CyberMiles: Transforming Online Marketplaces

imbitz (32)in #blockchain • 7 years ago

CyberMiles is a next generation blockchain network where consumers can create their own marketplaces, manage their own groups, and perform transactions in a trustless, peer to peer environment. With its design, the platform aims to speed up the process of decentralizing the online market. It will work closely with the already well-established platform of 5miles to achieve its aims. In fact, the latter will be the first platform to use CyberMiles’ new blockchain technology. This is no small feat as 5miles has 12 million users, and has $3 billion in annual transactions. Similar to the Ethereum blockchain, CyberMiles will be a decentralized platform that will use smart business contracts to both facilitate and process transactions quickly and with transparency. With this in mind, the platform aims to have its users contribute to the further development of the site to make it a public network offering secure business solutions.

Goals of CyberMiles

• To support a large library of commerce-related smart business contracts that power the decentralization of processes.
• To manage user identity and transaction data both privately and safely, while enabling new transactions and settlements amongst network participants.
• Access to user data which will helpful for other e-commerce and consumer finance platforms to be built on CyberMiles.
• To operate a delegated Proof of Stake consensus engine to support tens of thousands of transactions per second.

With these goals at the forefront of their vision, CyberMiles will be the first blockchain network that can be adapted by both real-world and online businesses. If that’s the case, the platform would be one of the leaders in blockchain technology. CyberMiles will be using the CyberMilestoken (CMT) on its network, which will initially be issued through the Ethereum blockchain as an ERC20-compliant token until CyberMiles’ technology can allow for the implementation through its own blockchain. Once this occurs, the exchange from ERC20-based token to CyberMile-blockchain-based token will be on a 1:1 ratio.
Members will be able to earn CMT by contributing to the general maintenance and improvement of the platform through running network nodes, validating transactions and executing smart business contracts among other services. Other incentivized services include providing conflict resolutions and peer-to-peer customer support. In this way, community members could act as arbiters in the event that a business transaction goes pear shaped for some reason.

Features of CyberMiles

A decentralized identity management platform

Keeping personal information on a centralized network is a risky move. As a result of just one security breach, millions of clients’ sensitive data could be sold to the highest bidder. Giving the power to the actual holder of the information drastically decreases this risk, and the user will be allowed to determine who gets to view their information. This is only possible through blockchain-based smart contracts, which is what this platform will offer its users.

A peer-to-peer small business loan marketplace

All successful businesses started somewhere, and in the future, CyberMiles will be that somewhere. Credit histories can be recorded on the blockchain based on information provided by users through the aforementioned decentralized identity management platform. Through smart contracts, these loans would then be automatically settled using CMT. No middle man and no extensive paperwork.

An efficient supply chain

E-commerce sellers need to have items shipped from suppliers to eventually have sent to buyers. It seems like a simple enough process, but it involves these goods being moved from person to person. In addition, because it’s traditional e-commerce, the shipping fees and other costs to be paid in fiat currency can add up. With a platform such as CyberMiles, CMT will be used in a secure environment. No more lost invoices either as everything will be recorded using blockchain technology.

Combating counterfeit

One of the main risks of any online transaction is fraud. Traditional companies may even have fraud departments whose job it is to identify and combat fraud. Most of the time though, this process can only occur after the transaction and is subject to human error, even if anti-fraud technology is in place. Having this reactive approach to fraud could result in client chargebacks, and an overall negative perception of the online platform.
Blockchain technology can provide a more proactive approach and solution to this problem. Firstly, any record made on blockchain is unchangeable and seeing that every transaction will be blockchain based, the record will always be there for verification purposes. In addition, in the spirit of transparency, sellers can issue authenticity certificates for each of their products, which will always be available to reviewed by anyone. Also, because the platform offers community-based resolution services, any fraud accusations labelled by one user to another can be reviewed by an arbiter and discussed until a resolution is reached. Again, no outside influence is necessary.

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