CyberMiles Smart Contracts for E-Commerce

Cyber Miles
CyberMiles Smart Contracts for E-Commerce

The CyberMiles project provides for the creation of a well-developed platform to ensure the effective operation of the entire ecosystem of the company in the field of e-commerce. It assumes the existence of a general distributed accounting between suppliers, creditors and all stakeholders outside the company.

Despite the fact that the development of this platform was launched in 2017, the project already has an extensive history. The founders of the project did not follow the path of most digital platforms that first create the technology and only then select the basis for use.

The prototype of CyberMiles was the release of an online application 5miles (or 8.04672 kilometer 🙂 ), focused on commercial activities in an environment of increased security. The development attracted significant investments, which allowed the project to be developed, gradually increasing the user base to 10 million or more participants with an annual turnover of $ 3 billion.

In August 2017, the development team focused on creating a platform for decentralized commerce. In the development of the project, 5miles development experience was used, user needs and most requested functions were taken into account.

How does it work?

  • When a buyer and a seller entered into an agreement, they could each deposit an equal amount of a CMT as a deposit for the transaction. If there is no dispute after the transaction completes, each of them will automatically get back to their business.
  • If a dispute does occur, however, the network would automatically ask for an “arbiter”.
  • The arbiter, once accepted by both parties, would work with both the buyer and seller. Subject to compliance with data protection rules, they would have full access to the transaction details.
  • Once the arbiter makes a decision, the losing party would forfeit their deposited CMT to the arbiter. The arbiter’s decision would be final, as this would have been been pre-agreed by both parties.

Why Cyber ​​Miles?

Platform for decentralized management of personal data. Personal data put consumers at great risk and can cause major trouble for the companies that store these data. To solve this problem, it is necessary to revise the whole system of personal data management. One of the main decisions is to give the user complete control over his personal data. Each user can decide for themselves who and how to provide access to their data.

Market P2R – crediting. On the basis of the blocchain Cyber ​​Miles an application will be created – the exchange – Р2Р – crediting of small business. Having a personal credit history, Cyber ​​Miles will create a mechanism for finding suitable lenders and borrowers on the blockchain. Smart contracts will automatically carry out a credit transaction by transferring funds directly between the bank accounts of both parties using the CMT.

Efficient Supply Chain. In the e-commerce ecosystem, the seller needs to receive the goods from the supplier and then send it to the buyers. In the process, the goods change the owner several times. However, in a system based on tokens, transactions between community members can be instantly and safely recorded using digital tokens. Parties will only need to sometimes transfer excess tokens to other assets as needed, which limits transaction costs.

Solving the problem of fakes. Counterfeit goods and deception are a serious problem in the electronic market. To solve the problem in a centralized way, the operator needs to inspect and track each product that is sold on the market. This is very expensive and, most likely, ineffective, as people do not have the necessary experience to evaluate the authenticity of all products on the market. The network based on the blockchain will help solve this problem much more elegantly.

Testnet Platform

The team CyberMiles launched in March 2018 test network, which is open to developers interested in writing smart contracts in the field of e-commerce. This step is aimed at demonstrating the capabilities that will be available after the launch of the main network. In the future, it is planned to attract more users, especially in the US market, where several companies have already become interested in the project.

The launch of the test network should be announced on Friday, March 30, 2018. On their official page on Twitter, developers published an offer to participate in testing the network. To apply, it was enough to fill out a simple form and send it for approval.

At the time of writing, the acceptance of applications was completed. How many participants were selected for testing, and by what criteria, is not reported.

More info

Website: cybermiles.io
Whitepaper: cybermiles.io/../Project-white-paper_en-US.pdf


Author Bitcointalk – showmedaway

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