Cryptocurrency: CyberMiles (CMT) – overview

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 What is CMT? CyberMiles cryptocurrency review

CyberMiles – a project from the authors of 5miles, is aimed at replacing the Ether in the field of electronic commerce. Built on the Ethereum blockchain, compatible with smart contracts and dApps written for Ethereum. Compared to its more well-known competitor, it offers reduced fees, higher network bandwidth and a number of other advantages. The developers are not going to move into other areas and intend to bring CyberMiles to the leaders in the field of e-commerce. Official site cybermiles.io.

The developers call the project a blockchain for e-commerce, and it strongly resembles Ethereum. But in order to bring him into the lead, you need to offer something that Ethereum does not have. The developers point out the following problems when using Ether:

  • Problem number 1. Low bandwidth Transactions are confirmed relatively quickly, but still not instantly. In finance, speed plays an important role, so reducing transaction confirmation time should increase CyberMiles’s popularity. The problem of network scalability is relevant, with an increase in the number of users, throughput should not drop.
  • Problem number 2. Both Bitcoin and Ethereum use an inefficient PoW consensus algorithm, this mechanism is too energy-consuming.
  • Problem number 3. High entry threshold due to the fact that only one programming language Solidity is used to write dApps. Many, because of this, are forced to either refuse to use the crypt, or to include additional employees in the staff and incur additional costs.
  • Problem number 4. Performance issue. Challenges must be moved beyond the blockchain.

CyberMiles developers are going to solve all these problems.

CyberMiles functional diagram.
CyberMiles functional diagram.
  • The solution to problem number 1. They plan to solve this problem through the so-called sharding. That is, the entire network is split into separate elements (from the English shard – a fragment). As a result, the entire network is divided into an unlimited number of subnets exchanging data with each other. Each subnet due to this will have complete information about the state of the blockchain as a whole.
  • The solution to the problem №2. The CyberMiles cryptocurrency uses the Proof – of – Stake consensus algorithm instead of Proof – of – Work. The computing power of the equipment fades into the background, and the number of tokens owned by the network node is of decisive importance. This encourages token holders not to part with them, but to accumulate them.
  • The solution to the problem №3. CyberMiles supports several programming languages. You can create smart contracts in Java, Python, JavaScript, GO, and several less popular languages. The dApps created for Ethereum are supported, so migration from Ether to CyberMiles should go smoothly.
  • The solution to the problem №4. In CyberMiles, a significant part of the components is taken out of the blockchain. Only the results of calculations will be written to the blockchain, they will be performed outside it.

The project website has a White Paper, it contains technical details on cryptocurrency.

CyberMiles is the next generation of Ethereum. So how is CyberMiles native cryptocurrency different from ETH? Here are two handy tables.

Output

The main advantage of the CyberMiles cryptocurrency is that the developers created a successful 5miles project before it and its annual turnover exceeded $ 3 billion. Backward compatibility between 5miles and CyberMiles is planned, so that a new project in theory immediately gets a client base of over 10 million people. At the start, this should give strong support to cryptocurrency.

As for the effectiveness of the project and how much it will be better compared to Ethereum, it will be possible to judge this only after a full launch. That is, only towards the end of the year it will become clear whether there is a future about CM.

Some fears are caused by the fact that crypto developers do not offer anything fundamentally new. Everything is the same as Ethereum and the masses of other cryptocurrencies. Given the novelty of the cryptocurrency, many may not want to switch from the well-known Ethereum to a newcomer in the person of CyberMiles.

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