What Is CyberMiles?

Jan 20, 2023
5 min read

This blog post will cover:

  • About CyberMiles (CMT)
  • Where did CyberMiles (CMT) come from?
  • What are the advantages of CyberMiles (CMT)?
  • What are the disadvantages of CyberMiles (CMT)?
  • How to buy CyberMiles (CMT) on SimpleSwap?

About CyberMiles (CMT)

CyberMiles is a project that tries to compete with Ethereum in the field of e-commerce. CyberMiles was developed on the ETH blockchain and compatible with smart contracts and dApps created for Ethereum. It has such differences as reduced fees, higher network capacity, and many other advantages.The developers intend to bring CyberMiles into leaders in the area of e-commerce.

The ultimate goal of developers is to create an ecosystem convenient for customers. Its functionality will allow them to buy and sell products with the same level of comfort as on Amazon or Walmart services. At the same time, the activities of such a platform will be reliably protected by a decentralized and secure blockchain structure. To achieve this goal, CyberMiles implements a protocol that provides tools for creating custom modules. In addition, participants might create their own trading floors in a wide variety of trading areas. CyberMiles technology provides users with:

  • templates for creating your own online stores;
  • arbitration system for resolving disputes in trade and supplies;
  • conducting auctions and monetization of assets;
  • introduction of an alternative payment and financing system;
  • conducting promotions of a general or narrowly focused nature.

CyberMiles functionality is supported by the internal CMT coin, created for access to platform tools. Developers pay attention to CMT cryptocurrency and the possibilities of its integration into partner applications and various services.

Where did CyberMiles (CMT) come from?

The development of the CyberMiles platform started in 2017 but has a long history. The prototype of CyberMiles was the released online application called 5miles. It was focused on commercial activities under high-security conditions. Lucas Lu founded 5miles in 2014. He is the CEO of both 5miles and CyberMiles. He has a Ph.D. in particle physics and used to work at CERN. He was a Top Manager at Alibaba and CTO of LightInTheBox.Co-founder Michael Yuan, who is the project’s scientific lead, has a Ph.D. in Astrophysics. He’s the author of five books on software development and worked on Firefox, Fedora, JBoss, and other open-source projects.The rest of the leadership team also consists of experienced professionals.The founders attracted significant investments, which allowed them to develop the project. They gradually increased the user base to more than 10 million participants with an annual turnover of the platform of $ 3 billion.In August 2017, the development team focused on creating a platform for decentralized commerce. 5miles was used as an example in the development of the project. ICO was held in November, 2017, 70% of the total number of coins was put up for sale. In total, 1 billion CMT coins have been issued. Coins can be used in the 5xlab application for transfers around the World and payment for purchases on the network.

What are the advantages of CyberMiles (CMT)?

  • High performance and security
    The platform can create smart contracts and decentralized applications, similar to the Ethereum network. But at the same time, the transaction speed of CyberMiles is 100 times faster thanks to the DPoS algorithm.
  • Low commissions
    Transaction fees on the CyberMiles network are lower than Ethereum fees. Some of the transactions are carried out without commission at all.

What are the disadvantages of CyberMiles (CMT)?

  • Strong competitor
    It is difficult to compete with such a strong player as Ethereum. The ETH network does not stop developing and improving. Also today Ethereum still keeps the status of the most popular altcoin.
  • Not a fixed coin total supply
    At the moment, the maximum number of CyberMiles coins is 1 billion. But the developers report that this is not the final value. They may increase the issue of CMT up to 10 billion coins.

How to buy CyberMiles (CMT) on SimpleSwap?

If you believe in the idea of decentralized marketplaces for e-commerce, then CyberMiles is certainly an interesting project with a highly qualified team. Here you can find the instruction on how to buy CMT using SimpleSwap:

  • For example, you want to swap BTC for CMT. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select CMT in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. CMT will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to CMT exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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