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E-commerce is arguably the most transformative force in modern retail, to such a degree that just on its own, it’s a $1+ trillion global industry. However, until now, technology has not kept up with the need for faster, more secure and less costly payment systems that e-commerce merchants are hungry for. CyberMiles, a developer of “smart business contracts” for e-commerce, aims to enable a new era in payment technology that will level the e-commerce playing field for all.
The CyberMiles blockchain is supporting an ecosystem that will allow its network to attract a diverse range of participants who will share resources, thereby achieving a truly decentralized network. The network, in turn, will be maintained with the use of CyberMiles Tokens (CMTs).
Because the CyberMiles blockchain is compatible with Ethereum, both distributed applications and smart contracts can transfer to the CyberMiles blockchain without changing any code.
The CyberMiles team, because of this and other reasons, believes that blockchain is moving from just another IT solution to a true ecosystem builder.
Looking to build a decentralized ecosystem for e-commerce, CyberMiles designed a virtual machine capable of performing 10,000 transactions per second, an exceptionally high transaction volume that e-commerce requires.
The CyberMiles Virtual Machine (CVM) can complete mission-critical tasks that were impossible (or impractical) to complete on the Ethereum Virtual Machine (EVM). CyberMiles technology, coupled with its DPoS consensus mechanism, enables business applications to run much faster and cheaper.
CVM surpasses EVM processing time for computing addition, multiplication, bubble sorting, and the Scrypt algorithm, by 11.5 times, 12.8 times, 199 times and 18,039 times, respectively.
Consider this: Where the EVM takes 35.3 seconds to perform 20 million additions, the CVM takes 3.26 seconds. Where the EVM takes 48 seconds to do 60,000 bubble sorts, the CVM takes 0.45 seconds. Where the EVM takes nearly 35 seconds to do 10 million multiplications, the CVM takes under three seconds.
Scrypt, which is often required to verify bitcoin transactions, is almost impossible on Ethereum at the present time since it takes 370 million units of gas, which is around 1 ETH below the normal gas price. Even if someone were willing to pay this price, each Ethereum block can only consume 8 million units of gas, which makes it impossible to run Scrypt for a single transaction.
This cost is important, considering e-commerce applications are increasingly accepting multiple cryptocurrencies.
The CyberMiles blockchain incorporates community contributed Scrypt implementations as a module in the CVM that enables anyone to create and deploy enhancements to the CVM.
To ensure the safety of users’ funds, the CyberMiles blockchain uses a “pre-defense” and “post-recovery” protection mechanism.
To control users’ costs, the CyberMiles blockchain removes transaction fees for the more common functions, without compromising network security.
CyberMiles brings the benefit of a single, large e-commerce network that is maintained and validated by a community of trusted peers. The decentralized ecosystem will allow small businesses and consumers alike to realize a substantial amount of savings and profit and be able to know where the funds they have used or invested end up.
E-commerce businesses, for their part, will have access to a large network of buyers and sellers who can use CMT for their own in-app transactions and participate in loyalty programs.
CyberMiles is leading the way into a new, decentralized era for e-commerce that will truly democratize payment and transaction capabilities.
Last modified: September 28, 2018 21:32 UTC