Cybermiles the new decentralized Smart Contracts for E-Commerce
CyberMiles’ testnet, Travis, now activated
In this present era of blockchain and internet age, most people still find it very difficult to understand how to be very successful in business with the help of the internet and blockchain especially that of e-commerce, the curiosity of how to find a social to this problem have to lead me to a decentralized blockchain empowered platform http://www.cybermiles.io/
What is Cybermiles?
Cybermiles is a smart contract platform optimize for e-commerce at scale and high throughput . It is also an organization restricted by ensure to be consolidated in Hong Kong and administered in a not-revenue driven way. It will work intently with 5miles LLC ("5miles"), with the point of creating CyberMiles: a people to come blockchai, enhanced for web based business and intended for standard reception.
What do I mean by 5miles?
5miles is a leader in consumer-to-consumer (“c2c”) e-commerce in the United States. Its flagship application, the 5miles app, has over 10 million registered American users, and is estimated to surpass $3 billion in total transaction value in 2017. The 5miles app is rated a top 10 shopping application in the United States. On average, 5miles users spend 24 minutes per day on the app, making it easily one of the most engaging e-commerce apps in the US. 5miles has been active in the research and development of blockchain technologies. They believe that blockchain technologies could provide natural solutions to common problems in a c2c e-commerce network. For example, the blockchain network’s mechanism for reaching consensus amongst non-cooperative strangers (that is, reaching the Nash equilibrium of the network) is a key feature that could allow c2c sellers and buyers to reach agreements, and hence greatly reduce the cost associated with customer support and dispute resolutions. The blockchain network’s digital token could provide a very efficient in-network settlement currency, and greatly reduce transaction costs. It could also act as a springboard for members of the community to create their own initiative, creating a strong network effect. The blockchain network’s decentralized computing infrastructure could ensure that the marketplace will never go offline, and significantly reduce certain operator’s IT expenses. Furthermore, blockchain technology could facilitate and even automate business transactions through the use of smart contracts and an immutable ledger.
THE VISION
You may be tempted to ask what exactly is the vision of this platform, in life anyone without a vision is working without any hope of achieving a goal. Cybermiles vision is to eliminate the way at which online market funds are being at risks, and enable them to achieve their goal. more interest and business on 5miles. In essence, 5miles has been building an online ecosystem that leverages geographic proximity between users to create vibrant marketplaces. Certain platforms that allow c2c trading have harnessed the internet to better connect buyers and sellers. They encourage the resale of products across different categories and geographic markets. However, these platforms are also centrally managed, running all the functions such as listings review, dispute resolution, payments, and allocation of user traffic. As a result of centralizing all these functions and limiting payment solutions to a handful of providers, the total costs of conducting business can be as high as 15% of the merchandise value. Furthermore, in pursuit of greater scalability on its centralized functions, many of the products sold such platforms often come from larger, more established merchants, selling products with larger inventory. From its formation in 2014, 5miles has set out to establish a very different kind of marketplace, one that was built to enable truly c2c transactions and unlock value from pre-existing merchandise. Its platform is completely mobile-based, enabling real-time, location-specific communication to finalize deals amongst friends and strangers alike in a safe environment. Due to its market-by-market focus, 5miles has also been an important tool for many local businesses, who otherwise would have been closed out from online marketing, which usually favors businesses with deeper pockets and advanced technical capabilities to run online campaigns. All users, from casual shoppers to business accounts, have unique user profiles, peer ratings and reviews, ensuring that good marketplace participants would naturally garner. And many others which are being listed in the whitepaper; http://www.cybermiles.io//wp-content/uploads/2018/03/Project-white-paper_en-US.pdf
HIGH PERFORMANCE
It is fully compatible with Ethereum and can run all Ethereum smart contracts and Dapps. Yet it is 100 times faster than Ethereum in terms of transaction per second (TPS).
MORE SECURE
It is safer than Ethereum. The CyberMiles blockchain proactively stops common smart contract bugs that had caused loss of fund on Ethereum. And if a loss of fund still occurs, CyberMiles supports an on-chain governance process to transparently recover the fund through community consensus.
LOW OR NO COST
It is more user-friendly and cheaper to use than Ethereum. The CyberMiles blockchain waives transaction fees for most common operations. It achieves this without sacrificing security of the network.
The CyberMiles Foundation's order is to grow an open biological system of computerized administrations that shoppers can without much of a stretch investigate and discover an incentive in, while giving engineers an open and manageable stage to create, convey, and upgrade those administrations and pull in clients. To satisfy its main goal, the CyberMiles Foundation will commit assets to three particular objectives identified with examine, advancement, and administration as portrayed underneath;
A. Governance goals The Foundation proposes to dedicate resources to establish a fair and transparent governance process that will take into account the voices and needs of all participants within the ecosystem. This open governance model would oversee decisions related to the membership process, participation rules, token issuance, pricing rules, legal matters, and content and compliance guidelines. The CyberMiles Foundation would be responsible for administering and overseeing the security of the CMT reserve, as well as transparency in its use of CMT and any token proceeds.
B. Research goals The CyberMiles Foundation aims to foster an environment of innovation by working with partners to test new ways to participate in the ecosystem and drive value creation and network effects. The CyberMiles Foundation could fund research and development efforts to support an autonomous network that is secure and effective in providing business transaction services.
C. Development goals The CyberMiles Foundation proposes to direct and fund the development of the CyberMiles blockchain itself, as well as tools that give ecosystem partners the ability to build, grow, and create value for one another. As part of this process, 5miles proposes to make its own codebase available as an open source project that can be leveraged to power new communities and add capabilities to existing ones. The CyberMiles Foundation would further this work by engaging development teams to continue improving the technology suite supporting the CyberMiles Ecosystem, and will maintain an open source codebase that ecosystem participants can use.
Economy aspect of Cybermiles
At CyberMiles, our mission is to build a decentralized ecosystem for e-commerce. Much of this work is to design and implement an economic system. The network must be able to attract a diverse group of participants to share resources in order to truly achieve network effect. Core to the CyberMiles design is economic incentives provided by the CyberMiles Token (CMT).
CMT as a base token
All CMT holders can participate in network governance and maintenance by delegating his or her tokens to “validators” on the network. The validators are professional network operators who compete for the privilege of validating transactions on the CyberMiles network (and hence maintaining its integrity). In return, the validators receive newly “minted” CMTs via our 8% annual inflation and also receive transaction fees for Smart Business Contracts they execute. The validators typically split earnings with his or her delegators. The algorithm to select validators is public and built into the blockchain protocol, and cannot be tempered with by human operators — it ensures the diversity of validators and prevents centralization of power.
TOKEN
CMT Token Issuance The CyberMiles Foundation proposes to initially generate and issue 1 billion CMT, however over time, this may expand and be capped at 10 billion CMT. Further information about when and to whom CMT are proposed to be allocated can be found below. Upon the completion of the proposed CyberMiles token contribution (“Token Contribution”) for 700 million CMT, there will be a total of 1 billion CMT in circulation. Token Contribution is proposed to launch soon after incorporation of the CyberMiles Foundation. For further information and updates regarding the Token Contribution, prospective participants are invited to provide their email address at http://cm.5miles.com . Further updates and announcements regarding the timing and the details of the Token Contribution will be communicated through the website.
For more information about the important update please watch the video below
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Authored by: colvis22