What is CyberMiles?
CyberMiles is a next generation blockchain platform developed to provide smart contracts for businesses. It is optimized with e-commerce in mind, providing businesses looking for a blockchain-based solution for the every day operations. Using its own blockchain, to be released in 2018, customers can select the appropriate smart contract(s) from their commerce-related Smart Business Contract library, making it easy for anyone to build business-related DApps. Its ICO-issued token, also named CyberMiles (CMT) is an Ethereum-based token, which will eventually be swapped over for system-native CyberMiles tokens upon release of the beta version of the blockchain.
History of CyberMiles
CyberMiles was founded in 2017 by Dr. Lucas Liu, a theoretical physicist who had previous experience working for Alibaba. The CyberMiles team is composed of several blockchain specialists and senior members of 5miles, one of CyberMiles’ leading partners. Their ICO ran for one month, from November to December 2017, during which time they raised $30 million in funding. Within weeks, the CMT token was already trading on the crypto markets with a market capitalization value over $100 million, making it one of the fastest rising cryptocurrency projects of early 2018.
How CyberMiles Works
CyberMiles is launching a brand new blockchain specifically developed for e-commerce solutions. Its token will be used not only to purchase services within the platform and as a means of value exchange but will allows its holders to vote on changes to the CyberMiles network protocol using a Delegated Proof of Stake (DPoS) type system. CyberMiles tokens can also be used to develop and launch ICOs that reside atop its own blockchain, similar to how ICOs are frequently hosted on the Ethereum blockchain. As a platform, CyberMiles DPoS-run blockchain will be fully compatible with Ethereum, meaning any DApp or smart contract that is created on Ethereum will also be able to run on the CyberMiles network as well.
In addition to acting as a blockchain for a cryptocurrency, the new CyberMiles platform will offer several distinct advantages over other coins by offering the following services:
Business smart contract solutions. Customers of CyberMiles can not only access one or several Business Smart Contracts from CyberMiles’ smart contract library but request that highly-customizable smart contracts be created for their specific business needs, or even create their own smart contracts using a simplified contract creation process.
Business DApp-friendly. Using CyberMiles’ open-ended, easy-to-use API, businesses can build their own e-commerce DApps tailored to their individual businesses.
Built with scalability in mind. The CyberMiles network will be able to process tens of thousands of transactions per second, in contrast to Ethereum’s ten transactions per second.
Decentralized customer data storage. The CyberMiles network will have no centralized data repository or clearing house, ensuring the safety and privacy of its customers.
Partnership with 5miles. Upon its completion, 5miles will migrate over 12 million US-based e-commerce users to the newly-developed CyberMiles blockchain. The CyberMiles network will manage customer user identity, credit histories, reputation, as well as financial transactions.