Buying Cyber Miles: Investing in Cyber Miles
In addition to investing in stocks and bonds, investing in cryptocurrencies is currently extremely popular. This is mainly due to the fact that this market is known for the unprecedented high returns that are achieved from time to time. One of the projects that is on the list of many people is Cyber Miles. Are you curious to know what Cyber Miles is up to and whether it would be wise to invest in it as well? Then make sure to read this article, because today we will discuss it all!
How can you buy CyberMiles?
Buying CyberMiles can certainly be sensible. The blockchain has many interesting applications for e-commerce and where bitcoin falls short, CyberMiles complements it. CyberMiles allows you to make tens of thousands of transactions per second and its many smart contracts can help e-commerce companies to decentralize their business.
Do you want to buy the CyberMiles cryptocurrency? You can do this quickly online! At Bitvavo, you can buy CyberMiles at very low costs: you never pay more than 0.25% in transaction fees when you buy cryptocurrencies at Bitvavo. You also pay no transaction fee on the first €1000. Use the button below to open an account with Bitvavo directly:
How can you actively invest in CyberMiles?
Do you want to actively invest in CyberMiles? You can do this with an online broker! At an online broker, you can use CFDs to bet on both declining and increasing prices of CyberMiles. At Plus500 you can try trading CFD cryptocurrency with a demo, completely risk-free. Use the button below to open an account with Plus500 immediately;
What is Cyber Miles? – goals of the project
It is useful to start by zooming in on what exactly the Cyber Miles project is. Cyber Miles is a special blockchain-based platform designed to facilitate fast e-commerce transactions. It is a project of 5miles, a well-known e-commerce company from the United States. With Cyber Miles, 5miles hopes to create the protocols and a library of smart contracts for the future of e-commerce. They are trying to make this possible through the use of proof of stake consensus, a unique protocol within crypto.
A unique delegated proof of stake protocol
CyberMiles uses the delegated proof of stake protocol. This makes it a special project compared to others. In a proof of stake protocol, users receive a certain amount of CMT as collateral in exchange for the ability to validate transactions in a new block of the CyberMiles blockchain. EOS is an example of a project that also uses such a protocol. In many ways, Cyber Miles is therefore a competitor to EOS.
Also, with delegated proof of stake, the network appoints several ‘witness nodes’ as special parties to help make certain high-level decisions faster without polling the entire network. Although this method does involve some more centralization, it has been proven that Blockchains such as EOS can process 50,000 transactions per second in test mode. This means that Cyber Miles is much faster than Bitcoin, for example. This is where they are trying to make their mark.
Library for smart contracts
A major problem in the field of E-commerce via blockchain is the complexity. In fact, writing a smart contract does not have to be that difficult. However, there are many e-commerce markets that make it far too complex. This is what CyberMiles wants to prevent. CyberMiles’ solution is a library of smart contracts that cover every aspect of blockchain E-commerce. This is a special library that manages to bundle all the smart contracts in a simple manner for faster processing.
Many of these contracts are directly between users. However, there is a large area that CyberMiles calls “middleware”. This is all the data in the middle that lets different pieces of code talk to each other. Standardizing and sharing modular smart contracts for every part of the e-commerce experience is one of CyberMiles’ main goals. It is a huge task that will really take a lot of work. However, if the team succeeds, CyberMiles may well become the biggest player in e-commerce.
Using the CMT token
Like many other crypto projects, Cyber Miles has a special token. CMT is the most important token within the company. Like Bitcoin and Ethereum, this currency is paid to those who support the network by validating transactions. To earn CMTs, network participants must perform a certain action. This can include the following:
- Making purchases or taking out loans
- Making a payment via the platform
- Validating and implementing Smart Business Contracts on the network
E-commerce companies can use CyberMiles smart contract infrastructure to launch their own unique tokens within their platform. In many ways you can compare this to the well-known ERC-20 tokens from the Ethereum platform. The special tokens created by e-commerce sites can then be used to purchase goods on the platform itself. If you want to invest in CyberMiles yourself, you will always invest in the CMT token.
Why can investing in CyberMiles be interesting?
Investing in the cryptocurrency CyberMiles can be very intriguing. The blockchain has many useful applications for e-commerce: with the blockchain it is possible to do business with unknown people while being verified. However, the problem with the current blockchain technology is its scalability: the number of transactions per second is too low, which means that you cannot use the technology optimally for a webshop.
CyberMiles offers a solution to this problem, as this coin can process ten thousand transactions per second. Moreover, the smart contracts would be widely deployable, which could make CyberMiles very interesting for online shops. Do you have faith in the future of CyberMiles? In that case, it might be interesting to invest in CyberMiles by buying the cryptocurrency.
Store CyberMiles in a special wallet
If, after reading the above, you see an opportunity in CyberMiles, then it is not a bad idea to consider investing in it. If you have bought the coins at your exchange, we advise you to do the following: transfer your coins to a special wallet as soon as possible. This is the only way to be safe from online hackers who want to gain access to your money.
The best way to store your investments in CyberMiles is on a hardware wallet such as the Ledger. This hardware wallet can be taken anywhere and looks like a kind of USB flash rive. Because this wallet is not connected to the internet, your money is always safe. You can also choose a software wallet. These wallets can be installed on your computer. With these wallets, you always have more protection than on the exchange itself.
Conclusion – should you invest in CyberMiles?
If we are to believe the proponents of CyberMiles, then the cryptocurrency might be the most chosen blockchain in the field of e-commerce. The question is, of course, whether this is too optimistic. Although the team certainly has a big goal, it remains to be seen whether they can actually achieve it. If you believe this project can grow further, then it is wise to convert a small part of your capital to CyberMiles. Who knows what growth they will achieve!