Our modern world is expanding its digital footprint every day, and at a rapid pace too. Online shopping, the growing popularity of crypto, and blockchain just proves that individuals and businesses are ready to say goodbye to traditional ways of doing businesses by welcoming more efficient, secure and effective options. CyberMiles hopes to fast track this transition with their innovative platform.
CyberMiles is a new next-generation blockchain network optimized for marketplace and business applications. With its design, the platform aims to speed up the process of decentralizing the online market. It will work closely with the already well-established platform of 5miles to achieve its aims. In fact, the latter will be the first platform to use CyberMiles’ new blockchain technology. This is no small feat as 5miles has 12 million users, and has $3 billion in annual transactions.
Similar to the Ethereum blockchain, CyberMiles will be a decentralized platform that will use smart business contracts to both facilitate and process transactions quickly and with transparency. With this in mind, the platform aims to have its users contribute to the further development of the site to make it a public network offering secure business solutions.
CyberMiles’ white paper lists some more of their goals:
• To support a large library of commerce-related smart business contracts that power the decentralization of processes;
• To manage user identity and transaction data both privately and safely, while enabling new transactions and settlements amongst network participants. Access to user data will be a key driver for other e-commerce and consumer finance platforms to be built on CyberMiles;
• To utilize a delegated PoS (Proof-of-Stake) consensus engine to support tens of thousands of transactions per second (“TPS”), hence resolving latency issues of existing chains.
With these goals at the forefront of their vision, CyberMiles will be the first blockchain network that can be adapted by both real-world and online businesses. If that’s the case, the platform would be one of the leaders in blockchain technology.
CyberMiles will be using the CyberMilestoken (CMT) on its network, which will initially be issued through the Ethereum blockchain as an ERC20-compliant token until CyberMiles’ technology can allow for the implementation through its own blockchain. Once this occurs, the exchange from ERC20-based token to CyberMile-blockchain-based token will be on a 1:1 ratio.
Members will be able to earn CMT by contributing to the general maintenance and improvement of the platform through running network nodes, validating transactions and executing smart business contracts among other services.
Other incentivized services include providing conflict resolutions and peer-to-peer customer support. In this way, community members could act as arbiters in the event that a business transaction goes pear shaped for some reason. This again shows that the platform can be self-sufficient without having to get in external assistance for any issues.
You may have been in a position when doing online transactions where the website’s server goes down. This is both frustrating and highly inconvenient, especially if you’re in the middle of a financial transaction. Because CyberMiles will run on a decentralized network, this will not be an issue. All of the platform’s services, through its blockchain network, can be provided by the CyberMiles community, making it even more resistant to any failures and more self-reliant.
Another benefit, compared to traditional centralized platforms, is the lack of autocratic censorships and account closures. Community members will decide and vote on whether certain products or services should be censored, and whether certain accounts should be closed. This will be done through smart contracts with the use of CMT. This encourages the continuing democratization of the platform.
Now that we know what CyberMiles is, how will it change the e-commerce market both now and in the future?
Even though it will provide great support to 5miles, it’s business potential will not be limited to just that one platform. Their provision of smart contracts makes it a great option for businesses, especially startups.
In addition, it’s wide reach allows it to act as provider for a comprehensive range of outsourced services. These include customer experience services as well as finance and IT services. With the ever-increasing need for automated services, the platform could assist with the below:
A decentralized identity management platform
Keeping personal information on a centralized network is a risky move. As a result of just one security breach, millions of clients’ sensitive data could be sold to the highest bidder. Giving the power to the actual holder of the information drastically decreases this risk, and the user will be allowed to determine who gets to view their information. This is only possible through blockchain-based smart contracts, which is what this platform will offer its users.
A peer-to-peer small business loan marketplace
All successful businesses started somewhere, and in the future, CyberMiles will be that somewhere. Credit histories can be recorded on the blockchain based on information provided by users through the aforementioned decentralized identity management platform. Through smart contracts, these loans would then be automatically settled using CMT. No middle man and no extensive paperwork.
An efficient supply chain
If you’ve ever purchased anything on line, you’re familiar with the process. E-commerce sellers need to have items shipped from suppliers to eventually have sent to buyers. It seems like a simple enough process, but it involves these goods being moved from person to person. In addition, because it’s traditional e-commerce, the shipping fees and other costs to be paid in fiat currency can add up. With a platform such as CyberMiles, CMT will be used in a secure environment. No more lost invoices either as everything will be recorded using blockchain technology.
Combating counterfeit
One of the main risks of any online transaction is fraud. Traditional companies may even have fraud departments whose job it is to identify and combat fraud. Most of the time though, this process can only occur after the transaction and is subject to human error, even if anti-fraud technology is in place. Having this reactive approach to fraud could result in client chargebacks, and an overall negative perception of the online platform.
Blockchain technology can provide a more proactive approach and solution to this problem. Firstly, any record made on blockchain is unchangeable and seeing that every transaction will be blockchain based, the record will always be there for verification purposes. In addition, in the spirit of transparency, sellers can issue authenticity certificates for each of their products, which will always be available to reviewed by anyone.
Also, because the platform offers community-based resolution services, any fraud accusations labelled by one user to another can be reviewed by an arbiter and discussed until a resolution is reached. Again, no outside influence is necessary.
What’s more, by working on a reward or incentivization model, the community can actually earn CMT by combating fraudulent activities.
Growing ICOs in e-commerce
The growing popularity of crypto can’t be denied. E-commerce could now easily be a part of this growing community by making use of CyberMiles’ blockchain and CMT. If another blockchain is going to be built on CyberMiles’ blockchain, it can use CMT to pay for transactions and for the execution of the smart contracts. If this platform wants to implement its own ICO, they could use the CMT as the master token. It would be similar to Ethereum-based platforms using ETH to issue to ERC20-compliant tokens.
All of this shows that in addition to providing excellent support and benefits to e-commerce platforms, CyberMiles could greatly assist in the expansion of the crypto industry as a whole. This would drastically improve the efficiency, popularity and usability of any e-commerce platform using CyberMiles.
As you can see, the benefits and advantages in joining the CyberMiles platform is extensive. The amount of growth that the platform is offering the e-commerce industry as whole is quite astronomical. Ease of business between buyers and sellers will be increased, while the risk of fraud will be decreased.
In addition, joining the platform will allow you and the rest of the community to actually be responsible for it through participation and transparency. CyberMiles also plans to invest in researching effective ways to drive innovation and improvement on the platform. This would definitely differentiate them from the competition as they will basically be a self-sufficient and democratic platform on which to conduct secure business transactions.
The platform is actively and continually trying to improve itself to present the best possible user experience. An example of this is that they have recently announced the formation of a highly skilled, knowledgeable and competent advisory board.
“We’re excited to welcome an exceptional board of advisors to help guide CyberMiles to fruition,” Dr. Lucas Lu, CyberMiles’ initiator and the founder/CEO of the 5miles marketplace, said. “As a public blockchain network that is breaking ground with smart business contract modules, CyberMiles can benefit greatly from our advisors’ expertise as well as the funding needed to power this initiative forward.”
ICO
Investors have definitely taken note of the revolutionary ground that this platform is breaking. CyberMiles also launched their private investor Pre-ICO sale, where they raised millions to go towards funding future goals, research and development.
Their highly anticipated ICO is scheduled to begin on the 21st of November. There are a few points to remember for those hoping to participate. Users will have to register and comply with KYC in order to participate. This will assist the platform in addressing compliance requirements.
It is important to note that the ICO is not open to everyone.Participants from the People's Republic of China and OFAC sanctioned countries will unfortunately not be allowed to contribute.
Because CMT is a utility token, it is not regulated in any jurisdiction. It has also not been reviewed by any authority. This means that contributors will be purchasing these tokens at their own risk, and should therefore be aware of any associated dangers of both digital platforms and assets.
The platform’s verification process could take up to three days, which is why hopeful contributors are urged to register as soon as possible to avoid delays. Successful users will be notified via email.
The initial total token amount is 1 billion CMT, but could be expanded to a hard cap of 10 billion CMT. A total of 700 million CMT will be available to purchase during the funding phases with the goal of general token contribution.
Out of the initial 1 billion CMT, 100 million will be allocated to the CyberMiles team and their partners. Another 100 million will go to 5miles, to recognize their vital role in the development of CyberMiles. It will also go a long way to consolidating a strategic partnership between the two entities.
The last 100 million will be allocated to a CMT reserve. It will be distributed in the future to end-users to encourage their participation on the platform, and to inspire them to actively contribute to the overall development of CyberMiles.
A portion of the funds raised will go towards the development of the platform. Another portion will be allocated to expenses resulting from the migration of 5miles’ onto CyberMiles’ blockchain network. In addition, a share of the proceeds will also be allocated to funds already spent on previous research.
Transactions on the platform will be processed through a delegated PoS system, which in turn will result in new tokens for compensation purposes. CyberMiles itself has targeted an 8% annual compound interest rate on the total number of tokens allocated from the beginning of the ICO phase until the platform’s 10th anniversary. Thereafter, the platform will determine the future growth of the token supply. However, the hard cap of tokens has already been tentatively set at 10 billion.
The platform plans to launch the v0.1 of their smart contract modules in December this year, while June 2018 will hopefully see 5miles transacting with CMT. December next year will see the planned launch of v1.0 of the CyberMiles platform. March 2019 is scheduled to see CyberMiles’ modules available to use on other platforms, which will in turn increase and foster the adoption of the technology.