The blockchain technology holds great promise in business applications. However, current generation blockchains suffer from low execution efficiency and low developer productivity. As a result, they are not widely adopted for common business transactions. In this paper, we present a new blockchain network protocol, called CyberMiles blockchain, that is specifically optimized for business contract transactions.
Our proposed solution is a protocol innovation that makes a stack of proven business middleware technologies accessible to a distributed virtual machine on the blockchain. The new blockchain would be highly performant and scalable supporting over 10,000 transactions per second. It will enable businesses to write Smart Business Contracts, which are distributed middleware applications that codify business rules and processes. The network’s native crypto currency, the CyberMiles Token (CMT), may be used to settle transactions, reward network validators (who execute Smart Business Contracts), and incentivize community members to provide services to each other.
A unique advantage of the CyberMiles blockchain is that it will be deployed to support 5miles’ existing e-commerce network of over 10 million US-based registered users, and over $3 billion USD in estimated annual transactions. This would immediately create the largest blockchain-based commerce network in the world. The network could provide services such as decentralized user identity and credit management, decentralized settlement clearing house, peerbased voting and conflicting resolution. Example applications on the network platform include decentralized personal information “wallets”, peer-to-peer small business loans, and peer dispute arbitration.
Cybermiles Whitepaper
