CyberMiles’ MainNet release livestream — straight to the point(s)
Oct. 18, 2018 — Nearly a year after concluding our ICO, we at CyberMiles have reached a milestone with the release of our very own native blockchain. To celebrate this achievement, and while the CyberMiles Foundation prepares the next roadmap to share with our community, let’s take a look back at what we already have accomplished — and what is still to come.
During the first part of our livestream, Dr. Lucas Lu, CyberMiles’ CEO, followed by Dr. Michael Yuan and Timothy McCallum, our Chief Scientist and Core Developer, respectively, outlined the next set of project milestones. Moreover, our team illustrated the array of possibilities now made possible by the release of CyberMiles’ blockchain.
Smarter Smart Contracts = Smarter Blockchain
After the back-to-back releases of our TestNet, Lity programming language and the CyberMiles virtual machine, CyberMiles’ MainNet offers a whole new environment for businesses and developers to implement Smart Contracts, with new capabilities and features impossible before to realize in today’s blockchain world, yet critical for e-commerce and most other businesses. Chief among them: CyberMiles’ “smart business contracts,” which can run resource-intensive operations like public encryption, cross-chain payments, and privacy data marketplaces, along with the added bonus of schedulability — an indispensable tool for widely-used financial contracts.
In addition, our blockchain lets new high-performance functions be added thanks to the develop-ment of a native C++ extension to the VM: Library of Ethereum Native Interface. LibENI enables new encryption algorithms and more efficient ways to process large amounts of particular data.
To quote Dr. Yuan:
One of the most interesting features of the libENI is that new functions just need to be approved by the blockchain validators or supernodes. There is no need to update or fork the blockchain software itself.
In contrast to existing blockchains, CyberMiles’ blockchain is far more flexible in terms of enhancing its capabilities. The Ethereum blockchain, for example, only allows a new feature to be implemented one of two ways: a soft fork and a hard fork. From the beginning, these solutions have divided its community, making the blockchain hard to upgrade, just like Bitcoin. The implementation of Segregated Witness, as another example, took almost a year and even now, at the time of this writing, only 42 percent of total transactions use SegWit.
Better + Faster + Safer + Stronger
To entice developers to test and adopt our blockchain, CyberMiles’ blockchain will remain fully backward-compatible with Ethereum. What this means is that all current Ethereum contracts and Decentralized Applications (“DApps”) can run on our blockchain without changing anything. Plus, our Lity programming language takes inspiration from Solidity, Ethereum’s programming language. Therefore, if you’re already familiar with Solidity, you’ll learn in no time how to program smart contracts using Lity!
LibENI, meanwhile, allows smart contracts to perform tasks heretofore impossible — or, at the very least, impractical (e.g. prohibitively expensive and very slow to execute in other blockchain environments). Where LibENI excels is in its shortcuts to multiple existing functions from the library. A win-win!
Lastly, if ever there’s a need to scale the blockchain to optimize its environ-ment, a second layer can be implemented easily. And, since the base-level protocol of CyberMiles’ blockchain already provides high performance, adding an additional layer will improve its scaling exponentially. For example, a second layer such as Plasma can be implemented on CyberMiles, and, according to McCallum, “they can work independently, [thereby] creating exciting opportunities for research and development.” Score!
(Note: As a developer, if you plan to migrate your DApp or sidechain to try it on the CyberMiles blockchain, the differences can be visible within mere seconds once on CyberMiles.)
Have We Got a Lot in Store for You…
With the right infrastructure in place to build a decentralized ecosystem for e-commerce, the CyberMiles Foundation now will focus on developing tools that will further enhance this vision. In fact, during the livestream, Dr. Lu revealed four initiatives that we will be working on next:
- The creation of a stable coin
- A payment system with cross-border function (“atomic swap”)
- Support to all projects looking to launch an STO via CyberMiles
- Support to the projects that make up our growing ecosystem
1. A true stable coin
When it comes to e-commerce, a degree of international trade is typically involved — i.e. products sourced from Asia are sold to the western world’s consumers (or vice-versa). Thus, the $1+ trillion dollar global industry is highly susceptible to currency value fluctuations. The recent USDT price drop, for instance, has demonstrated just how hard it can be to trust in a coin based on a single entity. That said, e-commerce applications need stable coins.
In an effort to minimize the impact of these (cryptocurrency) fluctuations, the CyberMiles Foundation will establish a stable coin that head-on addresses this issue. As the project is in development, we can’t tell you just yet when to expect this coin. Rest assured though that we’re concepting based on the most stable currency/currencies for international trade, particularly e-commerce.
2. Atomic Swap
To expand our community, we currently are working on a payment system that will allow cross-chain payments, also known as “atomic swap.” Thanks to Lity and the CVM, our blockchain already meets the needed requirements to realize atomic swaps, namely existing time-locked contracts, specialized programming functions, etc. With this function highly desired in the crypto communities, CyberMiles’ smart contracts will be able to make cross-blockchain transactions, at their respective costs … without the need of using a third party! At the same time, validators will serve as oracles and provide cryptographic verification for cross-chain assets, adding a layer of safety for the transactions. How great is that?
3. Support to STOs, the future of token offerings
While current tokens introduced via ICOs face myriad barriers toward obtaining legal status, a new form of token offering was launched to follow regulations more properly. It’s called a Security Token Offering (or STO).
The E-commerce cashflow can back security tokens but issuing such tokens requires legal compliance. To release such tokens, however, in the traditional blockchain, it’s unclear who can run oracles to run such compliance. The CyberMiles validators can choose to provide such compliance verification in their own jurisdiction, so e-commerce tokens can be easier on CyberMiles.
In addition, tokens can be created in both a simple (one-button function) and trusted way, furthermore meeting STO requirements thanks to our partnership with OpenFinance Network. (Tokens can be listed on its exchange platform, too.)
4. Growing the CyberMiles ecosystem
Making good on our commitment to develop and release CyberMiles’ MainNet, the CyberMiles Foundation will support projects that wish to join our ecosystem. Starting with 5miles, we will work hand-in-hand with 5miles to implement our blockchain technology into 5miles’ business. Given no transaction fee, a high-speed computation, a trustworthy database, and decentralized environment, we believe that our blockchain-based e-commerce environment will greatly enhance 5miles’ peer-to-peer platform — and its 15 million users.
Among the other projects, Blocktonic had announced its intention to become a DApp on CyberMiles’ blockchain, and to become the world’s first fully-decentralized e-commerce platform in history. Blocktonic by example may be the most interesting use case for all new businesses looking to make the leap toward becoming their own fully-decentralized platform.
How can or will this work? Well, merchants on each platform will be allowed by its community, fees will be lower for distributors, and we expect that consumers will be able to enjoy lower retail prices on goods and/or services available for purchase.
And that’s a wrap…on the first chapter in CyberMiles’ ongoing story. This past year has been intense for the CyberMiles Foundation and for our hard-working team, and we can’t be more thankful for our ever-faithful community who have trusted and supported us. From research to development, exploration to outcome, and challenged followed by breakthroughs, we took the promise of blockchain technology and applied our expertise to create what we believe is the most powerful e-commerce blockchain in every respect.
Our mission though doesn’t stop here. To create a decentralized ecosystem for e-commerce, the CyberMiles Foundation has commited to supervising and supporting developers and projects that are interested in taking advantage of this new infrastructure. So stay tuned!
