Cybermiles is the first Initial Coin offering (ICO) underwritten by Cobinhood a fee free cryptocurrency exchange that aims to launch billion dollar ICO’s. Cybermiles Foundation Limited and 5 miles have teamed up with the aim of developing Cybermiles a next gen blockhain optimized for e-commerce and designed from the ground up for mainstream adoption.
Cybermiles is about to launch their ICO on the November 21, 0:00 a.m. PST. As we know there are some significant problems with the current blockchains available, these problems are mainly:
• Inefficiency and scalability, it takes a lot of resources to process complex algorithms in the decentralized world.
• Development in this environment is challenging because of the above.
As a flow on effect of these problems it makes it very difficult to bring blockchain technology to the uninitiated. So Cybermiles has set out to solve the issues of development ease of use/inefficiency and bring blockchain technology to the masses.
To achieve this Cybermiles plan to launch a new blockchain network protocol, called Cybermiles blockchain, optimized for business contract transactions this will be called the Smart Business Contract. Basically it's presenting proven known middleware, familiar to developers, accessible to a distributed virtual machine on the blockchain.
The new blockchain aims to be high performing and scalable and It will enable businesses to write Smart Business Contracts. Every node in the blockchain would not only run the blockchain ledger but also support standardized middleware.
The key objective for Cybermiles here is to reuse existing technologies to build an efficient library of software components and standardize how they are used. Similar to the relationship between the Linux operating system and Fedora/Redhat, other examples are Java 2, LAMP, Ruby on Rails, and so on.
This method\strategy of development is one of the most important best practices in enterprise software. So Cybermiles is using this key development strategy with of a view of applying it to the blockchain platform as well.
The new Cybermiles blockchain will be based on the Tendermint / Cosmos platform which is a modular platform with impressive performance. Due to the underlying Tendermint DPoS technology, the Cybermiles blockchain would have a block generation time of under 10 seconds, and transactions in a block are instantly confirmed once the block is committed.
This idea is a big one. Think of any of the current ICO's that have launched to date, the Cybermiles blockchain could create it. For example some uses cases include decentralized Identity Access Management (IAM), credit management, settlement clearing, voting, conflict resolution and so on.
What makes this ICO particularly interesting isn't just the tech but also the target market. Cybermiles plan to optimize for the e-commerce market first. I know what you’re thinking targeting the e-commerce market isn't a new idea for an ICO, but none that have launched have ever had an existing user base with over 10 million users and a company that is already worth 3 billion USD. Have I peaked your interest yet? They are using an already existing application here folks available in the apple app and android play stores. Most ICOs have just a whitepaper prior to kick off this one has working products and existing user base, this fact cannot be understated.
Current position of 5miles app in relation to Amazon
5miles plans to integrate the token into the existing 5miles platform seamlessly, so users of the platform will be able to pay for goods without even knowing they are using the Cybermiles token (CMT). This ensures that user uptake will occur as all the complex tasks associated with using cryptocurrency from a user perspective won’t exist.
Cybermiles Token (CMT), may be used to settle transactions, reward network validators (who execute Smart Business Contracts), and incentivize community members to provide services to each other.
Holders of CMT will be rewarded with CMT as the token is a delegated-PoS (“Proof-of-Stake”) consensus engine designed to support tens of thousands of transactions per second (“TPS”), hence resolving latency issues of existing chains.
Token Metrics
1 ETH = 7,000 CMT. Currently 1 ethereum is approx. 300.00 US dollars. So at today's rate 1 CMT is worth 0.04 US cents per token. (Please note the token price may be significantly lower for COB holders)
The aim is to sell 1 billion tokens during token event. Potentially another 9 billion could get created through proof of stake transaction processing. So new coins will be minted which will occur gradually over time. The targeted growth is 8% annually year on year for 10 years.
The Team
Looking through the Cybermiles team in the whitepaper and on their site you can see they have all had significant experience in their chosen fields. There are many champions in this team too many to mention, basically a great team.
Conclusion
Even though I don't particularly like the potential circulating supply, overall the token metrics of the ICO are sound, they have proof of stake which will encourage token holders to hodl instead of dump the token once it's listed on the first exchange. They have a great team and I do like the idea immensely, they are trying to solve a big blockchain issue, it’s a platform and they already have a working product and user base to target so I will be participating. If you would like to participate there are links below to the site, before you do make sure to DYOR.