CyberMiles is the name of cryptocurrency and blockchain network provider organization. They are ensuring smart contracts for e-commerce with proposed testnet and Travis. The Travis TestNet has validating nodes for the community growth selected by the community.
It is done by a staking process and deploys Ethereum smart contracts or DApps. CyberMiles is highly focused on e-commerce so that the buyers and sellers both get some privileges by using CyberMiles. This blockchain protocol has been certainly designed and optimized for application in business and marketplace. Therefore, the protocol consists of Virtual Machine based blockchain that is also defined as modules of middleware software stacks operated outside by the chain to support decentralized process. This process is also governed by smart contracts implemented on another network.
Decentralized Identifying Management Platform
According to the law enforcement, the centralized personal identity management creates a high volume of risk for consumers and for the companies. To solve this difficulty, Cybermiles has let the users have full control over their personal information and also able to decide case by case, access timing, duration, and accepted use of the data approved by the user. This will have no central repository of personal information attach and the blockchain based Smart Business Contracts will remain hard to implement.
Working Process of CyberMiles
Every blockchain network manages their identities through all the cryptographic keys whereas the user’s “Wallets” on bitcoin or Ethereum blockchain are decentralized and controlled by the user through the private keys. Smart Business Contacts extends the concept of wallets including security deposit to the tokens. Also, the user has the permission to use different wallets for different purposes. The online wallet also has some personal information for particular stores. The wallets contain all the personal information about the user. The user also can make it authorize financial applications on the CyberMiles network to utilize it. The user wallet works through a specific protocol:
The user can install any trusted “wallet” app
Then need to register personal information and banking information
The wallet will require AML/KYC validations for government mandated anti-money laundering check
Next, it will generate a private and public key paired with the broadcasted public keys o the blockchain for record
And lastly, the wallet will get the baking link to be authorized and tested.
Small Business Loan Marketplace
CyberMiles blockchain involves in providing a potential application to build peer-to-peer small business loan in the marketplace. It can record the credit history for every user identified by the public key. The matching and settling loan work like following:
The user should log into the exchange via OAUTH from the wallet
The exchange will suggest for matches
Will provide detailed credit scores and histories for matched candidates
Then the user will select a candidate where both party agreements will need
The loan contract will be recorded by the exchange on the blockchain
Lastly, the exchange request will settle the parties to their bank accounts
More about Testnet
Test net that allows its programmers to test the features of the software without having to fear losing coin when trying out the functionality of the program. This mechanism also creates a network of network nodes, miners, users, and even a new blockchain for testing purposes, and you can also use the test net to experiment with the coin
CyberMiles is more secure than Ethereum, able to stop common smart contract bugs and also support on-chain governance process which sounds like it is truly a great project. Dr. Michael Yuan, on his blog said exactly what we're going to see when the CyberMiles TestNet Travis goes live. "After the Travis TestNet goes online, we will be working on some very interesting features to enhance the CyberMiles blockchain beyond what Ethereum can do. For starters, we are building a highly optimized and enterprise-ready virtual machine to support many business contracts out of the box at a very high performance.
At the end of loan terms, the Smart Contract will automatically execute the request for settling the payment form their bank accounts of both parties and the broadcasts transaction result will become the part of the credit history.
CyberMiles is making a solution for supporting some business transactions, especially for the small businesses. They are aiming to be the leader in their phase by making their blockchain network automated for every commercial application.
Website: http://www.cybermiles.io
Whitepaper: http://www.cybermiles.io//wp-content/uploads/2018/03/Project-white-paper_en-US.pdf
Twitter: https://twitter.com/cybermiles
BTT profile link : https://bitcointalk.org/index.php?action=profile;u=1151479