Complete CyberMiles Coin Review
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Seeing problems is much easier than finding solutions and solving them. Blockchain technology, however, has helped many problems to get a step closer to their solutions. Many tech-savvy people from around the world take an advantage from what blockchain technology offers and build their futuristic ideas around it in a way that it becomes the today’s reality. One of the many innovative ideas that have been designed with the blockchain protocol is CyberMiles. It is created to change the game of the current marketplace and the platforms that work in that area. CyberMiles is aiming to make the e-commerce platforms and the marketplaces decentralized. In this article, we will try to get an insight of CyberMiles and see what it is doing to implement its solution and how successful is it in doing so.
What is CyberMiles?
Many traders and investors all over the world are looking for a democratic marketplace where people can sell their goods and services without paying exorbitant fees as commissions. While a few developers have made significant efforts to make this a possibility, none has surpassed what CyberMiles aims to do.
CyberMiles is a decentralized e-commerce platform. It is a marketplace where people will be able to trade directly without the interference of a third party like is in the case of other traditional marketplaces such as Amazon and eBay. It will use CMT token as the currency to fund for various projects and services. CyberMiles was developed by 5xLAB in collaboration with 5 miles, a C2C marketplace operator. 5 miles is a leading shopping app that has been running for about 3 years now and has recorded more than 3 billion USD worth of transactions so far. CyberMiles thus will operate on already existing business but on a bigger scale.
This platform will provide an ecosystem in which developers can create commerce-related smart contracts. They will be able to develop and manage decentralized commerce applications without any limitations. Developers will use the system’s CMT tokens to issue ICOs of their particular applications.
This technology seeks to solve e-commerce scalability issues and will also utilize smart contracts. It will be possible to have tens of thousands of transactions per second. Bitcoin blockchain is unable to maintain high numbers of transactions. It is projected that CyberMiles might get bigger and more powerful than Ethereum smart contracts. Their partner 5 miles projects to migrate about 12 million users in the US to this blockchain jump-starting its operations as a result.
Unlike other platforms that start out with a fixed number of tokens, CyberMiles seeks to mint new coins with the system’s growth. Holders of CMT will have the opportunity of earning new coins being vital for the DPoS consensus mechanism.
CMT token will facilitate payments that will settle transactions between peer to peer and e-commerce institutions. It will assist XRP or Ripple that is used to settle payments between big banks.
Smart Contract Creation
This is a computer program that helps facilitate and enforce the signing and performance of a digital contract without the need of a third party. Such contracts are recorded on a public ledger accessible by all the peers on that particular network and cannot be reversed. In simple terms, it is a contract or a relationship between two or more parties that is enforced using a cryptographic code. They are programs that execute in the exact manner they are set up. Smart contracts are good because they give users autonomy, allow for decentralization and reduce costs that third parties would take as commission fees. They also solve the problem of mistrust between or amongst different parties. While the Ethereum network enables the use of these contracts, it has some limitations in terms of speed and cost. It is this limitation of scalability that CyberMiles.
CyberMiles held an ICO as from 21st November 2017 to 21st December 2017 in the US selling their CMT tokens. 7,000 CMT tokens were equivalent to 1 ETH. This was approximately $0.0524 for 1 CMT. The total token supply was 1,000,000,000 of which 70% were available for sale. The coin aimed at raising $ 30,900,000, or approximately 84, 146 ETH.
This token being an ERC-20 cryptocurrency received a lot of hype, compounded by the news that the platform was to replace Ethereum by solving the scalability problem plaguing the Ethereum network. This saw this project manage to raise $30,881,582 at the ICO.
The current circulating supply of CyberMiles coin is 445,197,759 CMT at the time of writing this review. Of course, like all other digital currencies, CMT price is very volatile and keeps changing with market trends. This token has for instance seen gains of up to 1.82x in USD since its ICO. Those who bought the tokens at the ICO have earned some money. If you bought CMT tokens worth $10,000 at the ICO, your investment should now have grown to $18,200. You would have earned a profit of $8, 200 in a span of about 4 months.
Difference Between CyberMiles and Ethereum
CyberMiles and Ethereum have a lot in common. They both operate on the blockchain technology and utilize smart contracts. However, there are some differences between the two. Here are some of those differences.
While Ethereum network is designed for general smart contract applications, CyberMiles is specifically designed to meet the needs of consumers by focusing exclusively on commercial and marketplace applications. It will be a consumer to the consumer marketplace.
CyberMiles transactions are much faster than those of Ethereum. CyberMiles is capable of 10,000 transactions per second, while Ethereum processes approximately 15 transactions on the same time frame.
Ethereum mining is indefinite while CyberMiles token supply is set at 1 billion with 8% inflation working on the PoS mechanism. Stakeholders in CyberMiles will receive future minted coins but is not clear what will happen with Ethereum.
CyberMiles is in partnership with C2C marketplace operator that will provide 12 million users instantly making the CyberMiles platform bigger than that of Ethereum which has less than 10 million. However, Ethereum still has a larger market capitalization and already proved itself and is still more valuable than CMT.
CyberMiles Cryptocurrency is called CMT. It is the gas used to fuel this ecosystem. It is also the base currency that developers and users will utilize to pay for applications and other services within the CyberMiles network. Basically, it will be a utility token allowing the e-commerce apps launched on the platform to develop their own ICOs. Pundits are calling this coin the “master token” for e-commerce. CyberMiles coin is a PoS consensus token hence there will be no mining. More coins will be minted from the network as it grows over time. Holders of CMT coins will have an opportunity of receiving new coins from staking their existing ones considering their role in DPoS consensus.
CMT system allows for a total supply of 1,000,000,000 coins at its initial stages, but it plans to have more coins minted with time as the network grows. The token supply might rise to as high as 10 billion. Meanwhile, the network has already sold 70% or 700 million tokens during the ICO, with the remaining 30% or 300 million going to partners, the network’s team, 5miles, and CMT reserve.
CyberMiles Price Growth
The current price for 1 CMT is $0.0929. With a circulating supply of 445,197,759, this coin has a market capitalization of $41, 226, 737. This figure represents 33% growth since it’s ICO. CMT all-time market cap high was on January 8, 2018, when it hit $257, 968, 618. The token price that day was $0.595564.
In the last 90 days, CyberMiles price has dropped a whole 51.79% and keeps fluctuating with time and in relation to the major cryptocurrencies. These figures show how its price is volatile. If you are to invest in this coin, it would be better you trade as you monitor daily changes and pick small profits than projecting for long-term speculation.
- In April 2014, 5Miles was established by Dr. Lucas Lu.
- June 2014 5Miles is funded to the tune of $5 million by SIG.
- October 2014, 5 Miles developers begin testing the app.
- January 2015, 5 Miles is launched.
- June 2015, 5 Miles gets $17 Million investment from IDG and Morning side.
- November 2015, 5 miles introduces user-verification and fraud detection technology.
- January 2016, 5 Miles receives an extra $30 million funding from Blue Lake and Puhua
- January 2017, 5 Miles starts exploring the blockchain technology as it hits more than 11 million users. It is by now among the top ten shopping apps in the US.
- June 2017, 5 Miles receives $10 million funding from existing investors to launch 5xlab.
- August 2017, 5xlab is launched which is to develop CyberMiles blockchain version 1.
- October 2017, 5xlab introduces the CyberMiles platform issuing CMT tokens.
- June 2018, 5 Miles that has brought 12 million existing customers to CyberMiles platform to begin using CyberMiles coin for marketplace transactions.
- December 2018, 5xlab to launch the full version of CyberMiles using CMT as the tokens to fuel or facilitate transactions on this network.
How to Buy CyberMiles
Buying CyberMiles coins is fairly easy. There are just a few steps you should follow to get Ethereum or Bitcoin then exchange them for CMT since you cannot use Fiat currency. You also need to identify a suitable exchange, one that is safe and which has low charges. Here are those steps-
- Create a wallet where you will keep your coins. You can easily do this by signing up at myetherwallet.com for MyEtherWallet. This is an ERC-20 compatible wallet which you can store all ERC-20 tokens. Make sure you remember your password since the company does not store any information in their servers. Make sure you print your unencrypted private key as it can help you access your wallet as a measure of last resort. You are recommended to buy a hardware wallet like Ledger S or Trezor if you want your coins to have more security.
- The next step is to identify a suitable exchange like Cex.io from where you will buy Ethereum or Bitcoins using fiat currency. You can use credit or debit cards, it is a little bit expensive but saves you time.
- Exchange your Ethereum or Bitcoins for CyberMiles, once you are through with buying ETH or BTC. You will have to find the CMT/ETH or CMT/BTC trading pairs.
- Please note that there are two ways in which you can exchange these coins. One is a limit order in which you manually set your price, and the other is the market buy, in which the exchange determines the best possible price. We’d advise you to use the latter option.
- Once you are through with exchanging your coins, it is important that you now move them to your preferred wallet as exchanges are prone to hackers.
- If you want to keep your CMT coins safe, move them from the exchanges to your preferred wallet. You will do this by pasting your wallet address on the exchange platform, press the ‘Max’ button and then click on submit. All of your CMT coins will be transferred to your wallet.
CMT is an ERC-20 compatible token. You can keep it in any wallet that supports Ethereum based tokens. Among these wallets are Myetherwallet, Ledger wallet, Trezor, and Mist.
Myetherwallet is a web wallet that allows you to store all your private keys and passwords on your computer as it is a client-side interface wallet. You can store all ERC-20 tokens from the Ethereum blockchain. it is compatible with other wallets such as Mist, Ledger, and Trezor among others. Apart from the initial purchasing cost, you only pay ether when sending ETH which goes to miners supporting the ETH blockchain.
This is a hardware wallet that you can use to store Ethereum based cryptocurrencies as well as BTC and various altcoins. It is very easy to use with its USB connectivity and has a built-in OLED display that you can use without connecting it to a device. Since it is a hardware wallet, it is always disconnected from the internet keeping hackers away from your coins. It has single tap buttons that you use to confirm transactions giving you extra security physically.
Trezor is a hardware wallet that you can keep CMT and other ERC-20 tokens as well as a variety of altcoins. It is a physical USB device that you plug into your computer to transfer coins from your exchange. You can use it even on a computer that is infected by malware. You can store, send and receive digital coins using this wallet. It has a two-step verification and can connect with other wallets such as MyEtherWallet. Being a cold storage device, it keeps your coin away from the internet hence reducing the risk of losing your coins to hackers.
Mist is the official desktop wallet from the Ethereum developers. It is thus managed by the same people who manage the Ethereum network hence suitable for keeping CMT, considering that it is a token based on this ecosystem. With this wallet, you are always in complete control of your coins. It has a nice and easy to use interface that is appealing to users. In terms of security, it has the multi-signature feature, and a password that can never be changed, so don’t forget it if you are to use this wallet. It provides complete anonymity as you can download and set it up without using your personal details. However, it is to heavy as you will be required to download the entire Ethereum blockchain. It is usually very large and may require you to spare a lot of extra space.
As noted earlier, you will need to identify a suitable exchange to buy CMT using either ETH or BTC. Here are some well know exchanges that you may consider.
This is a Hong Kong-based digital currency exchange platform started in July 2017. It was started by developer Changpeng Zhao. This exchange supports crypto to crypto exchange with over 100 digital currencies. It, however, does not support fiat currencies. You are likely to find ETH/CMT and BTC/CMT as the common trading pairs to get CMT. It has a flat rate fee of 0.1% which is fair, and you can get a 50% discount if you trade using binance’s token BNB. All deposits are free, but withdrawals are charged based on the coin you are moving. Bitcoin is the most expensive, so you may want to minimize its movement. A few people claim that their customer support is good, while others have mixed reactions. Overall, it seems like a good trading platform.
This is another large trading platform based in China. This exchange was developed by Leon Li in September 2013. It has also been affected by China’s decision to stop cryptocurrency trading and have also been accused of faking trading volumes, though those allegations have never been confirmed.
It accepts fiat currencies US dollar and Chinese Yuan. All deposits made in Chinese Yuan are free, but those in US dollars attract a set fee. All withdrawals irrespective of the currency attract a set fee with those in US dollars attracting higher fees. There is a Flash Trade function that allows users to trade in real time. Huobi support can be reached via email, phone or through social media. Be patient, though since you may have to wait up to 3 hours for a response. As always, check out our review for more information before setting on any particular exchange.
This is an exchange platform based in China that allows users to trade fiat-backed currencies with other digital coins. It provides various digital asset-based futures and has professional trading tools, a wallet, and a block explorer.
Users complain that they make it very difficult to withdraw funds and sometimes block them entirely. This could be because of strict security features, but you need to carry out due diligence. Others complain that they have poor customer service, so you have to be very careful not to make any mistakes when trading or buying coins from this exchange.
Available trading asset pairs include BTC/CMT, ETH/CMT, and LTC/CMT. Maximum leverage is 1.20 which is quite high considering cryptocurrency volatility. The exchange charges 0.03% fee for opening up a trade which is quite low as compared to other exchanges and offers stand-alone desktop platform. It is one among the few that does.
With all the hype that CyberMiles is getting and the possibility of getting a head start from 5 Miles, this seems to be a promising system. It is set to the biggest C2C platform supporting e-commerce and marketplace applications. With an existing client base of more than 10 million users, this seems like a fruitful venture.
Thank you for going through this review, we’re glad to have taken through. We hope that you have learned a great deal about CMT. Keep checking our page for more reviews in the cryptocurrency space.