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CyberMiles’ Blockchain to Enable Customized Smart Contracts to Decentralaize – and Democratize – E-Commerce


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E-commerce is arguably the most transformative force in modern retail, to such a degree that just on its own, it’s a $1+ trillion global industry. However, until now, technology has not kept up with the need for faster, more secure and less costly payment systems that e-commerce merchants are hungry for. CyberMiles, a developer of “smart business contracts” for e-commerce, aims to enable a new era in payment technology that will level the e-commerce playing field for all.

The CyberMiles blockchain is supporting an ecosystem that will allow its network to attract a diverse range of participants who will share resources, thereby achieving a truly decentralized network. The network, in turn, will be maintained with the use of CyberMiles Tokens (CMTs).

Because the CyberMiles blockchain is compatible with Ethereum, both distributed applications and smart contracts can transfer to the CyberMiles blockchain without changing any code.

The CyberMiles team, because of this and other reasons, believes that blockchain is moving from just another IT solution to a true ecosystem builder.

CVM is 18,000 Times Faster Than EVM

Looking to build a decentralized ecosystem for e-commerce, CyberMiles designed a virtual machine capable of performing 10,000 transactions per second, an exceptionally high transaction volume that e-commerce requires.

The CyberMiles Virtual Machine (CVM) can complete mission-critical tasks that were impossible (or impractical) to complete on the Ethereum Virtual Machine (EVM). CyberMiles technology, coupled with its DPoS consensus mechanism, enables business applications to run much faster and cheaper.

CVM surpasses EVM processing time for computing addition, multiplication, bubble sorting, and the Scrypt algorithm, by 11.5 times, 12.8 times, 199 times and 18,039 times, respectively.

Consider this: Where the EVM takes 35.3 seconds to perform 20 million additions, the CVM takes 3.26 seconds. Where the EVM takes 48 seconds to do 60,000 bubble sorts, the CVM takes 48 seconds. Where the EVM takes nearly 35 seconds to do 10 million multiplications, the CVM takes under three seconds.

Making Scrypt Affordable

Scrypt, which is often required to verify bitcoin transactions, is almost impossible on Ethereum at the present time since it takes 370 million units of gas, which is around 1 ETH below the normal gas price. Even if someone were willing to pay this price, each Ethereum block can only consume 8 million units of gas, which makes it impossible to run Scrypt for a single transaction.

This cost is important, considering e-commerce applications are increasingly accepting multiple cryptocurrencies.

The CyberMiles blockchain incorporates community contributed Scrypt implementations as a module in the CVM that enables anyone to create and deploy enhancements to the CVM.

Ensuring Safety And Cost Controls

To ensure the safety of users’ funds, the CyberMiles blockchain uses a “pre-defense” and “post-recovery” protection mechanism.

To control users’ costs, the CyberMiles blockchain removes transaction fees for the more common functions, without compromising network security.

CyberMiles brings the benefit of a single, large e-commerce network that is maintained and validated by a community of trusted peers. The decentralized ecosystem will allow small businesses and consumers alike to realize a substantial amount of savings and profit and be able to know where the funds they have used or invested end up.

E-commerce businesses, for their part, will have access to a large network of buyers and sellers who can use CMT for their own in-app transactions and participate in loyalty programs.

CyberMiles is leading the way into a new, decentralized era for e-commerce that will truly democratize payment and transaction capabilities.

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iCloud Hacker Demanded $175,000 Ransom to be Paid in Bitcoin

A hacker who filmed himself accessing Apple iCloud accounts has appeared in a U.K. court. Kerem Albayrak had demanded around $175,000 in ransom be paid in Bitcoin and Apple iTunes vouchers for the non-disclosure of sensitive user data. Apple Hacker Charged in Connection with Bitcoin Blackmail An IT analyst from north London has been charged with one count of blackmail and two counts of unauthorised acts intending to hinder access to a computer. Albayrak appeared at Westminster Magistrates’ court where he was granted unconditional bail until his case is heard at Southwark Crown Court on November 14. According to a report in the U.K.’s Daily Mail, Albayrak had recorded himself hacking into iCloud accounts and posted the footage on YouTube. He then contacted Apple and demanded $170,000 to be paid in Bitcoin and iTunes vouchers. He warned the global tech giant that he would disclose the personal details taken from the 319 million users’ accounts he had gained access to if they did not meet his demands. During court proceedings today, it was revealed that Albayrak initially requested around $75,000 before upping his demands to double that figure. He finally settled on $174,000 in Bitcoin and around $1,000 worth of iTunes vouchers. The prosecution’s legal representative, Lorna Vincent, stated: “Mr Karem Albayrak is accused of sending emails to Apple making financial demands for downloading database iCloud accounts and factory resetting those iCloud accounts… He entered into the accounts of the alleged victims and posted a video of his hack onto YouTube.” Albayrak is far from the first to make such ransom demands on big companies. His efforts are reminiscent of last year’s WannaCry ransomware attack. Based on the same principle of blackmailing firms with threats of releasing sensitive data, the malware attack infected hundreds of thousands of computers across the globe. The hacker behind it was able to evade authorities for over a year, but was arrested last month. In a number of decidedly more analogue attacks, people replaced data as the cornerstone upon which to leverage Bitcoin blackmails. In July of this year, a businessman from Cape Town was kidnapped and a demand of 50 BTC was made for his safe return. Liyaqat Parker was returned to his family in September. It is unknown if the ransom was met. Likewise, in Ukraine last December, a crypto-analyst from the EXMO exchange platform was also kidnapped. Once again, those responsible demanded Bitcoin for his safe return. In this example, the demands were met and Pavel Lerner was returned just days later. Fortunately, authorities were able to track Albayrak down before any harm could be done with the data he reportedly managed to access. This is hardly surprising, given how amateurish the young hacker went about coordinating his attack. Featured image from Shutterstock. The post iCloud Hacker Demanded $175,000 Ransom to be Paid in Bitcoin appeared first on NewsBTC.

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