Upcoming launch of Cybermiles (CMT) mainnet will tell us more about their destiny

CyberMiles most recently peaked on July 2nd, when it touched the values of $0.2116/3216 satoshi. Ever since, the currency experienced a downtrend which apparently ended on August 14th, when its price bottomed out at $0.069/1154 satoshi. From that point onwards CyberMiles slightly recovered, looking for Bitcoin to set the tempo for the next breakout.

The currency recently jumped up to $0.12/1844 satoshi, with this rise being followed up by a strong spike in volume which peaked at $65 million on August 25th.

[vcw-full-card symbol=”cmt” color=”black” currency1=”USD” currency2=”BTC” currency3=”ETH” url=”” target=”_self”]

ForecastCity from TradingView offered the following insight into the currency:

  • “CYBERMILES/ETHEREUM is in a range bound and the beginning of uptrend is expected.
  • The price is above the 21-Day WEMA which acts as a dynamic support.
  • The RSI is at 58.

There is a possibility of temporary retracement to suggested support zone (0.00029600 to 0.00023800). if so, traders can set orders based on Price Action and expect to reach short-term targets.

Check out the trader’s full analysis to get more details about the entry zone and the target prices which he thinks you should aim for.

CyberMiles is a platform looking to deliver a blockchain solution to the booming industry of e-commerce. Created by 5miles, a US e-commerce company that has an app with over 12 million registered users which generates $3 billion worth of revenue per year, it presents itself as the “next generation Ethereum”. The main market that they have set their sights on is the ever-expanding pool of global customers willing to perform digital payments for various products and services (a pool that was expanded with 200 million new customers last year).

?Read our article about Gatehub – crypto exchange and wallet.

The project has taken the task of becoming the new Ethereum pretty seriously, implementing several new features onto the model set up by the biggest altcoin in the world. In this approach, they perhaps managed to create a more of an EOS clone but I digress. CyberMiles has its own:

  • CyberMiles virtual machine
  • Programming language called Lity
  • DPoS algorithm with delegators (people who lock out their CMT to participate in on-chain voting) and validators (19 elected network members who are responsible for maintaining crucial network infrastructure, making rule changes and governance decisions on behalf of delegators)
  • CMT Cubes (authorized devices that can stake CMTs to elect CyberMiles validators)
  • Smart contract technology which lets developers build dApps and run ICO’s on its blockchain
  • Smart contract library that will contain standardized, modular templates of smart contracts for every possible form of e-commerce
  • Upcoming crypto wallet called Noomi
  • Mainnet that will be up and running in early September

They will be looking to remove middlemen from transactions and provide people with the ability to perform micro transactions. They will also offer you an ability to pay as you consume, thus reducing the friction, unnecessary costs and delays that come with current centralized payment systems.

“With an oracle-enabled “smart business contract” application, virtual machine optimization, and crucial interoperability, the public, open source CyberMiles blockchain promises to deliver lower transaction processing fees with less lag time. From paying bills online to conveniently purchasing items at checkout, the convenience factor is huge,” claims their official material.

CyberMiles held their ICO in November 2017, where they sold 70% of their total supply and raised $30 million to invest into the project’s development. The token ticker is CMT and it is comparable to ETH, as it helps execute smart contracts on the network and helps validators keep track of transactions. It started off as an ERC-20 token but this is changing as we speak; the token migration is in progress and 300 million CMT (60% of the supply) have been replaced with mainnet tokens. Project’s Travis testnet is currently live and can be checked out in detail on this link.

Overall, the project looks like a solid EOS/Ethereum hybrid, with a tinge of XLM to it (as it wants to create a global network for peer-to-peer payments). Focused on e-commerce, it will have a tough time fighting it out with several other centralized/decentralized projects. Still, the market they are aiming at is massive and they have several solid partnerships (ArcBlock, Eloncity, 5miles, Blockchain Ventures, LinkVC, Aware and others) that imply venture capital believes in them. If they manage to convince just a fraction of those 5miles’ 12 million users to start using the services they offer, CyberMiles will be off to a pretty good start. Upcoming mainnet launch should tell us more.

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Dobrica Blagojevic
1 Comment
  1. India’s leading cryptocurrency exchange Zebpay has announced the support of CyberMiles mainnet migration.

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