CYBERMILES BLOCKCHAIN PLATFORM TESTNET LAUNCH!
This is an earlier article on the CyberMiles project. A lot of development has taken place since then
Conducted around November last year, CyberMiles was one of my most exciting projects for last year. CyberMiles is a blockchain and smart contract platform for e-commerce developed by blockchain development lab 5xlab. CyberMiles was able to raise the hard cap in a smoothly conducted public sale which involved investors from more than 100 countries around the world. In the headlines, the huge bull run at the end of last year saw CyberMiles token trade at an all-time high of $0.50. Currently, the price has stabilized to around $0.10. There has been a lot of activity in the background; developments, partnerships, and team additions. Suffice to say the rollout of the testnet, Travis, due for a live broadcast on March 30 at 11:45 AM (GMT+8) is going to be a landmark moment for CyberMiles and the blockchain ecosystem as a whole. Already more than 100 developers have signed up The idea is to have as many developers as possible to tinker with the platform and establish the needs so that as it goes live, it can suit the needs of anyone who seeks to build on the system. The mainnet is expected to be rolled out later in the year of course.
Partnerships create demand in some ways including options for use cases of the projects and increasing the user base of the ecosystem. CyberMiles has been active in this area registering a number of helpful additions. One such strategic agreement has been signed with Lemochain; a decentralized infrastructure focused similarly on blockchain e-commerce application.
Mark Cuban has been one of the positively vocal billionaires about blockchain technology. The Dallas Mavericks to be one of the first teams in the NBA to accept various forms of cryptocurrency for tickets and merchandise. The news of 5miles partnership with Mark Cuban and Dallas Mavericks around the beginning of March settled the rumours. Mavs fans will be able to enjoy exclusive shopping on the 5miles app for Mavs tickets and merchandise, and occasional offers as well.
CyberMiles was one of the tokens accepted as investment for the just concluded Arcblock token sale with one ABT the equivalent of two CMT tokens, raising a total of six million CyberMiles tokens. The partnership goes beyond, CyberMiles will also work with Arcblock which is aimed to be the world’s first platform for launching and deploying blockchain ecosystems. There are future similar agreements in the works including the hot project, Hoofoo, the first hackproof cryptocurrency wallet and Lemochain. Cybervein has also approached CyberMiles for ICO advisory services. Another huge partnership is the agreement with DATx, pioneer of blockchain intelligent ads ecosystem, expected to join Travis later this month.
As a blockchain platform, CyberMiles has a number of improvements over Ethereum tailored for its e-commerce applications. So far the results of the private testnet trials are very positive. CyberMiles testnet aims to support transaction speeds upwards of 10000 per second solving one of the problems plaguing crypto adoption. Faster transaction speeds reduce network jamming ensuring transaction fees can remain low, close to zero. Real world conditions for this will be tested when CyberMiles is rolled out to an initial 12 million US-based citizens and more than 3 billion dollars in annual transactions.
Not to mention that CyberMiles is compatible with Ethereum thereby allowing Ethereum dapps to launch on top of CyberMiles and take advantage of the high transaction speeds of CyberMiles blockchain. CyberMiles employs ‘Delegated Proof of Stake’ protocol to speed up transaction validation times. Regarding security, CyberMiles is implementing some safety nets in its code to prevent personal errors that have caused vulnerability and exploitation of some Ethereum smart contracts.
Some of the advantages accrued by launching your e-commerce application on CyberMiles include: confidence in the immutability of records on blockchain, for instance positive and negative reviews of service provision. Leverage smart contracts and community management for use in application enhancing transparency. Since the only transaction costs on CyberMiles and its dapps will be paid to the network, and this is about close to zero currently, it is expected to greatly reduce transaction costs overall, greatly accelerating adoption of mobile payment systems, aiming for usage of CMT tokens across various online shopping sites.
Other use cases for CyberMiles token include rewarding validators who maintain the ledger and execute smart contracts. Applications can be launched on top of CyberMiles to issue ICOs. More information and helpful links can be found on the new website
Official announcement thread: https://bitcointalk.org/index.php?topic=2344875