and performance, Ethereum’s Ethereum Virtual Machine (EVM) and decentralized purposes are hard to use. Ethereum presently supports round 15 transactions per second, which is now not nearly sufficient for an e-commerce market (or ample to compete with usual marketplaces such as Visa, which methods 45,000 transactions per second). The scalability problems round Ethereum have been particularly highlighted via the CryptoKitties blockchain recreation launched at the end of ultimate year.

CyberMile’s solution is the advent of a blockchain with a consensus mechanism that prioritizes high throughput – the goal being tens of heaps of transactions (TPS). It does this with a proof of stake consensus model, the place members “stake” or hold tokens in trade for confirming transactions in new blocks of the blockchain. This is much more efficient than Ethereum’s Proof of Work model.

Third-party functions for the ecommerce enterprise additionally will emerge as more powerful and less complicated to improve the usage of CyberMile’s platform. The new blockchain protocol which will guide this purpose is the Smart Business Contract. The principal distinction between CyberMile’s and Ethereum’s clever contracts are that CyberMile lets in access to an built-in stack of effective enterprise software program middleware. In other words, the middleware ensures that CyberMile’s Smart Business Contract is effortless to boost and noticeably reusable.

Here are the preferences available in the CyberMiles middleware system:
  • Rules engine – A regulations engine ensures that business contracts follow sure regulations in a handy and efficient manner.
  • Business Process Manager (BPM) – A computing device that imitates the execution of a multi-step contract. Once the two facets agree to a contract, the BPM steps in with the rules engine to decide the subsequent steps to take.
  • Distributed database – A distributed database is necessary to practice complicated frameworks and keep software data and then replicated across nodes on the blockchain. Transaction effects are stored on the blockchain itself as a substitute than the allotted database.
  • Distributed file and records storage service – The allotted file and records storage provider works with the Smart Business Contract to supply get entry to to file offerings for larger data documents needed for selection making.
  • Distributed webhook provider – A distributed webhook device can obtain exterior occasions (e.g. FedEx delivery notification) related to the Smart Business Contracts.
Smart Business Contracts are reusable as well, meaning that key time period can be effortlessly changed. This reduces time and price of growing new enterprise applications.

Another key function of the technological know-how is that the CyberMiles dAPP manages records that is not in a position to be stored on the blockchain for privacy or overall performance reasons. This records can be effortlessly transferred to the Smart Business Contract, however.

The concept is for other E-commerce purposes to be built on CyberMiles in the future. 

How to Purchase CMT

The predominant way to purchase CMT is via DigiFinex, both through buying and selling bitcoin or ether. DigiFinex currently has the largest volume of CMT trading and allows you to trade CMT with Bitcoin. 

CMT is also available on the following exchanges:

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 keep your KIN on hardware wallets such as Ledger Nano S and Trezor.

Roadmap and Future Updates

CyberMiles plans to go stay with its mainnet at the end of 2018 and its 12 million users start accepting CMT as price as early as this summer. 

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CyberMiles (CMT) Review – A Decentralized Ecosystem for Ecommerce CyberMiles (CMT) Review – A Decentralized Ecosystem for Ecommerce Reviewed by haw on May 15, 2019 Rating: 5

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