CyberMiles Blockchain to Decentralize E-commerce by Allowing Customizable Smart Contracts
The CyberMiles Blockchain – Decentralizing E-commerce
Having surpassed the $1 trillion mark in terms of net worth, it is hard to argue against the e-commerce sector as one of the leading force in the contemporary retail industry. Despite this massive growth, the e-commerce sector is held back by several technological bottlenecks that make transactions slow, costly and vulnerable to attacks. For this reason, CyberMiles, a firm that develops smart contracts for e-commerce clients, intends to introduce a blockchain-driven solution that will overcome the shortcomings of the existing systems.
The CyberMiles blockchain network will establish a platform that will consist of members who will leverage the decentralization functionality to freely share resources. The ecosystem will be maintained using CyberMiles tokens. Moreover, the CyberMiles blockchain is compatible with the Ethereum network, meaning that the latter’s smart contracts and decentralized apps (DApps) can interoperate between the two platforms without the need to alter the code.
CyberMiles Virtual Machine vs. Ethereum Virtual Machine
In preparation for the launch of the aforementioned decentralized platform for e-commerce clients. CyberMiles developed a virtual machine that can comfortably handle up to 10,000 transactions per second. This swiftness is ideal for its intended application, ensuring that all e-commerce transactions are conducted seamlessly.
Essentially, the CyberMiles Virtual Machine (CVM) is a huge upgrade on the Ethereum Virtual Machine (EVM). This is because of its high scalability, enabling it to perform critical tasks that the EVM was incapable of handling. Furthermore, the CyberMiles blockchain uses the DPoS consensus mechanism that enables enterprises applications to run faster and at affordable costs. Precisely, CVM is up to 18,000 times faster than EVM. For instance, EVM takes 35 seconds to complete 20 million additions, whereas CVM performs the same in just 3 seconds.
Reducing the Cost of Scrypt
Typically, the Bitcoin network employs the Scrypt algorithm in the verification of transactions. As of now, it is impractical to deploy the Scrypt algorithm on the Ethereum network. This is because the algorithm requires at least 370 million units of gas to run, and the maximum amount that an Ethereum block can consume is 8 million units. Therefore, it is uneconomical to run this algorithm because of the exorbitant costs. On its part, CVM can handle Scrypt transactions because it features a community contributed module that consists of Scrypt implementations.
Security and Cost Control Mechanisms
Regarding security of user funds, the CyberMiles blockchain relies on pre-defence and post-recovery security mechanisms. Also, the network does not impose fees on recurrent transactions to reduce the overall expense incurred by users.
CyberMiles will act as an all-encompassing e-commerce network that is maintained and secured by a community of trusted peers. Through decentralization, merchants and consumers will be able to keep track of their expenditures in a transparent manner. On the other hand, e-commerce platforms will benefit from having a massive network of sellers and buyers who can use the CyberMiles token (CMT) to purchase goods and services, as well as participate in loyalty programs.