About CyberMiles Foundation
CyberMiles Foundation Limited is a company which specializes in devising a foundational blockchain which is optimized for online marketplaces and commercial apps. Businesses are required to reconcile themselves to the base level blockchain established by CyberMiles. This enables businesses to execute real time smart business contracts with ease. For all intents and purposes, the company is on a mission to build a secure and trusted public network so that business services can leverage it for implementing smart business contracts.
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Website:https://cm.5miles.com/
How does CyberMiles Work?
CyberMiles hinges on the foundational trait of blockchain- flexibility. This ‘flexibility’ trait is tailored for various real world businesses whose rules are determined and defined by smart contracts. This can be explained with a real -life scenario.
Bob is a duty-bound IT director of a food company. His primary responsibilities include building and managing supply chain distribution, procurement along with maintenance of the company’s e-commerce website. As the food company scales its operations, its reliance on multiple suppliers increases. Thus, the model transforms itself from a single supplier procurement model into a multi-supplier procurement model. Similarly, multiple sales channels emerge. In all likelihood, a simple pricing model can be replaced with a dynamic bidding model. This sophistication and profound intricacy is further accentuated by the retail customers’ demand for transparency and protection against counterfeits. Traditional systems do not support advanced and complicated levels of functioning. CyberMiles takes care of every fabric of Bob’s work – right from procurement to a healthy distribution. It couples the system with blockchain modules and handles product refunds and returns by recording each and every transaction. Bob is required to do just one thing
– Choose appropriate smart contract modules and the rest shall be managed by the powerful CyberMiles blockchain, ensuring simplicity, effectiveness and transparency.
How else can we CyberMiles be used?
Thanks to CyberMiles’s modular solutions, protocols for over 370 categories are well in the offing. In other words, potential apps belonging to various categories of online marketplaces can use CyberMiles.
Decentralized Identity Management Platforms
Recently, Equifax hack demonstrated that the credit history and personal identity data records of more than 100 million American were stolen. In such extremely vulnerable and vituperative environment, companies which bet on the whole paradigm of identity management should think and shift their focus on creating a decentralized identity management platform which enables users to save their personal information. In other words, the user decides on a case by case basis, with whom the data is to be shared. Blockchain is perfectly capable of protecting the users’ identity and data through cryptographic keys. Users can store their data in wallets which reside on bitcoin and Ethereum blockchains. The wallets will be controlled by the users through private keys.
Here is a simple Peer to Peer small business lending application:
Step #1: The user is first required to select a ‘wallet’ app that he / she perceives to be trustworthy
Step #2: The user is then required to register not only his / her personal information but also banking information with the wallet.
Step #3: The wallet then performs AML (Anti Money Laundering) and KYC (Know Your Customer) validations.
Step #4: Subsequently, the wallet gets busy generating a public /private key pair. The public key is then broadcast to the blockchain for record.
Step #5: The next step in the pipeline is authorization. The wallet authorizes and tests the bank link.
Structural Principles of CyberMiles Foundation
The foundations of CyberMiles are deeply rooted in the following three structural principles:
• Impartiality: CyberMiles solely manages the blockchain and its applications. All the directors of CyberMiles are duly respected within the tech community.
• Not For Profit Governance: The CyberMiles Foundation takes care of token insurance and distribution management. By developing a robust and scalable system, it serves the interests of CyberMiles Foundation.
• Strong Governance: As far as functioning as a legal entity is concerned, CyberMiles is a separate legal entity and its operations are distinct. It strictly adheres to prevalent industry best practices, regulatory changes and requirements. Its functioning is overhauled by top-tier professionals, industry influencers and business experts.
The CyberMiles Core Team:
Dr. Michael Yuan and Alex Lau are the directors of the CyberMiles Foundation. Frank Lee, Amanda Bush and Malachi Boyuls are the incumbent advisors of the CyberMiles Foundation.
For more details visit:-
Website:https://cm.5miles.com/
Whitepaper:https://cm.5miles.com/file/project/Project%20white%20paper_en-US.pdf
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