5MILES: A MELTING POINT FOR E-COMMERCE AND SCALABLE BLOCKCHAIN SERVICES

aaaxpress (33)in #crypto • 6 years ago

Buying and selling of goods, products, and services is an essential activity carried out on planet Earth, the activity of buying and selling could be as old as the existence of man on Earth. The activity of buying and selling transactions have been evolving from one form to the other over the years and centuries, in fact, it remains a case study as regards to the dynamics of human life and activities of the world. Technology is one of the driving forces behind the dynamics experienced in buying and selling activities, without technology, buying and selling activities in this present time could be boring, stressful and riddled with many risky actions that one could think of.

With the surge in the inventions of sophisticated digital mobile devices, buying and selling activities have taken a new and more interesting dimension as people can use their digital devices and purchase anything from anywhere around the world with just a few clicks on their digital devices, this method of buying and selling is normally called e-commerce. E-commerce is associated with various kinds of buying and selling transactions, consumer-to-consumer transactions involving fairly used products can also be carried out via e-commerce, however, most platforms that provide customer-to-customer e-business services are centralized giving rise to trust issues amongst traders and buyers amidst heavy transaction costs and some other unwholesome issues.

INTRODUCING 5MILES

5miles is a consumer-to-consumer e-commerce service provider but with an exception in its style of consumer-to-consumer e-commerce service. The exception is that 5miles integrates its consumer-to-consumer e-commerce service with the blockchain technology. 5miles implements the CyberMiles blockchain protocol to provide for its customers a more scalable, trustless and automated e-commerce transaction experience over its platform. 5miles pitched tent with the blockchain technology in its e-commerce solution because business transactions over the internet or digital devices where no one can really ascertain the true intent of one another requires some great level of trust and transparency.

Blockchain technology is the solution to these issues of trust and transparency because when any activity or transaction is monitored or executed over the blockchain network, every information concerning that transaction is permanently stored on the blockchain's public ledger, with each party to the transaction having a copy of the ledger records and there is no room for any of the involved parties to mutilate or alter any processes of the transaction once recorded on the blockchain's public ledger records. There are so many blockchain networks or protocols running so many decentralized applications, however, 5miles in its wisdom decided to go for CyberMiles blockchain network in the running of all its decentralized applications.

CyberMiles is an exceptional blockchain network specially optimized for e-commerce solutions. CyberMiles can execute thousands of transactions per second which is far way below what is obtained in other blockchain networks. It’s quite obvious that e-commerce platforms are known for its beehive of order and sales requests hence the choice of CyberMiles blockchain protocol because of its ability to handle thousands of transaction requests per second. In addition, CyberMiles runs the Delegated-PoS block validation consensus, the implication of this is that this blockchain protocol i.e CyberMiles doesn’t consume much electricity in order to validate records on its chain hence it reduces the cost involved in running and maintaining of the blockchain network.

_5miles Succeeds With CyberMiles Blockchain
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5miles team realized that the reason why most existing blockchains do not have the ability to address the needs and issues of e-commerce is owing to the fact they are either not built to do so, do not have the advances to solve latency issues so as to support high volume of transactions associated with e-commerce platforms or the current smart contracts they are using is not capable for use in e-commerce.

Thus to succeed, 5miles leveraged CyberMiles blockchain because, CyberMiles foundation is bent on developing a next-generation blockchain protocol with attributes such as;
a. Supporting of a large library of commerce-related Smart Business Contracts that power
decentralization of processes in 5miles e-commerce platform.
b. Protecting users identity and transaction data privately and safely at the same time allowing new transactions as well as settlements between network participants.
c. The utilization of Delegated-PoS (Proof-of-Stake) consensus; through this supporting ten of thousands of transactions per second (TPS) which the end result will be resolving of the latency issues of existing chains.

CONCLUSION

With CyberMiles building a top-notch blockchain platform, it will have the potential to be the first blockchain with both real-world business application and global scale adoption, while with constant improvement and advancement may become the largest blockchain networks in existence.

The CMT token at the onset will be an ERC20 compliant token on the Ethereum blockchain, but with CyberMiles blockchain network being live, CMT will be swapped to the token of the native blockchain as well as the transfer of rights and values.

CMT token serves as a reward used in motivating the platform members who provide services such as node operation/block validation, customer support and dispute settlements.