First-time cryptocurrency users are often confused by the blockchain-based accounts. What are the public and private keys? Who should I contact if I lost my private key? Why can’t I send tokens to certain addresses? Why do I need to pay transaction fees? Why does the transaction fee change from moment to moment? What is the difference between “gas” and “gas limit” and “block gas limit,” and why should I care? And why do I need to buy ETH just to spend my CMT?
Can we make blockchain easier and cheaper to use for novice users? We believe the answer is yes. The CyberMiles blockchain is eliminating one of the most confusing aspects of cryptocurrency use — the transaction fees — for most casual users. (Note: the “casual” users are users who make less than a handful of transactions every hour.) Furthermore, because of the DPoS consensus mechanism we use, the CyberMiles blockchain can reach finality and confirm transactions within 10 seconds for all users.
Why transaction fees?
Today, platforms like Ethereum and Bitcoin charge transaction fees for good reasons. Without transaction fees, the network is subject to DoS attacks. Attackers could quickly move tokens back and forth between accounts, and generate a large amount of transactions to shut down the network. It is unsafe to have a blockchain that is completely “free.”
The CyberMiles approach
CyberMiles is aiming to make the token transactions, both for native CMT and for tokens issued by smart contracts (i.e. the “ERC20” tokens on CyberMiles), free for casual users. If a user starts to abuse the system, his or her transactions will be rejected. If a user has legitimate needs to do large amount of transactions in a short term, he or she can pay regular transaction fees to the network.
The algorithm to detect “spam” transactions is similar to anti-spam algorithms developed by Internet companies. In the Travis TestNet, we have a first iteration of anti-spam rules. In the coming months, we will keep evolving this algorithm through advanced rules and even A.I. (machine learning) techniques.
Free transactions are only the first user-friendly innovations we support in CyberMiles. There are many other places, especially in virtual machine and the programming language, where we can make the system easier to use. Stay tuned for new features in future iterations of the TestNet!
Want to learn more? Just visit cybermiles.io.