Blockchain technology is the future of e-commerce and it enables a decentralized internet of programmable money which faces two barriers currently. It is too slow and its applications which is known as smart contracts are too limited. CyberMiles is a smart contract platform optimized for a commerce at scale and high throughput and solves these problems in one fell swoop. For all e-commerce related transactions the CyberMiles blockchain aims to be the public blockchain. Ensuring the validity and security of the contract, CyberMiles provide a huge library of “smart Business Contracts” in computer code. And it can be triggered, executed and transparently recorded on the blockchain without human intervention.The network’s native cryptocurrency is the CyberMiles Token (CMT). And the uses of this are settling of transactions, rewarding network validators,and incentivizing community members to provide services to each other. And also CMT can be used to pay for the execution of smart business contracts just like ETH on the ethereum network.
In estimated annual transactions it utilizes to support 5miles’ existing e-commerce network of over 10 million US-based registered users, and over $3 billion USD is a unique advantage of the CyberMiles blockchain. The services provided by this network are decentralization of user identity and credit management, decentralization of settlement clearing house, peer based voting and conflicting resolution.
As this CyberMiles is 100 times faster than Ethereum in terms of transaction per second it is totally compatible with Ethereum and also it can run all Ethereum Smart Contracts and Dapps.
As the Cybermiles blockchain is more secured, it stops common smart contract bugs that had caused loss of fund on Ethereum. Through community agreement CyberMiles are ready to support an on-chain governance process to transparently recover the fund in case of a loss of fund occurs.
And this can be recognized as more user-friendly and cheaper to use than Ethereum. For most common transactions CyberMiles blockchain ignore transaction fees.
A Smart business Contract on the CyberMiles is comparable to that of the Ethereum blockchain. CyberMiles Smart Business contract and Ethereum Smart Contract are identical apart from one thing. Every application is not re-written all over again because Smart Contract is capable of entering an integrated bunch of business software middleware. Therefor it can be easily developed and highly reusable in itself.
Still there is a concept of decentralized applications in the CyberMiles blockchain system which would manage all data and logic that should not be stored on the blockchain for privacy or performance reasons.
In its blockchain validator software, the CyberMiles system will include a forward chaining inference rules engine. The rules engine is used by the validator to execute Smart Business Contracts although it resides outside of the blockchain.
As the standard file storage facility the CyberMiles system use Ethereum Swarm and IPFS which are blockchain-friendly distributed file system technologies.
To receive external messages and trigger BPM events each CyberMiles blockchain node will embed a web server. One or more webhook URLs are published in each of the Smart Business Contract application to receive external events.
For business transactional applications the CyberMiles blockchain platform primarily support middleware operations.
Peer-to-peer small business loan marketplace is a potential application which is built on the CyberMiles’ blockchain.
The CMT which is the virtual token in the CyberMiles Blockchain system is principally used to recompense for accessing the network. Parties such as end consumers and sellers, on the supply chain use it as an in-network medium to settle accounts. As CMT is a digital token, the settlements of it is instant, free, and secure. Through exchanges on the network the parties are needed to convert their CMT balance to other assets occasionally.
CyberMiles blockchain is known as a new decentralized blockchain protocol which has been optimized for business transactions.
Smart Business Contract is a business application which is executed on the CyberMiles blockchain.
To maintain the blockchain and execute smart business contracts, CyberMiles Token is used as the Crypto currency to award people who are holding CyberMiles blockchain nodes.
CyberMiles Validator is known as a person or entity who are contributing to computing power to maintain the CyberMiles blockchain infrastructure. And it includes executing Smart Business Contracts. It may be unaffiliated with 5miles whether the person is anywhere in the world.
Through CyberMiles Application any business can build and utilize applications on the CyberMiles blockchain.
Whitepaper(project & technology) :https://www.cybermiles.io/vision/
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