BUSINESS OVERVIEW
WHAT IS CYBERMILES ?
Hard to not notice the company, because they raised millions in their private sale, their pre-ICO and their ICO sold out under an hour.
For those who don’t know CyberMiles, the company designs a new blockchain network for commercial applications. Their objective is to empower the decentralization of the online marketplace. The money raised during the ICO was to fund the development of its technology.
Cybermiles is the blockchain made for e-commerce
The CyberMiles blockchain aims to be the public blockchain for all e-commerce related transactions. Building on the Smart Business Contract technology and 12+ million existing users of 5miles, a top 10 U.S. marketplace app, CyberMiles is specifically optimized for e-commerce. It has the benefit of a single large network, and yet is maintained and validated by the community of trustless peers.
HOW CAN YOU JOIN THE TEST-NET?
Unfortunately, you can no longer join the test-net. The sign-up form has been closed. Although, the team is probably going to update the community through social networks.
If you have been in, from the beginning of Cybermiles till now, you are probably already registered, and I wish you to enjoy the test-net release on the 31st. 😊
TECHNICAL OVERVIEW
WHAT’S THE ORIGIN OF THE PROTOCOL?
The blockchain technology behind CyberMiles comes from 5xlab, their blockchain development laboratory. 5miles is expected to be the first platform to use CyberMiles’ blockchain protocol, many real-world businesses are expected to use this blockchain technology.
“The purpose of CyberMiles is to bring practical blockchain technology to the fore,” Garwin Chan, C.F.O. of 5miles/CyberMiles, said. “Developing commercial apps that are more effective and transparent is what we’re after, something that will benefit both marketplace businesses and consumers.”
WHAT IS THE END-GAME?
Cybermiles wants to become the Ethereum of e-commerce. The mission of CyberMiles is to disrupt and improve the e-commerce infrastructure chain and its components with what CyberMiles refers to as “smart business contracts.”
The key aspects are:
- The transparency and reliability of data and transactions.
- Smart contracts, plus community management, reduce the risk of corruption.
- Reduce the transaction costs of online payments.
To achieve these, Cybermiles is working to achieve this in three significant ways:
- Enhance performance and support for high concurrency.
- Reduce the transaction fees.
- Improve platform security.
WHAT ABOUT CYBERMILES TRAVIS AND THE TEST-NET?
1st as always: Security
Of course, the key aspect is security, the team has learned from flows in common Ethereum smart contracts and implemented ways to prevent them from happening on their blockchain. They could not ignore what happened with the DAO and Parity, which caused large amounts of money lost to hackers. They got together and designed an on-chain consensus process for validators to propose fund recovering operations, and then have all validators vote on such proposals. The proposal passes with 2/3 of validators voting yes, and the funds are recovered automatically as proposed in the next block. All proposals, votes, and subsequent recovery actions are recorded on the blockchain for all to see.
Technically, all the proposals and voting are done via validator-only transactions submitted to the blockchain. The specifications of those transactions are available in the “governance” module of the web3-cmt toolkit. You can try them on the Travis TestNet.
The code of the smart contract is available on GitHub: https://github.com/CyberMiles/travis
You will find all the relevant details about Travis on Medium:
https://medium.com/cybermiles/introducing-travis-the-cybermiles-testnet-2f9a981e560
ROADMAP
WHERE ARE WE NOW?
- Cybermiles signed a deal with the Dallas Mavericks, so Mavs fans can purchase tickets with CMT. This will start from the 2018-2019.
- Launch of the test-net March 30. Early bird sign-up is on (March 15–30) at https://goo.gl/forms/IL0ab1JxDhKiL71v1.
- CyberMiles to Partner with DATx, CyberVein
- Maggie Guan Joins the CyberMiles Foundation as New General Counsel
WHERE TO GO NEXT?
June 2018: 5miles application starts accepting CMT for marketplace transaction
December 2018: Cybermiles v 1.0 release
March 2019: The CM module allows use on different platforms for more convenience
USEFUL LINKS AND INFORMATIONS
Where is it possible to buy and trade Cybermiles?
WHERE TO FIND MORE INFO ?
Website: https://www.5miles.com/
Whitepaper : http://www.cybermiles.io/file/project/Project%20white%20paper_en-US.pdf
Twitter : https://twitter.com/cybermiles
Facebook: https://www.facebook.com/cybermiles
Bitcointalk URL : https://bitcointalk.org/index.php?action=profile;u=1019285