Cybermiles has recently launched its own e-commerce website blocktonic.io As a promotion until 31 December 2018, this website will refund in full all purchases made with Cybermiles Tokens (CMT) and there has been some disbelief in the community as to whether this is real. How can it be? Well, to figure out how this 'freebie' system works, let's dig in:
Step 1. Buy a product using CMT
Step 2. Your purchase is calculated to its equivalent Ethereum (ETH) value and your payback amount is activated to you once your order is confirmed. You do not get 100% of your refund at this stage.
Step 3. You get your refund into your Blocktonic account at an average of approximately 0.333% per day (ie you will receive your full refund in 300 days) or as described by the website the daily payout equals to 0.5% x transaction balance each day. This transaction amount used in the calculation is reduced accordingly each day by the proceeding days credit back to your account.
Step 4. You can opt to withdraw your credited amount in ETH received at any time in whatever proportion via your account page on the Blocktonic website however you would factor in the transaction fee of 0.01 ETH per withdrawal.
So how can this be real? Well, your CMT tokens are being Staked and held in the system for 300 days. The more is spent on the website the more tokens are being staked and withdrawn from circulation (hence why you are being paid back in ETH instead of CMT). Currently Cybermiles have reported 4.46 million CMT (approx USD 1.7m) worth of sales. This is astonishing as the website has only been launched within 24 hours of writing this article. With the anticipated launch of the Cybermiles mainnet within the next 6 months and with progress in its Roadmap being made, confidence in the project is getting stronger by the day. Blocktonic seems to be just one of many steps in a well planned rollout before the launch of the Cybermiles mainnet.
You have a minor grammatical mistake in the following sentence:
It should be its own instead of it's own.Thanks this has now been corrected.
You have a minor grammatical mistake in the following sentence:
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