This year, the development of blockchain technology is growing rapidly. We can see in the many new companies that started using blockchain technology for the businesses they developed. Over time, this technology will continue to develop for several things, such as business transactions. Well, one of the startups that is now beginning to develop the blockchain technology is CyberMiles. This startup started to develop a new blockchain network protocol, called blockchain CyberMiles, which is specifically optimized for commercial contract transactions.
Cybermiles
The new blockchain has high performance and is easily scalable, and supports more than 10,000 transactions per second. This technology allows companies to establish smart business contracts, which are distributed middleware applications that are the codification of business rules and processes. The original cryptographic payment tool of this network, CyberMiles Token (CMT).
Utility of CyberMiles Token (CMT)
There are two uses of the CMT: reward members of the community for the services they provide and facilitate financial transactions in the network. Two of the planned use of the interconnected as "fee" collected from each settlement used to pay validator that provides services to facilitate transactions.
These are the two purposes of using CMT in detail:
1. Network participants can obtain CMT by providing services.
They can be a validator for network services. Specifically, participants execute smart business contracts for Dapp (such as the 5-mile applications) of the CMT. Alternatively, they can validate and register new transactions in the blockchain and obtain the CMT of the DPoS consensus protocol.
They can provide services to their peers in the network. Consumers and companies in the network can use the CMT to each pay a service to each other, as an arbitrator to dispute resolution services and even services for the development of smart commercial contracts.
Note: CMT will become gas at a dynamic speed - so that the converted value of a gas unit remained stable. The gas is used to pay the CyberMiles node running the Smart Business Contract. The gas price of the smart business contract will be estimated by the system when the Smart Business contracts sent to blockchain.
2. CMT can be used as a means of payment for the settlement of internal transactions in the CyberMiles jar application. For example, a small business loan applications can use the CMT to complete the transaction and repay the loans without the need for a centralized clearinghouse to guarantee privacy, transparency and security funds; A supply chain management application can complete intermediate transactions in CMT, and only allows the conversion to fiduciary currency to maintain the balance at the end of the day. Reduce friction and transaction costs. In any case, the network withdraws a small charge from each transaction agreement to pay the validator who executes the Smart Business Contract related to the transaction.
Two types of CMT use have been well received in the blockchain technology community. CMT is necessary because CyberMiles blockchain CyberMiles build a new infrastructure, and therefore can not simply use the ETH or BTC to operate totally original in this new blockchain.
Comparison of CMT with XRP
Like the Ripple network, the CyberMiles network also uses the original cryptographic token to facilitate the decentralized settlement of transactions. However, the ripple "burn" a small number of XRP for each transaction, while CyberMiles will collect transaction fees to pay validators to execute smart commercial contracts associated with the transaction. In addition, the network's undulation is blockchain based on permission, and all its nodes are large financial institutions. The CyberMiles network will be a public block chain that will serve small businesses.
Comparison of CMT with ETH
Like the Ethereum network, the CyberMiles network will reward validators for the creation of new blocks or for the execution of Smart Contracts in blocks (through gas costs). However, the Ethereum generation is now very slow and, consequently, incurs very high costs to execute complex intelligent contracts. CyberMiles is designed to be high performance and easily scalable to execute complex business intelligence contracts. In addition, Ethereum intends to become a general-purpose computer network, while the CyberMiles Smart Business Contract is specifically optimized.
For more information related to CyberMiles project, you can read WhitePaper or ANN CyberMiles details in Bitcointalk.
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