Cybermiles simply wants to put the E-commerce industry on a blockchain. This E-commerce blockchain is to be compatible with the Ethereum platform. Its other selling points are that it is faster and more secure than Ethereum. This article covers what the Cybermiles E-commerce blockchain entails and what its users would get for using the platform.
The platform comes with the token known as CMT. The Initial Coin Offering ended on 22nd November 2017 with over $30 million raised. At the time of writing, the token was priced at $0.3 on coinmarketcap.com. The same website states the Cybermiles market cap as $191,593,331.
Underwritten by Cobinhood
Cobinhood had its own ICO on 13th September 2017. It is primarily a cryptocurrency exchange but also offers ICO services. Underwriting other ICOs is one of the services Cobinhood provides. They basically want to save you the time and effort you would otherwise put into finding out how legitimate an ICO project is and other legal issues you might want to be clarified. Cobinhood only underwrites ICOs that meet their standards after they are examined.
For instance, with Cybermiles, Cobinhood ensured legal requirements were met and the smart contract code was up to scratch. It is, however, worth noting that Cobinhood itself is still relatively new in the cryptocurrency ecosystem. Cybermiles was the first ICO to be underwritten by Cobinhood. Another ICO patronizing this service was the J Token which had its ICO on 13th March. We would have to see more of these partnerships being successful over a longer period of time before concluding that Cobinhood has proven itself in terms of delivery of their ICO services. For now, we can just say it’s a plus for Cybermiles to be partnered with them.
How Cybermiles Is Different
The first difference to note is that whiles Ethereum and other smart contract platforms are more general in terms of who can use them, Cybermiles is focused on one particular industry. By focusing on just the E-commerce market, the platform would be more capable of meeting the needs of enterprises in the space than the more generalized ones. Supporting the E-commerce platforms is another platform for E-commerce ICOs, a loan marketplace, and an identification platform.
As mentioned in the introduction, Cybermiles is said to be faster and more secure than Ethereum, the most widely used smart contract platform. Whereas Ethereum handles about 20 transactions per second, Cybermiles has been designed to process at least 2000 transactions per second.
When it comes to security, the Cybermiles team has put in place measures to tackle loss of funds through bugs in codes. This fund recovery mechanism is to help restore funds that might be lost due to vulnerabilities in code.
Cybermiles uses the Delegated Proof of Stake mechanism when it comes to verification of transactions. With this mechanism, holders of the CMT who stake their tokens get to democratically select those who would handle the process of verifying transactions.
Why Players In The E-Commerce Industry Would Want To Use The Platform
The Cybermiles technical whitepaper spells out how it improves on Ethereum in terms of making it “more user-friendly and enterprise ready.” With its “Smart Business Contracts” a more tailor-made and easy to use platform is created for businesses in the E-commerce industry.
Cryptocurrency projects are increasingly finding ways of rewarding users for their attention. On the Cybermiles platform, users would also get paid to view advertisements. This benefits advertisers too because it increases the likelihood of their adverts being given more attention by their targets.
Access to multiple E-commerce platforms is another incentive for would-be users of Cybermiles. With the Cybermiles platform, E-commerce merchants have access to multiple websites or platforms to trade instead of sticking to just one centralized website. All platforms supported by Cybermiles would be available to all users.
A governance structure is in place to deal with bad actors on the platform. If a user is accused by another of wrongdoing, the matter is resolved by way of having other users examine the accusations and rule on the matter in a democratic manner. This is an improvement on the norm of having users of E-commerce platforms removed or banned without sufficient explanation. There is also Peer mediation as a means of settling conflicts between buyers and sellers on the platform. A peer mediator is any user willing to help resolve such misunderstandings and be rewarded with the CMT tokens.
The Cybermiles platform can also support E-commerce related ICOs. This means players in the industry need not use other blockchains if they have good ideas and projects they want to raise funds for. An advantage of this is that it expands the Cybermiles ecosystem.
Unlike it is on Ethereum where users have to purchase Gas, Cybermiles has no such user fees. This helps encourage more activity on the platform. Once again, according to the Cybermiles team, this has been done in a manner that does not comprise the security of the network.
Disrupting The E-Commerce Industry
In summary, the platform is like an Ethereum network specialized for the E-Commerce market. It is faster, more secure and puts in place incentives to encourage its usage.
The testnet for the Cybermiles blockchain is already live. We are, however, still about half a year away from the set date for the release of the mainnet. We will be following how blockchain technology disrupts yet another industry.