CyberMiles (CMT): A Smart Contracting Platform For E-Commerce
Cybermiles refers to a smart-contract platform tailored for e-commerce functions with great scalability. 5Miles, which is a leading e-commerce company in the USA, created this platform to be the future of ecommerce.
Cybermiles had a successful ICO in 2017. Accordingly, the Cybermiles ICO raised $30 million, distributing 420 million CMT in the process. The platform has an impressive 6 million users and the project roadmap is such that the 5 mile commerce app began accepting CMT payment this summer followed by the launch of the v1.0 of its blockchain later this year.
How does Cybermiles work?
Essentially, this network functions to create the protocols and a library of smart contracts. The purpose of these is to establish a fully-fledged platform for the future of ecommerce. Moreover, the network relies on high throughput delegated proof of stake (POS) consensus for its algorithm. There is also a unique virtual machine much like the Ethereum Virtual Machine.
The titans of eCommerce today like Amazon and eBay have completely transformed the retail market. However Amazon, for instance, has achieved an almost prohibitive dominance. This stagnates growth in the sector and kills dynamism in the industry’s customer service.
This dominance means the established companies have an incentive to add users at all cost and destroy competition. As a result, the niche networks struggle to get a foothold and the established companies treat customer information as proprietary.
This is where Cybermiles comes in. In a decentralized market, a transparent blockchain does all the transactions, settlements and customer service. This is aimed at replacing the kind of centralized operation of the likes of Amazon by eCommerce providers using a library of smart contracts.
It goes without saying that the centralized operation has advantages like faster processing times and dispute resolution. As such, the jury is still out on whether Cybermiles can make a dent in the dominance of the established giants of eCommerce. That said, Cybermiles has a decent user base and is already among the top ten most popular eCommerce apps in the USA.
Buying and storage of CMT
Currently, CMT is available on major exchanges like Huobi, Binance and IDEX. This is an ERC-20 token and is compatible with any Ethereum wallet.
The most convenient wallet option for online storage is MyEtherWallet. For anyone seeking secure, long term storage, a hardware wallet like Ledger Nano S is the way to go.
In conclusion, this project is a really interesting project for anyone with a keen interest in the viability of blockchain run commerce platforms.