Nov 20 2017
Nowadays, the commercial infrastructure of modern society has been revolted. The big retailer like Walmart and Amazon already accumulate the scale profit that makes possible to reach more efficiency through producing, marketing and distribution center. As we know, that the online market has been developed quickly. As the consequences from that, the people should make the innovation to comply the life necessities such as an online marketplace. One of the most popular online marketplaces is Cybermiles.
Cybermiles (CM) is a decentralized online marketplace that uses the blockchain technology that has the function become the connector between seller and buyer. The main goal of creating Cybermiles is to change and revolutionized the working of E-commerce and marketplace networking. Cybermiles wants to find the way how the sellers and buyers can meet in a single marketplace without any third party. Through the Cybermiles, the sellers and buyers can create their marketplace freely and democratically.
Cybermiles was founded by Michael Yuan, from the 5miles team as the largest C2C (Consumer to Consumer) marketplace operator in the world. Compared with another crypto like Bitcoin, Ethereum (ETH), etc., that has the excellent and superior features such as the “Business Contract,” the CM more superior than that, the CM completed with Smart Ethereal Contract” and become the next ethereal country. Here the information about Cybermiles for you who need to know about the CM before you decide to join the Cybermiles network.
What is the goal of Cybermiles?
The Cybermiles goal is to create the blockchain protocols that want to solve some problems that still exist nowadays in the e-commerce industry. Other platforms that use (such as ethereum) as the blockchain have some problems. For example, the other platform wasn’t designed for the e-commerce industry. So, it can’t handle many transactions at the same time. Based on that reason, the Cybermiles created a blockchain protocol that ready in e-commerce industry only and able to handle many transactions at the moment. It’s useful and helpful application. Besides that, the CM has the goal is creating the decentralized marketplace and as the connector between sellers and buyers.
For the transaction through Cybermiles use the Cybermiles Token (CMT). CMT is the original crypto signal currency that created, integrated, and used for the Cybermiles network. The goals of CMT service are:
- Able to give the incentivize for the society to give the contribution about computing power and maintain the integrity networking. For example, this service can include the node’s network running, validating the transactions and executing smart business contracts. Such as, when e-commerce market players (sellers, buyers, and market maker) take the advantages of network service. It will provide by CMT.
- The CMT will be able to help the society to respect and appreciate to provide more value, such as peer-to-peer consumer support services and conflict resolution. The service provider may receive CMT from members after the agreement has been reached.
- To facilitate the transaction in marketplace network between sellers and consumers. It enables decentralized settlement and significantly reduce the costs transaction and error networking. The network will extract the transaction cost to pay the validator who run out the Smart Business Contract that related to the transaction.
Cybermiles bring out the smaller units like peer to peer party to promote the broad public market system. This concept has been adapted and proven effective by 5miles leading in unites States as a peer-to-peer market. The introduction of 5xlab discovery is needed, the blockchain technology that offers the development of modern technology to build a stable digital network system.
How’s the progress of Cybermiles system?
Cybermiles as the blockchain technology that developed by Cybermiles foundation, a blockchain research laboratory that cooperate with 5miles. The 5miles was formed in 2014 by the world-class team from China and USA. Since the Cybermiles launch at 2015, 5miles has established itself become the top 10 shopping application with more 12 million users and get USD 3 billion in annual transaction value. This new blockchain has the high performance and easy to scalable, supporting more than 10.000 transactions per seconds.
Completed with the master designed technology called Proof of Stake(PoS) consensus engine to improve the speed of transaction through the Cybermiles. It’s different with Ethereum that can only support ten transactions per second; it’s about 0.001% difference. Some people believed that Cybermiles are the second Ethereum in the modern era. This technology also enables the companies to set up the Smart Business Contracts, which are distributed middleware applications based on the codification of business regulations and processes.
Cybermiles has stepped up protocols that managing 12 important commercial application and over 300 subcategories of transactions, covering the most potential applications for online and e-commerce market. Also, the Cybermiles application should create more and smarter contracting modules that will be used and developed. Finally, Cybermiles modules will be available for purchase or licensing through open markets. So, the demand for Cybermiles is increased. Cybermiles will inspire the innovative blockchain applications to develop even further. For more details about Cybermiles you can visit: WhitePaper : https://cm.5miles.com/file/project/Project%20white%20paper_en-US.pdf
The Cybermiles can overcome the forgery problem. The blockchain technology can solve this problem because it has conservation. The conservation is making it ideal for tracking the authenticity of products to be sold. Seller or even manufacturer or supplier can make certificate of product authenticity. Once the certificate is associated with the characteristics of the carrying product, and relevant information is stored in a distributed ledger, its holdings are tracked, and the risk of embezzlement is significantly reduced. This makes buyers (or even arbitrators) able to check product history within the system, by recorded information and visibility.
Knowing Cybermiles Tokens (CMT)
Cybermiles will use CMT (Cybermiles Token) as the main currency that can be used to make the transaction on the Cybermiles platform. For the beginning, CMT will be released using Ethereum ERC20 technology as a first step. But, in the future, the 5miles team will develop an own wallet to accommodate CMT. This wallet will be completed as soon as the token of type ERC20 has been circulated, and the token holder can swap it by 1:1 ratio.
As explained before, CMT will be based on ethereum ERC20 which can be stored on wallets like Mist, MetaMask, MyEtherWallet and also can be transferred easily. SMT have some quite essential and fundamental uses for the platform. CMT can be used to reward and incentivize community members to contribute the computing power and maintaining network integrity. This token will also make it easy to transact inside the Cybermiles platform.
A total of 1 billion CMTs will be released, but only 700 million CMTs will be sold to the public. The 300 million CMT will be allocated to the 100 Million team, for 5miles 100 million and CMT reverses 100 million. The algorithm used in CMT is Proof Of Stake (PoS) where users who store CMT tokens will receive gett rewards of 8% each year. The token price of 1 ETH = 7000 CMT and the currency received as a buying tool is Ethereum. The ICO event will begin on 21st November 2017 and end on 5th December 2017 or when all tokens are sold.
The differences between Cybermiles and Ethereum
Cybermiles is specially developed for the transaction and commercial application. That is different with ethereum that not designed for those purposes, so the current standard usage platforms tend to be very inefficient for contracts that regulate the specific commercial transactions. Instead, CM was developed to build the original contract modules to maximise the computational efficiency that needed to complete the transactions accurately.
Cybermiles have been well optimised to support 10.000 transactions per second; it’s the huge difference from ethereum, ethereum only able to process ten transactions per second. From that differences, we know that cyber miles using is more efficient than ethereal. Cybermiles network will give the reward for validators in creating a new block or execute the Intelligent Contract in the block. However, the ethereum is work slowly, and the consequences from that case are incurring the expensive cost to run out a complex smart contract.
For the last, cyber miles is designed for high performing and easily scalable to run the complex Business Intelligence Contracts. Also, ethereum goal is become a computing network with common usage, while the cyber miles smart business contract is specifically optimised for e-commerce transactions. In my conclusion, the cyber miles hasn’t the purpose to re-create what’s already there but to build from the existing blockchain workflow. It allows the cyber miles to make changes to the infrastructure software, and the arrange re-contribution to the community.
The benefits and advantages of Cybermiles
Cybermiles have many advantages for online transaction. This company makes its blockchain specifically for e-commerce industry, while other companies used ethereum which has the problem with transaction confirmation is too long. Here, some benefits and advantages of cyber miles are:
- The efficiency and compatibility are balanced because Cybermiles blockchain protocol is specially created for e-commerce marketplace so that it can handle a thousand transactions per second.
- A clear and powerful commercial application. Now, Cybermiles ranked in the top 10 in Application Shop Category; it means that they have millions of users that ready to use the decentralized marketplace of Cybermiles. The transaction will develop and grow quickly.
- The collaboration and development that opened. 5miles plans to build a Cybermiles contract market where Cybermiles application modules can be licensed and developed with other platforms.
- Comprised of years experienced teams. All 5miles teams have extensive experiences about internet company, e-commerce platforms, and financial services and they have launched one of the largest online markets for consumers in the world.
- 5miles will create an ecosystem for the development of blockchain technology to serve transaction and connect the buyers and sellers in a decentralized way, so that becomes more transparent and efficient transaction.
- The Cybermiles company is not a new company. It established in 2014 and had millions of users in many countries, even in the USA is more than 12 millions users with annual transaction value until 3 billion USD.
That’s all the benefits and advantages of Cybermiles, if you have interesting to know more about 5miles you can visit https://cm.5miles.com/. To reach the rank top 10 shop application, Cybermiles process continuously to obtain features and offer the convenience to users.
The procedures to register in Cybermiles
Some requirements that should enclose while you join Cybermiles. Register yourself on Cybermiles account, enter the email account and make the password. Confirm your email and completed your identity. Cybermiles obliged you to fill out the registration form. Cybermiles will ask you the details information to identify, Cybermiles also obliged to upload the identity documents and proof of address to complete the verification process. The information includes:
- Passport number
- Scanned passport photo
- Photo on self
Besides that, the document of KYC (Know Your Customers) also needed to registering in Cybermiles. The main goal of Cybermiles is to ensure that they can build and maintain the strong community of Cybermiles contributors. The information that collected when registered will help Cybermiles to discuss the compliances requirements and allow as many participants as possible to join Cybermiles. Cybermiles require inserting the personal ethereum account, just one account. The ethereum address that you entered at the time of registration becomes the only address that used to purchase the CMT during the Token contribution event. Why? Because it refers to Cybermiles main goals is to maximise the participation, which ensures as many as people join in the contribution of Cybermiles token. The ethereum account will help the Cybermiles manager to manage and realize the fairest token contribution.
The important things about Cybermiles registration are not people around the world can register themselves on Cybermiles. Due to the regulatory reasons, CM doesn’t accept the participant from RRC and any countries that have the OFAC sanctions. Cybermiles tokens are developed as utility tokens and aren’t intended to securities and regulated products in the jurisdiction, but for everyone who wants to join, should consider the risks associated with digital assets and platforms. For the last, the verification time will be needed three days working or maybe can extend, Cybermiles manager will give the notify through email about accepted or not to join the contribution Cybermiles token event.
Posted by : kurniawan05