CyberMiles

CyberMiles logo

CyberMiles is a cryptocurrency and a project developed by the CyberMiles Foundation Limited. It is a Hong Kong-based venture that seeks to provide solutions in the sphere of E-commerce.

Contents

History

The development of the CyberMiles platform started in 2017, founded by Dr. Lucas Lu and Dr. Michael Yuan. Together, they gather years of experience in e-commerce and technology.

The Founders

Dr. Lucas Lu

CEO Dr. Lucas Lu was a scientist in Particle Physics before becoming a serial-entrepreneur in e-commerce. He first worked at CERN where he participated in the research of HIGGS Particle, also called the Particle of God. Later, he co-founded and became the CTO of LightInTheBox, listed on the NYSE stock exchange. Following that passion for e-commerce, he later became the first General Manager of Alibaba’s Taobao Mobile platform. In 2014, Dr. Lu founded 5miles, a C2C e-commerce platform gathering more than 15M users.

Dr. Michael Yuan

Dr. Michael Yuan received a Ph.D. in Astrophysics from the University of Texas at Austin. He first started as a physicist before becoming a renowned scientist in technology development. He is the author of 5 books on software but also a committer in large open source project such as Firefox, Fedora, JBoss, etc. He also participated in the creation of Javascript.

Development and advantages

In August 2017, the development team focused on creating a platform for decentralized commerce. The experience of 5miles development was used in the development of the project, taking into account user needs and the most popular functions. In November 2017, they launched an ICO to release 800,000,000 CMTs and collected $30,900,000.

Given this factor, the CyberMiles project had the following key advantages:

  • integration of the accumulated experience in the field of commercial online applications with modern digital technologies;
  • availability of the already gathered user base for the implementation of the previous developments and popularization of the CyberMiles platform;
  • the creation of future’s exchanges to provide rights to modules and expansion project, which the company can develop alone or in cooperation with other firms;
  • optimization of the system, ensuring a balance between the decentralization of the project and high throughput in data processing;
  • CyberMiles provides not only a one-level trading system but also a platform for relevant developments in the field of commercial business and trade.

The ultimate goal of the developers was to create a user-friendly ecosystem, the functionality of which will allow you to buy and sell products with the same level of comfort as in already existing popular services like Amazon or Walmart. At the same time, the activities of such a platform will be reliably protected by a decentralized and secure blockchain structure.

To achieve this goal, CyberMiles implements a protocol that provides tools for creating custom modules. In addition to the primary market from the developers, participants will be able to develop their trading platforms in various areas of trade.

The range of applications of technology CyberMiles wide enough:

  • templates for of Smart Contracts for creating your online stores;
  • arbitration system for resolving disputes in trade and supply;
  • auctions and asset monetization;
  • the introduction of a network of alternative payments and financing;
  • carrying out promotions of General or narrowly focused nature.

The CyberMiles functionality supported internal CMT cryptocurrency-oriented access to the tools platform. The developers pay attention to the liquidity of digital money data and the possibilities of its integration into the applications of partners and various services.

CyberMiles coin

The CyberMiles coin is a crypto token designed to act as a medium of exchange and a way to transact funds within the CyberMiles cryptocurrency network. Both the coin and the blockchain-based network of the project are heavily targeted to suit e-commerce needs.

Here are the main goals that the CyberMiles team positions as the most important ones.

• no rent-seeking monopoly that will centralize the network;

• more equitable allocation of the blockchain rewards;

• stronger network effects through economic incentives.

In order to provide a network that has all the mentioned features and can be used for large-scale e-commerce services, the team facilitated the DPoS consensus algorithm. In contrast with the proof-of-work consensus algorithm, DPoS shows much more scalable and accessible implementations. DPoS allows the network to show much higher transaction speed and cheaper ways to exchange digital assets.

Main page: DPoS

The fast and scalable network of CMT coin provides an opportunity to fill the system with multiple features on top of it. The development team of the currency stated that CyberMiles was designed as an Ethereum alternative with a lighter client and an intense focus on e-commerce. The network of CyberMiles offers a wide array of various Smart-contracts, fast transaction speed, classic blockchain security and free usage for the basic operations.

CMT coin market performance

CyberMiles (CMT) coinprice and market performance online via CoinMarketCap:

Exchanges

CyberMiles token can be bought and exchanged on the following platforms:

Mining

CyberMiles blockchain uses a Delegated Proof-of-Stake (DPoS) consensus for its infrastructure. Unlike to PoW’s mining, DPoS allows participants to mine only by staking their tokens/coins. To mine CyberMiles coins, the Foundation has revealed a concept of a mining machine for their DPoS blockchain, named CMT Cube.

Concept

CMT holders need to stake (lock-up) their coins to participate in the blockchain network’s mining process. Each year, the CyberMiles blockchain provides 8% of inflation of its total supply (80M CMT) to all participants who stake CMT. Depending on the

Two types of miner exist:

  • Validators
  • Delegators

Validators

Validators are in charge of maintaining the blockchain’s environment safe and stable by running the entire blockchain on dedicated servers. For this job, they are rewarded by receiving the block rewards from the blockchain, provided every ~10-11s and distributed proportionally to their voting power. Only 19 main validators can be selected, which represent the ones with the biggest voting power while the other validators are named candidates.

Current list of Validators
  • Krypital Group
  • SSSnodes
  • Huobipool
  • Second State
  • TxQuick
  • CyberMiles Vietnam
  • Ellipal
  • Block Wonderland
  • Talos System Group North America
  • HLT
  • CMT Pacific
  • Hayek Capital
  • Noomi
  • Befar
  • Fifth Elements Ltd
  • OK
  • CobinHood
  • Arcblock
  • Hashquark
  • Lvl99
  • CMT Global
  • AlphaCoin Fund
  • Hash Tower
  • TGL Capital
  • Cobo Capital
  • Limago

Delegators

Delegators are CMT holders with a CMT Cube. To receive a mining reward, they must delegate their tokens/coins to a validator. By doing so, they participate in the growth of this validator in both voting power and mining reward. Indeed, each validator request a certain pourcentage of the mined coins from its delegators as part of a compensation. To become a delegator, only 2 options exist for the moment:

  • CMT Cube
  • Cobinhood exchange
Mine with CMT Cube

The CMT Cube was first sold at 998 CMT on the CMT-friendly e-commerce platform Blocktonic and buyers could expect a full reimbursement of their purchase in ETH at the spot price within a year. Officially sold in partnership with CyberMiles Foundation, the CMT Cube allows selecting the validator and acts also as a wallet. Nowadays, the CMT Cube can only be found in the secondhand market since the foundation has stopped its production.

In terms of generated revenue using CMT Cube, the mining power depends on multiple factors:

  • Validator’s equilibrium: the stakes should be at least 180 days old to receive full mining power
  • Inflation: 8% per year, but can be redefined by a vote from the Validators
  • Chosen validator’ compensation rate: ~20-50% at this moment
  • Total CMT staked by the chosen Validator:
Mine with Cobinhood exchange

Just like CMT Cube, the exchange Cobinhood allows holders of CMT to stake and get rewards. The calculation is:


See Also on BitcoinWiki

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