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One economic trend that it is hard to deny as this point is that physical retailers are dying. E-commerce is assaulting their top line so aggressively, that many of them are folding or revamping their business model completely.
The point is, e-commerce is the future. It allows vendors to target customers based on a whole variety of variables, and generally increase their margins while serving niches at scale. Some of the biggest companies of the last few decades are all about e-commerce. You have Ebay, Alibaba, Amazon, Shopify, and many more.
Opportunities Abound in This Space
The point is that there are too many opportunities to count in the e-commerce space, and it is time to combine them with blockchain technology. Digital payments alone allow for massive innovations. Paypal is the current king of this space, but their centralized nature makes them a non-optimal solution for many vendors.
5Miles is an e-commerce company that operates as a peer marketplace app like Facebook marketplace or a non-anonymous Craigslist. They have over 12 million customers and yearly revenue of approximately $3 billion a year. Suffice to say, they are very well established. The CEO, Lucas Lu, sees the potential of the blockchain industry to work well in combination with his current e-commerce infrastructure, and has made the aggressive move to combine the two.
CyberMiles will have its mainnet up soon (October 2018), and has recently released its own programming language. With a strong dependency on smart contract technology, the company has a lot in common with Ethereum and their overall structure.
The CyberMiles Business Model
From an economic standpoint, the biggest opportunity is convincing some of 5Miles’ 12 million users to start using CMT with their services. A push/pull strategy is created where new customers are drawn towards a business they already work with, while at the same time wanting to avoid behemoths like Amazon which are currently capturing a lot of the producer surplus.
It is important to have a blockchain alternative to major e-commerce giants like Amazon, because otherwise, they can become too dominant and gain too much power.
CMT will be used to fund new e-commerce applications and projects, in a way that is very similar to how Ethereum currently functions. CMT holders can also delegate their tokens to network validators who receive newly minted CMT tokens in exchange for validating transactions.
Current Performance of CyberMilesThe ICO for CyberMiles’ token, CMT, was held in November 2017. At the time 70% of total supply was sold. CyberMiles is currently in the midst of migrating CyberMiles from being an ERC-20 token to having its own mainnet.
CMT’s high over the year was ~0.44 USD, and it has since dropped to its current range around $0.13. With the migration from ERC-20 to its own mainnet set to occur on October 15th, 2018, that creates a strong buying opportunity for CMT.
If you believe in the long-term utility that is presented by the e-commerce industry, and that CyberMiles has a part to play, then it seems like a no brainer to buy CyberMiles while things are trading at such a low. Especially when there’s a catalyst like a mainnet migration coming up in the near future.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.