SMART CONTRACTS FOR E-COMMERCE

Over the years , our society has undergone a transmogrified commercial infrastructure which has been played into hands of the guns , from the big box retailers like Walmart , to e-commerce giants like Amazon. These big boys have accumulated for themselves the scale advantages that permitted them to acquire greater efficiency through centralized  procurement, marketing, and distribution. Inasmuch as they are centralized , these superweights of commerce and retail are fully centralized operatiions based on selling new standardized products. The constant invention of new products , coupled by the vast amounts spent on marketing and advertising to convince people to purchase these products  has culminated into a wasteful society where unused or slightly used products are either taking up space in our homes or as waste in a landfill.
Some platforms that enable c2c trading have utilized the internet to better connect buyers and sellers where they allow the resale of products from various categories and from different geographical locations. These platforms however have centralized management. The processes involved in such venture could raise the total costs of running business to as high as 15% of the merchandize value.
As such, 5miles has set out to lay out a very different type of marketplace with the power of blockchain technology. This one would be built to enable truly c2c transactions and give value from already existing merchandise . This platform is completely decentralized ,mobile based , using real-time and location-specific communication  to see out deals  amongst friends and strangers alike in a protected environment. The economic incentives which could be earned through transparent and properly implemented  transactions could spur people on to be active and good paraticipants in the society.A platform whose strength lies in the creativity and active participation of its members marketplace will make it more dynamic and at the same time scalable.This platform is called Cybermiles.
Cybermiles is a next-generation blockchain purposed for e-commerce and designed for mainstream adoption , which is set up by CyberMiles Foundation Limited , a company limited by guarantee to be incorporated in Hong Kong and governed in a not-for-profit manner ,together with 5miles LLC.

 CyberMiles Foundation is developing a next-generation blockchain protocol aimed at achieving the following goals; • To support a large library of commerce-related Smart Business Contracts that power decentralization of processes • To manage user identity & transaction data privately & safely, while enabling new transactions & settlements amongst network participants. Starting with 5miles’ 10+ million userbase, this access to user data will be a key driver for other e-commerce & consumer finance platforms to be built on CyberMiles • To utilize a delegated-PoS (“Proof-of-Stake”) consensus engine to support tens of thousands of transactions per second (“TPS”), hence resolving latency issues of existing chains.
In building this future, CyberMiles has the potential to be the first blockchain with both real- world business application and mainstream adoption, and may also soon be one of the largest blockchain networks in existence.

WHY USE CYBERMILES TOKEN  (CMT)
Our aim is for CMT to serve the following purposes: 1. To reward and incentivize community members to contribute computing power and maintain the integrity of the network. Examples of such services could include running network nodes, validating transactions, and executing smart business contracts. When e-commerce market participants, such as sellers, buyers, and marketplace makers, utilize the network services, they would provide CMTs to network maintainers.
 2. To incentivize community members to provide value-add services, such as peer-to-peer customer support and conflict resolution services. The service provider could receive CMT from other members in the community after a consensus is reached.
 3. To facilitate transactions within the network. Processes and interactions throughout the supply chain, as well as between buyers and sellers, could be recorded and facilitated by CMT. That allows for decentralized settlement and could potentially greatly reduce the cost of transactions and friction on the network. The network would extract a transaction fee to pay validators who execute smart business contracts associated with the transaction.

CYBERMILES THRIVING WHILES OTHERS FALTER AN UP AND UP MARKET One of the key advantages of a decentralized network is the high availability of network services. It is resistant to data center failures. As long as some network nodes are running, the network services will be available – although the service capacity or bandwidth may fluctuate.
Today’s c2c marketplace apps depend on centralized servers and IT departments for back-end services. If the data center goes down, the marketplace will cease to function. In the CyberMiles blockchain network, computing power and business services can all be provided by members of the community. And hence, the network service is more resilient to failures.
CONFLICT RESOLUTION BY THE SOCIETY The economic incentives introduced by CMT could provide a means for community-based conflict resolution which would save a marketplace operator, such as 5miles, the need for employing and maintaining a team of customer service agents for resolving potential conflicts between buyers and sellers. Subject to appropriate governance controls, volunteers in the community could now be arbiters, and could use transactional data recorded transparently in the blockchain to make judgement .
The new generation for E-commerce is here and you have to join the change now. For further informationsouth on the CyberMiles project,  contact us on the following platforms;

1.WEBSITE

2. Whitepaper