Revolutionising E-commerce. Is CyberMiles the successor to Ethereum?

The crypto space is growing at a steady pace. The time when your average person’s knowledge of cryptocurrencies was limited to Bitcoin and its use as a payment source is shifting. More and more people are realizing the advantages of distributed ledger technology and its impact on industries and institutions.
A lot of high-profile people have shared their views on the matter in the last few months; most recently the CEO of China renaissance, Fan Bao, where he talked about the importance of blockchain in financial services in an interview with the CNBC.

"I think we have to separate bitcoin from the blockchain"
"I'm a strong believer in blockchain in terms of its wider application in our industry."

Although Bitcoin still reigns as the biggest player in the space with a market cap currently at 118 Billion USD, its scripting language is outdated and far behind other alternatives on the market. Bitcoin lives solely on its name and the financial backing that follows with it.

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In 2015, Vitalik Buterin and his development team released their version of a blockchain; an open-source distributed computing platform called Ethereum, which became the first successful blockchain that featured smart contracts in its scripting language.
At first glance many people thought that Ethereum was meant to be a competitor to Bitcoin; but its main attraction was as a development tool rather than a payment source.
one of the main reasons ICOs exploded over the next few years was because Ethereum provided the freedom for developers to build innovative business applications, with their own currency based on Ethereum's token standard ERC-20.

Bitcoin is rather insignificant compared to the growing possibilities of blockchain technology. Brilliant minds like Vitalik focused on the bigger picture.

But there will always be room for improvement in the world of crypto. While Ethereum aimed to improve upon Bitcoins architecture with the implementation of smart contracts, another company seeks to make Ethereum’s fundamentals even better...

CyberMiles is a next-generation blockchain protocol optimized for business and marketplace applications with mainstream adoption in mind.
It’s being developed by the CyberMilesFoundation, who works closely with 5miles LLC; an e-commerce company founded by Liang Lu and is based in China and the US. It's one of the top 10 shopping apps in the United States with over 12 million users. This userbase will be the first one introduced to CyberMiles decentralized network, providing the best possible exposure on launch day.

What makes CyberMiles stand out from Ethereum?

• Instead of building dapps from scratch on Ethereum, CyberMiles own “smart business contracts” will offer a variety of software tools integrated in its blockchain, making it much easier for developers to build their applications.

• The use of a highly efficient DPoS consensus engine will make CyberMiles more decentralized and scalable than Ethereum, with a capacity of over 10,000 transactions per second.

• In a similar way to how Ethereum allows developers to create a currency to fuel their own ecosystem, the CyberMiles token will fund the community for providing services for each other and maintaining the tasks executed on the network.

The CyberMilesFoundation is basically creating “Ethereum 2.0”.

But how will this work in practice for its users?

Let’s take a closer look at how CyberMiles will operate in a marketplace.

Privacy

Imagine if you could have a decentralized wallet for personal information like identification documents and bank information, where its protected with your private key. The user could then authorize applications on the CyberMiles network to utilize this information for KYC-validations, financial transactions, peer-to-peer business loans, etc. This could be a highly secure and standardized method of storing sensivite information.

Stability

Decentralization creates a more stable network, removing the risk of data center failure with a high availability of network nodes. With CyberMiles, a strong community of consumers and business owners can provide the computing power needed to keep the network running 24/7.
This kind of stability can’t be offered by todays centralized marketplaces.

Dispute settlements

I mentioned earlier how CyberMyles could engage its community, and one of the main attractions is the ability for people to participate in various dispute settlements. This would remove the costly middlemen of customer support. CMT (CyberMilesToken) could then act as a settlement currency, thus motivating people to be part of the decision making and earn tokens in the process:

• Two agreeing parties puts up a deposit of CMT for their transaction. If both people are happy with the trade, a smart business contract will automatically send back their CMT respectively.
• If any dispute occurs after the transaction is finalized, CyberMiles sends a request to a pool of service provides from the community, where they can bid to act as an arbiter.
• The arbiter must be accepted by both parties to get full access to the transaction details stored on the blockchain, and then begin working on a resolution between the buyer and the seller.
• When the arbiter makes his final decision, he receives the deposited CMT from the losing party as payment for his service.

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Conclusive thoughts

The success of any project can be measured in its ability to solve problems; CyberMiles is doing that with a range of innovative ideas for the e-commerce landscape.

They empower developers to reshape billion-dollar industries across the world.
They empower smaller businesses to thrive where they otherwise risk being forced out by giants like Amazon.
They empower communities by giving more incentive to participate in all the proceedings of a c2c(consumer to consumer) marketplace, which normally would be controlled by a few people in a centralized manner.
It’s democracy at its best, and a new revolution in decentralization.

The ideas presented in this article is just a small portion of the possibilities with CyberMiles.
I strongly recommend everyone to read through the white papers. They are well written and easy to understand, even for the not so tech-savvy.

https://cm.5miles.com/
Project White Paper
Technical White Paper
Bitcointalk