Crowd-founding Starting Time: 3 pm at Nov 21, 2017
Crowd-founding Ending Time: 3 pm at Dec 5, 2017
Basic Information about the Project
Token Initial Allocation Plan
The total token amount is 10 billion, of which private and public offering occupy 700 million sales (1ETH = 7000CMT, equals $ 29 million, provided that ETH $ 300), the other 300 million in accordance with the ratio of 1: 1: 1 Assigned to 5miles, CybeMiles and later development (5miles and CyberMiles locked for 2½ years, official commitment of 300 million tokens will not be in circulation), the remaining 9 billion tokens are fully allocated to Dpos-mode mining. In accordance with the annual expansion rate of 8%, it will take about 30 years to reach 10 billion, while in the process will continue to adjust the speed.
CyberMiles Rating Report
I. Market Analysis
CyberMiles (CM) is launched by a U.S. e-commerce platform 5miles, whose mobile app is mainly for the delivery of goods and services. The 5miles e-commerce platform will push users second-hand goods within 5 miles, which functions similarly to China’s Taobao second-hand platform XianYu APP. The e-commerce platform has attracted a total of 12 million users up to July 2017, and has reached a total turnover of more than 3 billion US dollars in 2016. In addition, it became the United States TOP10 e-commerce platform, and it has got financing from SIG, IDG, Morningside, Blue Lake, PuHua, Alibaba and ebay, who has received a total investment of 62 million US dollars.
The current blockchain does not support large-scale commercial-level applications, and the most serious problem is the performance of the transaction. Bitcoin can process seven transactions per second, Ethereum can processes 25 transactions per second, and the fastest Waves can reach 1,000. However, in this year’s Taobao double 11, it only costs 3 minutes to reach 10 billion yuan turnover, and 10 hours and 54 minutes to reach 111.1 billion. From the magnitude point of view, the block chain is still in its very early stage, and it still has a long way to go, currently, the use of large-scale commercial transactions is difficult.
CyberMiles uses rules engines, business process managers (BPM), decentralized repositories, decentralized file systems, decentralized Webhook, rule engine Rete algorithms, and Proof-of-Stake (PoS) consensus mechanism design to address transaction performance and scalability, and it divides the upper-chain and the under-chain. In this chain, they have their own “Smart Business Contract”, and there are only virtual machines and smart contracts in the chain, a large number of other reusable software components reside outside the blockchain, by using this kind of technology innovation, the performance issue is addressed.
CyberMiles is an underlying blockchain, which is not a block application based on Ethereum. CM can not only directly carry applications, but also for the development communities to construct brand-new blockchains according to CM so as to build their own public or private blockchains. CM has established 12 categories and 371 sub-categories of business smart contract templates to improve its support for a wide range of business scenarios. Developers can create C2C trading platforms and set up commercial application services such as distributed taxi platforms.
Therefore, the original CMT tokens are ERC-20 tokens built on Ethereum. After the CyberMiles protocol is used in its own open source blockchain, it will be converted into a CyberMiles blockchain token in a 1: 1 ratio.
Project Sore Points
1. The cumbersome process of traditional product supply chain
In the traditional e-commerce field, goods are passed on several times during the process from the supplier to the buyer, and the legal currency is used to settle each time, containing the time cost and the dispute cost of fraud.
By using CMT digital tokens to confirm business smart contracts, the settlement process becomes instant and secure, efficient commercial supply chain becomes possible, and the token cash flow and product flow are proceeded simultaneously.
2. The issue of counterfeit and fake goods
A serious issue of counterfeit and fraud happens in the current global e-commerce areas. As you may know, the goods you receive may be totally different with the picture you see on the internet, and people’s ability to assess the authenticity of goods also varies. Once the customers bought fake products, the only solution is to return the goods. The anti-fake is inefficient, and does not address the problem from the source.
The advantage of CM project is that it keeps the authenticity of the products. When the products are manufactured, the smart contract creates a proof for their authenticity, which is transparent and untampered, and the whole process from their manufacture to selling can be directly queried, do the buyers can feel at ease to buy them.
3. Multi-business scenario support
The Cybermiles platform is a brand-new public chain project, like Ethereum, it is an underlying platform that builds upon CM to construct other business applications, and it can also use CMT as a basis for its own ICO tokens to distribute its own ICO tokens, which is similar to current Ethereum-based projects that use ETH as the basis for ICO’s release of ERC-20 tokens.
4. The hit of centralized business ecology
In the block business ecosystem, blockchain and business are combined. For example, in the original insurance industry, the claim and audit process are tedious, and the intermediary platform plays the role of credit endorsement, but they also charge expensive intermediary fees. The rental, travel and taxi industry are all like that, users register in the platform and then doing transactions. The problem of centralization has always been existing, but the era of blockchain can really achieve peer-to-peer transactions, which means that the transactions can be done without credit endorsement by the platform, and therefore there’s no need to worry about faking and fraud.
CyberMiles is an underlying blockchain, it directly carries the application, and allows the development community to construct a new blockchain in accordance with it, so as to establish their own public or private blockchain. The authority of current e-commerce giant Amazon has been largely challenged by the blockchain. with the combination of the real-world business and blockchain, business and trading become more efficient and transparent. The prospect of the business world shape of this project is deemed as very promise, and in the future, ICORoot team will continue to track the progress of the project and carry out follow-up report.
Market Scoring Parameters
Overall Score: 100 points Effective Score: 94 points
II. Team Analysis
Lu Liang: Founder, graduated from Department of Physics at SMU in 2005, and obtained PhD in Particle Physics. He is the co-founder and CTO of Lanting Group, a listed company on NYSE, and has worked as the first general manager of Alibaba Group’s Taobao mobile terminal, also he was the general manager of HuaShu Taobao (ioint venture), a division of Alibaba Group. He created 5miles in 2014, and it becomes a well-known C2C e-commerce in the US for only 3 years.
Michael Yuan: Foundation director of CyberMiles. He has written 5 books about software development,published by leading publishers such as Prentice Hall, Addison-Wesley and O’Reilly. Dr. Michael Yuan has actively participated in several large open source projects such as FireFox, Fedora, JBoss etc.
Alex Lau: Foundation Director of CyberMiles, former R & D manager for SUSE Linux in Beijing and Taiwan, as well as CTO for Symbio Mobile. He has been the consultant for a SUSE ceph distributed file system for years, and the consultant for webank and 5miles blockchain.
Amanda Bush: Consultant for CyberMiles and 5miles. A former partner of St. Augustine Capital Partners, which provides consulting services and strategic advice in the areas of technology, energy, real estate and finance. Amanda Bush has been one of the co-chairs of the Barbara Bush Family Foundation from 2003 to 2014.
Frank Lee: Consultant for CyberMiles Foundation. The creator of the first Litecoin ASIC mining machine, and he founded two millet eco-chain enterprises. He has also invested and co-founded numerous companies in a wide variety of industries including games, VR, AR, IOT, etc.
The founder of the project previously served as the general manager of a well-known company in the e-commerce industry. Other consultants are all professionals in various industries like blockchain, investment, software, internet and real business, who had operating experience in 5miles e-commerce company. The combination of blockchain and e-commerce helps the public to use blockchain in a wilder range of business scenarios to achieve greater efficiency. By 2017, the projet has received a total of 62 million US dollars investment from SIG, IDG, Morningside, Blue Lake, PuHua, Alibaba and ebay. The strength of the entire team is very strong, so the team scores high.
Team Scoring Parameters
Overall Score: 100 points Effective Score: 80 points
III. Technology Analysis
CyberMiles, a public chain project, is a new blockchain agreement launched under the circumstances of inefficient implementation of Ethereum. It is based on Ethereum, and have many Ethereum features. It also makes some appropriate improvements combining with the actual business application scenarios .
CyberMiles Public Chain vs. Ethereum Public Chain
In order to reduce the writing difficulty of commercial contracts and improve the reusability, CyberMiles made two improvements for the actual e-commerce application scenarios: smart commercial contract and middleware software stack. CyberMiles blockchain includes not only virtual machines but also middleware software stacks beyond the blockchain. Each node in the network not only runs blockchain ledger, but also supports standardized middleware. In this way, the CyberMiles team hopes to apply software packaging and reusing to the blockchain platform.
Smart Business Contract
The “Smart Business Contract” on the CyberMiles blockchain is similar to Ethereum Smart Contract, which is executed by blockchain nodes and verified by miners. The biggest difference it has with Ethereum Cmart Contract is that Smart Business Contract can store and access business middleware without having to start over writing an application, makeing it easy to develop and reuse.
Middleware Software Stack
At this point, the middleware stack refers to smart contracts that can work together and can be reused. Smart contracts can store and access the commercial software framework beyond the blockchain itself. These software frameworks are embedded in every node of the blockchain and run each time a smart business contract is executed. Some commercial middleware built into the CyberMiles system are: rules engine, business process management, distributed database, distributed file and data storage service, distributed webhook (callback) service. More detailed description of middleware can be referred to in the technological white paper of CyberMiles.
In short, in the CyberMiles network, developers can write middleware for the purpose of reuse. And other developers can use middlewares developed by others to avoid duplicating wheels.
Based on Tendermint/Cosmos, CyberMiles developed a public chain for e-commerce scenarios and made some optimization based on the actual situation, such as data storage, external event triggering mechanism, and reuse of commercial contracts. Its exploration in the traditional internet and blockchain has a certain positive effect on promoting the development of the industry.
Technology Scoring Parameters
Overall Score: 100 points Effective Score: 64 points
IV. Funds Supervision Analysis
The internal supervision is done by the Foundation, and the external financial audit is done by the Big Four accounting firms.
Funds Supervision Scoring Parameters
Total score: 100 points Effective score: 70 points
V. Profit Model Analysis
The incentive token of CyberMiles project is CMT, and 700 million of which will be released for fund-raising. Besides what belongs to the team, the remaining 9 billion will be used to confirm the behavior of block production through the CM network in the future. In the entire business ecosystem, CMT can be used as the GAS fee for executing smart contracts, as the payment for the third-party companies’ buying smart contract template, and as the token that can be used for any application across the CM network, which reduces friction and transaction costs. The profit point of this project is not the fixed income, but the establishment of ecological chain, and the future value increase of CMT tokens. there are 1200 million 5miles initial users, which will help accelerating the project’s landing.
Profit Model Scoring Parameters
Total Score: 100 points Effective Score: 80 points
Total Score： 100 points
Effective Score: 77.0
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