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Over the years doing business across the globe was indeed a challenge. These challenges stem out from issues emanating from security deficiency, lack of a common medium of exchange, lack of transparency in executing transactions, distance barrier and many more. In this recent time, one can easily execute business transaction within seconds. This is a hidden truth that many businessmen and women are not aware of. Since the introduction of blockchain technology, people can now carry out their business transaction without any stress, in fact, you can even execute a transaction right inside your room and on your bed through the help of digital currency.
It is pertinent to note that since the introduction of blockchain innovations, many platforms and project have emerged to utilize this new development and technology but these numerous platforms in existence are faced with a lot of constraints and bottlenecks. These constraints and bottlenecks have hindered the general adaptation and utilization of these initiatives that can boost e-commerce. It is on this note that I want to share with you a next-generation blockchain optimized for e-commerce and designed for mainstream adoption. This next generation blockchain platform that will boost e-commerce and pave way for fast adaptation of blockchain initiative and the utilization of digital currency (cryptocurrency) is called cybermiles.
My previous encounter with other platform prompted me to carry out analogous research, in my research, several platforms were studied and after a comparative analysis, cybermiles emerge as the best platform for the next generation e-commerce. Some of you may have heard of cybermiles but you lack competent knowledge of the platform, some don’t even know the meaning of cybermiles, so let quickly start by looking at the meaning of cybermiles.
WHAT IS CYBERMILES
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CyberMiles is a decentralized Hong Kong-based blockchain platform that is initiated by a U.S.-based e-commerce marketplace app company call 5miles. The platform intends to focus on engaging in the e-commerce business and online commercial transactions. To achieve this objective, CyberMiles will utilize blockchain innovations to create commerce-oriented “Smart Business Contracts.” it will also be working with this US-based e-commerce business application organization “5miles” to make a cutting edge blockchain streamlined for e-commerce business and for fast standard adoption of its innovations. The platform aimed to replace renowned e-commerce marketplaces like Amazon and eBay with a suite of smart contract-based tools. The local digital currency for this platform upon lunch will be CMT token. Presently, CMT is an ERC20 token which is based on Ethereum blockchain. CyberMiles is building up its open-source blockchain soon. The Ethereum based CTM token will have to be replaced by the CMT token.
THE UNIQUENESS OF CYBERMILES?
CyberMiles came into existence to utilize lessons learned from 5miles to build a blockchain-based e-commerce platform that is so good to a point that even the competitors are forced to use its innovations, this true because this platform will be tapping from the experience of 5miles. 5miles on its own is a mobile local marketplace app that combines Instagram and Craigslist to provide an alternative to Facebook Marketplace. Its functionality is incomparably superb as the head of this initiative Dr. Lucas lu is a noble researcher who have PhD in particle physics.
Majority of the platforms utilizing blockchain innovations has two outstanding loopholes, these loopholes are low developer productivity and low efficiency. CyberMiles intend to apprehend these loopholes by establishing a blockchain protocol called as “Smart Business Contract.” The protocol intends to work on the delegated Proof-of-Work agreement and incorporates a virtual machine in addition to the capacity to access the Middleware Stack outside of the blockchain. This empowers each node in the system to help standardized middleware while running blockchain ledger.
For those who may be wondering about the meaning of smart business contract and middleware stack please relax as I help you out in clearing your curiosity.
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Middleware Stack
The Middleware software stack is a set of business programming structures that run each time when a Smart Business Contract is executed. This productive component is incorporated into each node in the CyberMiles blockchain network, which permits Smart Business Contracts to access these structures outside of the blockchain. Some of the functions of this component include;
i. The middleware stack smart business contract ensures that business software outside its framework is accessible.
ii. These frameworks inculcate the nodes running the blockchain.
iii. This framework runs each time the smart business contract is executed.
The number of stack malware in the cybermiles framework include; rules engine, distributed database, business process manager, distributed file and data storage system, distributed webhook service.
Smart Business Contracts
CyberMiles Smart Business Contracts runs on the local blockchain, like how smart contracts run on Ethereum blockchain but more efficient and effective comparing to Ethereum smart contracts that require each application to be developed from the beginning. Smart Business Contracts can get to reusable layouts accessible in the middleware stack that is already incorporated into the CyberMiles blockchain. The functions of this component include;
i. The smart business contract will ensure that new blocks are validated by the miner.
ii. It also has access to the integrated stack of business software.
The cybermiles token makes it easy for the smart business contract to run the whole stack of external enterprise middleware. The smart business contract has three (3) major components which include; Middleware stack the smart business contract, Business Ready Contract Templates and the Decentralized Apps with Smart Business Contracts
CONCLUSION
Finally, unlike Bitcoin, that attempts to supplant the existing exchange platform, CyberMiles is a blockchain platform that planned to help the online business industry. CyberMiles has chosen to utilize the (DPoS) Delegated Proof-of-Stake agreement over the Proof-of-Work (PoW), which is used by Ethereum and Bitcoin. Although CyberMiles is motivated by Ethereum, It has improved various issues that hinder the efficiency of Ethereum blockchain. CyberMiles has built up an improved blockchain protocol with its very own Smart Business Contracts. The Smart Business Contracts are a gathering of agreements, upgraded for digital business usage. This agreement similarly empowers a simple application development by allowing an application developer to get to reusable formats installed into the CyberMiles.
for more information visit any of the links below
https://cybermiles.io/en-us/cmt/whitepaper/
https://bitcointalk.org/index.php?topic=2344875
0x428f0c355d7899ba37b58358c623ff352fa44ce2
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