CyberMiles (CMT) - Decentralized Ecosystems for future E-commerce

Since the invention of e-commerce, a few large names have dominated the entire market. Although the innovation that used to be added to the world 47 years ago, opened new horizons for the world that couldn’t be imagined before, the overshadowing business by means of the massive gamers has left the smaller firms in darkness related to how the machine works. The domination reasons the smaller businesses to lose earnings and the standard innovation process slows down. CyberMiles dashed into the scene to get rid of this problem, providing the customers with the Smart Contracts options that they seek.

CyberMiles is a decentralized blockchain protocol mainly designed and optimized for online marketplaces. The startup, which is primarily based in Hong Kong, used to be initiated by means of 5miles, a main peer-to-peer market in the U.S.

CyberMiles is a joint effort of Dr. Lucas Lu and Dr. Michael Yuan, who met and labored formerly via an investor and located the company later on. the former additionally takes place to be the CEO of CyberMiles and was once beforehand the co-founder and CTO of LightInTheBox (An on-line buying and transport center), now not solely that, but he additionally has the privilege of being the first GM of Alibaba’s Taobao mobile, both of the experiences which explains his new startup. Dr. Yuan is the chief scientist for CyberMiles who appears after all the technical things of the firm. He’s a writer of more than one books related to software program development and an energetic code committer in massive Open Source projects such as Fedora, Firefox and JBoss. He is a specialist on corporation and mobile software program and was once a precept investigator on U.S. government-funded research projects.

CyberMiles envisions to get rid of the stereotypical approach of e-commerce, i.e. the winner takes all. They have the method that the monopolies ought to collapse and the large players of the market shouldn’t dominate the market, set costs and extract most of the profits. In short, they’re the usage of the decentralized system to create an interactive ecosystem where all people is invited to innovate and participate.

E-commerce Smart Contracts

The trouble with blockchain is that it receives too slow due to clogging, and the preferences for clever contracts are limited. The actual life trouble confronted by using most human beings is the issue of the middle man, which might be an individual or an institution. These middlemen generally are notorious because of their opaque conduct in phrases of money transfer. The market places provided by the world vast web are also too centralized for individuals to use. The websites that supply purchaser to patron dealings are particularly higher to connect buyers and sellers, “However, these structures are also centrally managed, strolling all the functions such as listings review, dispute resolution, payments, and allocation of consumer traffic. As an end result of centralizing all these features and limiting fee options to a handful of providers, the whole costs of conducting business can be as excessive as 15% of the merchandise value,” the white paper states.

Other issues consist of the identification and privateness administration on clever contracts applications. The troubles started, and the standard others on distinct blockchains required a new blockchain platform to be designed specifically inclined towards e-commerce and smart contracts.

CyberMiles ambitions to supply a decentralized platform for users, which is involved with the discipline of e-commerce. The principal idea is the provision of smart contracts which eliminates human intervention. Unlike the centralized options the place the business conduction requires a truthful cost of money, this platform would be based totally on the dispensed ledger.

Working and use cases of CyberMiles’ Smart Contracts

CyberMiles provides the customers with a platform with environment-friendly Smart Business Contracts. For a file history, CyberMiles blockchain securely documents a user’s identity, credit history, recognition, and transactions. Credit history, transactions e.t.c. are associated with public keys of users, while the non-public data of a man or woman is saved securely.

Once the presents are made and accepted, the clients enter a clever enterprise contract (A software program on CyberMiles blockchain). To make sure safety, after the customers enter the clever contracts, their personal statistics is despatched in which comprise their digital signatures to show their identity.

CyberMiles themselves showed a few use cases of their smart contracts via their YouTube channel. 

CyberMiles Technology

Due to issues of scalability and performance, Ethereum’s Ethereum Virtual Machine (EVM) and decentralized purposes are difficult to use. Ethereum currently supports around 15 transactions per second, which is no longer almost ample for an e-commerce marketplace (or adequate to compete with usual marketplaces such as Visa, which methods 45,000 transactions per second). The scalability issues round Ethereum had been especially highlighted by means of the CryptoKitties blockchain game launched at the giving up of the closing year.

CyberMile’s solution is the creation of a blockchain with a consensus mechanism that prioritizes excessive throughput – the aim of being tens of heaps of transactions (TPS). It does this with a proof of stake consensus model, where individuals “stake” or maintain tokens in change for confirming transactions in new blocks of the blockchain. This is an awful lot extra environment-friendly than Ethereum’s Proof of Work model.

Third-party functions for the e-commerce industry additionally will emerge as more effective and easier to improve using CyberMile’s platform. The new blockchain protocol which will aid this aim is the Smart Business Contract. The principal difference between CyberMile’s and Ethereum’s clever contracts are that CyberMile permits get right of entry to a built-in stack of effective business software middleware. In different words, the middleware ensures that CyberMile’s Smart Business Contract is easy to boost and surprisingly reusable.

Here are the options handy in the CyberMiles middleware system:

  • Rules engine – A policies engine ensures that enterprise contracts observe certain policies in an easy and environment-friendly manner.
  • Business Process Manager (BPM) – A desktop that imitates the execution of a multi-step contract. Once the two facets agree to a contract, the BPM steps in with the guidelines engine to decide the subsequent steps to take.
  • Distributed database – A allotted database is fundamental to practice complex frameworks and store utility records and then replicated across nodes on the blockchain. Transaction consequences are saved on the blockchain itself as an alternative than the allotted database.
  • Distributed file and statistics storage carrier – The disbursed file and information storage service works with the Smart Business Contract to grant get right of entry to file services for large facts documents needed for choice making.
  • Distributed webhook provider – A dispensed webhook system can obtain exterior events (e.g. FedEx transport notification) associated with the Smart Business Contracts. 

The Idea and the Team Behind CyberMiles

The E-commerce landscape, nowadays estimated to be over $1 trillion, is currently dominated by means of a few giants like Amazon and eBay, making it extraordinarily challenging for new manufacturers to compete. CyberMiles needs to decentralize the e-commerce market so that human beings can make transactions, settlements, dispute decision and returns by means of preferred smart contracts that run on the blockchain. In different words, it seeks to seriously change the e-commerce industry closer to a peer-to-peer marketplace.

CyberMiles was launched by using an e-commerce corporation by way of the name of 5miles that specialized in storage income and condo hunting. The founder, earlier a co-founder and CTO of Light in the Box and GM of Alibaba’s Taobao cell platform (and holds a doctorate in Particle Physics Dr. Lucas Lu), successfully grew the website to 12 million users after only three years. It now seeks to shift these types of e-commerce transactions to the blockchain.

The Cybermiles group is additionally made up of chief scientist Dr. Michael Yuan, who holds a Ph.D. in Astrophysics and is the writer of five books on software development. He has been lively in large open supply tasks such as Firefox and JBoss. 

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