### Good day guys, today we will be doing a review on the blockchain project Cybermiles. I’m comparing Cybermiles to Ebay today, and many times people think of Ebay as just an online shopping program, but actually it is so much more with auctions , trading tickets and many other features, and Cybermiles, it’s like the Ebay on Steroids. To learn more about this project that can compare to Ebay keep reading!
#
*There is a link to the Youtube video at the end of the article for those who prefer to listen to audio*
#
The Ebay website is a platform for several business APIs/ apps to be built upon. Each of these apps offer a distinct service, e.g. online shopping, online auctions, money transfers, ticket trading and classified advertisements.
Cybermiles is similarly a platform on which business apps can be built upon. However, instead of just 5-10 apps or services, it can host hundreds, even thousands of different apps and services, and the best part is it doesn't govern these apps but links all of these services together for the user.
Let me give you a couple of examples to have a mental picture of what the platform can do.
Imagine if I was wanting to start my own retail business, I would need to find a loan service.
Cybermiles would have a loan service on its platform that could review my blockchain profile and approve a loan to me based on that profile.
I might have to upload my private details into the smart contract, but it remains invisible to the lender. I can do this because my credibility is based on my blockchain profile which is fraud proof and in some ways even more reliable than my ID.
Let’s say that I do manage to start my retail company and am doing well. As a manager, I have to manage the supply, distribution and website of my business.
However, as my business grows, I start to have multiple suppliers and distribution destinations. My website also becomes busier and demands more attention.
At some point I get overworked and burnt out and I need to find a better supply and distribution system.
At that point, I can turn to Cyberchain once more. As a blockchain product, cyberchain can track all my supplies down to even the ingredients that make the products, they can also offer p2p procurements, pricing mechanisms, handle product returns and refunds and record all the above transactions easily. How good is that!
Why can Cybermiles do all the above services better than other current systems? The answer is because of smart contracts. Smart contracts are the way interactions happen in blockchain.
In the real world a transaction might be me paying you a certain fee for mowing my lawn. But a lot of human errors can happen in this transaction. You might have expected me to pay you in $USD, but I meant $AUD. You might expect payment immediately, but I might delay payment by a few days. I might have expected you to mow the whole lawn, but you only mowed the front lawn etc…. so theres a lot of room for human errors. Smart contracts are progammed contracts that clearly state the criterias for the execution of the transaction and upon fulfilment of the criteria, the transaction is excuted. It is on the blockchain so it is untempearble, it takes out human factors and has no errors. So no delay in payments, no need for extra manpower or resources etc… In addition, the record keeping on the blockchain is decentralised and totally sercure. So in essence, Cybermiles is a project that brings the best of blockchain world to the business world.
Now you might be thinking at this point, “Aren’t there other blockchain platforms you can build apps on” e.g. Ethereum. The main difference between Cybermiles from these other platforms is that Cybermiles is specialised to build only business apps.
At this point of the review, we will now be diving into whitepaper and the tech to fully appreciate the advantage of Cybermiles over traditional blockchain platforms in the building of business apps.
Whereas Ethereum runs on smart contracts which are contracts written from scratch, Cybermiles uses smart business contracts, which are built from a library of already present smart business contracts. So you do not need to build it from scratch.
Cybermiles blockchain will also employ current proven business technology into its middleware stack. Some examples of these include “the rules engine”, “the business process manager”, “distributed data base” etc.. Think of what I just said as the raw materials that make up the smart business contracts.
So think of it this way. If I have a human DNA. The final product of that DNA will be human. I can teach a human how to swim, but it would take a lot of time and effort. In contrast, if I have the DNA of a fish, the final product will be a fish. Now a fish cannot walk or jump or fly. But when it comes to swimming, it is second to none. The worst fish can swim better than the best human.
And that’s how it is with the difference in smart contracts between Cyberlink and the rest. An ethereum smart contract is neutral, it can be tweaked to do some business tasks, but it is moderate at best. A Cyberlink smart contract, cannot do anything but business tasks, but in its niche, it is second to none.
### Basically smart business contracts on Cyberlink are very easy to develop, highly reusable and also very cheap, costing less than half the price to develop because they are easy to develop.
#
A major limitation of smart contracts in general is that smart contracts can only interact with each other on the same blockchain. This is one of the reasons why many blockchain projects find it hard to merge with secular companies. Cyberlinks enables Smart Business Contracts to interact with external entities e.g. (Fedex deliveries) by using a distributed system known as webhook.
(for those who are followers of our channel, think of it like the oracle that we covered in our chainlink video)
This opens a whole world of potential partnerships that many blockchain projects are still struggling to find.
For its concensus algorithm, it uses DPOS (delegated proof of stake). Let me explain to you what is delegated proof of stake.
All blockchain projects are decentralised. Meaning the information is not processed and stored in one place, it is processed and stored on thousands of little silos called nodes. Concensus algorithms are the different ways in which each blockchain projects uses those nodes.
The classic consensus algorithm is proof of work, which is what Bitcoin uses. So node owners have to have a powerful PC with powerful processors and graphic cards to process the transactions. Node owners are called miners because they get paid for their efforts by finding an occasional bitcoin in the process.
Proof of stake is different, and much easier. As the name suggests, you don’t need fancy equipment, you just stake (or basically hold) your crypto in a wallet and theres a fancy system that uses your staked coins to verify transactions and at the end of the day, you get paid a certain interest depending on how much you stake.
Delegated proof of stake is a kind of staking, except that it puts in an extra feature, one of voting. So everyone who is staking, has a chance to vote a prominent staker as a witness. The witness is like a masternode that earns more, but is also required to do more. If a witness becomes lazy, they can be voted out. So this feature helps to incentivize nodes to be hardworking and it also helps to maintain decentralisation/ fairness into the staking process.
The cybermiles platform also uses a Byzantine Fault Tolerance (BFT) concensus engine, which basically means its designed in such a way that even if 1/3 of the nodes fail it can function. This is important because some blockchains go down for hours to days if a major node is not functioning.
Lastly, the platform has a functioning speed of 10,000 trx/ sec. So its fast. Bitcoin is 6 trx/ sec, Ethereum is 16trx/ sec, a lot of newer gen platforms are sitting at 1000-2500trx/ sec, so 10k trx/ sec is very decent.
Now, I’m going to take you through the roadmap, because I want to show you the history of the project so far.
You will notice that roadmap goes very far back to 2014. And the name of the project is not Cybermiles but 5miles which is the parent company. People living in the US might be familiar with this name, 5miles is one of the top 10 shopping apps in the USA, currently boasting over 11million users and an annual trade volume of over $3 billion. So its huge. 5miles officially announced the development of Cybermiles as its blockchain project in August 2017.
So basically, all this time, 5miles, was a setup business app that was launched to gain experience and test their ecommerce platform. It doesn’t have many features, mainly shopping. But it is very very successful. And the grand plan of 5miles since 2014 was to place itself as the very first app on Cybermiles platform when it launches in December of this year. In fact, according to the roadmap, 5miles will begin using CMT tokens from June of this year, so 6 months before the platform is launched. This means 2 things.
Firstly, the whole project is very mature. It’s a blockchain project that was conceptualised 4 years ago and already has a lot of experience and success.
The second thing it means is that whilst other younger blockchain projects will launch and then start looking for business, Cybermiles is going to hit the ground running with its tokens being used in a $3billion dollar business.
And the best part is 5miles is literally only the first app on its platform, it can host thousands more similar apps. The scope of Cybermiles as a project is so big that even Ebay could be one of its clients, it could an app on Cybermiles platform should it ever want the benefits of Smart business contracts.
Other potential uses of the platform that the team have identified include:
1) A decentralized identify management platform
So basically this like using blockchain decentralising property to protect users Identity. So for example, we all our own crypto wallets where our crypto is stored securely and can only access it with our private key. What if we extended the properties of that wallet to not just storing our crypto but our identities? Then if we want to release our identities to a certain party, we can do so with our public keys.
Such an app could be used by governments or organisations that need to ward against money laundering or need KYC (know your client) features.
I love this idea, using your wallet to store your ID. Such simple but useful application of blockchain.
2) Another potential app they hope will be built is A peer-to- peer small business loan marketplace
So this is actually I gave earlier. So after having a identity management project, all users on this platform can be given a blockchain identity that is non-temperable but can an accurate record of their credit rating. This would make it possible for loan services to select candidates to lend money too based on their credit rating. The transaction is of course through smart contracts, so it guarantees privacy but reliability.
Other potential services include:
3) A more efficient supply chain; as the community projects build connections with each other and do faster and cheaper transactions with cryptocurrency.
4) Automatic escrow. This is quite easy to understand, because the transactions are smart contracts, the release of the escrow funds are automated with no delays or disputes.
5) An ICO platform for e-commerce. So just as Ethereum ICOs use Ether to buy their tokens, CMT tokens would be the master tokens for e-commerce ICOs. And honestly why not? Because the Cyberlink platform is designed to be the best platforms for ecommerce projects to be built on.
And there are more. The truth is, this project is so big I can’t cover everything. They have 2 whitepapers (one for technical details and one for market details) and it would take me 2 hours to go through both whitepapers in details. But I’ve chosen what I believe are the core feature of this projects to help you get a good handle on what is this project is all about.
Now such a big and ambitious project. Can the team live up to expectation?
This is the team, and it’s an impressive team
Il run through the first 2 names.
The first guy, whom I assume is the CEO, is Lucas Lu who has a PhD degree in Particle Physics. He worked at CERN when he participated in theoretical and experimental research of Higgs Partical. He was also a co-founder and CTO of Light In the Box, and the first GM of Alibaba’s Taobao Mobile platform, and was the GM of another Alibaba business unit. Lucas founded 5miles in 2014.
The second person is Michael Yuan who has a PhD in Astrophysics and is the author of 5 books on software development. He was an active code committer in large Open Source projects such as Firefox, Fedora, JBoss, and others. He is an expert on enterprise and mobile software, and was a Principle Investigator on multiple research projects funded by the US government.
And the rest of their resumes are equally impressive. Like seriously impressive. This is no doubt a heavy weight team.
Their advisors include
-Marc Fleury the creator of Jboss,
-Malachi Boyuls, a partner at St Augustine Capital partners and previous attorney at Dallas at Gibson, Dunn and Crutcher,
- Amanda Bush, a partner at St Augustine Capital partners, and previously named “rising star” by Thomas Reuters.
- Frank Lee, the guy who developed the first Litecoin ASIC miner in the world
And more.
Their partners include Blockchain Ventures and LinkKVC and more
Their counsel includes EY and Deloitte and more
So look on resume, this team is just impressive and inspires confidence.
They’ve had several news coverages including Buzzfeed, CNBC, Forbes, Business.com, tech crunch, New York times, Wall street journal and more.
They have links to some videos on the website, but they are rather old videos more about 5miles than cybermiles.
And Cybermiles is listed on the following exchanges including Okex and binance (the two biggest exchanges currently), Huobi and more. Binance is known to be very strict in its coin selection, only choosing projects that it has a lot of confidence to put on its market.
And also one piece of news that wasn’t on their website but worth mentioning is Cobinhood’s underwriting service. So Cobinhood is crypto exchange with zero transaction fees, and a while ago they launched their underwriting service which is basically where they select ICOs to be sold on their platform, but these ICOs are passed through very tough selection criterias, including business model consulting, smart contract code review, legal compliance, deployment procedures, and marketing support. And Cybermiles was their first selected underwritten ICO.
So taking this into consideration as well as Binance listing them and the big news companies giving them positive reviews at some point, it paints a picture of a project that undergone tight scrutiny by experts in the field, and yet come out with very positive reviews every single time. That’s really reassuring for an investor.
Let’s end with a price prediction was always,
Their ICO token sale was priced at 7000 tokens for 1 Eth. 1 Eth is currently worth $576, so their equivalent ICO worth now would be $0.08. Their value on coinmarketcap right now is $0.09, so they are higher than ICO, but only by a little.
In January they peaked at $0.56, so 7 times their current value, and they are currently sitting at Rank 166 on the market.
In all fairness, a coin of this scope with the team behind it and the positive reviews backing it, we expect this project to be a success, meaning, at some point we expect it to be in the top 50 which means a marketcap of over $300million. That’s about 6x its current marketcap. To be honest in the long term of 2-3 years, just based on its potential utility, I could easily believe this to be a $2billion dollar project. But even if you ignore my bullish prediction, it’s current price is very close to ICO price, so it has a lot of room to grow.
Also it hasn’t launched any product yet so there’s no reason for the price to rise, and the next major milestone will be in June when 5miles will start using it. Any token use will increase a token price, and with a $3billion transaction volume, we should expect some rise in value from June onwards. Needless to say, the big rise will be after its platform launch in Dec. CMT tokens are used as for every transaction on the platform so the more apps added over time, the more the value of the token will go up over time. There may be spikes or drops based on general market trends, but the actual value of the coin is more of a long term hodl, with steady rise in value rather than a quick gain.
One last thing I will say about this Cybermiles is on a whole blockchain platform projects are a lucrative business, we covered this in our previous videos, but I think we are coming to time where the platforms that will be really successful are the ones who offer Niche clienteles. Bigger platforms like Ethereum who are now slow and use difficult programming language are likely to lose market share over time, unless they change their blockchain significantly. Newer Platforms like Dragonchain who offer an incubator for to help clients who have no idea how to start a blockchain projects or platforms like Cybermiles who offer business specific smart contracts which are easy and cheap to create, will be very attractive to new companies who want to utilise blockchain technology. These are likely to be the projects that will lead the third generation of blockchain platforms. That’s what I think.
### Im not a profession or a financial advisor, everything I say is just my own thoughts and opinions. please always do your own research and make your own decisions.
#
Thank you so much for joining us, if you like this article and have learnt something from it, please give us an upvote and follow, not only does it help us to grow as a channel, we would also love to journey together with you on this crypto journey.
Let us know in the comments what you think of Cybermiles or if you have any coins/ topics you would like us to review, this was a coin review requested one of you guys and we love requests because it helps us to cater directly to what you guys want to hear.
Have an awesome day guys, and we will catch you tomorrow!
https://youtu.be/t8zm3j-2wks