One of the common questions people ask is why CyberMiles needs to issue its own cryptocurrency? If we need an in-network token for e-commerce, why not just use BTC or ETH?
The answer is that CyberMiles is a new blockchain-based Smart Contract platform specifically optimized for e-commerce. CMT will be a utility token that goes far beyond trading. It can be compared with some popular tokens that exist today.
Compare with ETH (market cap $30 billion, Oct 18, 2017): Like the Ethereum network, the CyberMiles network will reward validators for both creating new blocks(network will mint new coins) and executing Smart Contracts in the block (“gas” fees).
In addition to facilitating network operations, the CMT can be used by applications above the network level.
- E-commerce applications on the CyberMiles network could adopt CMT as their base currency, and use CMT to issue their own tokens . This would allow applications to take full advantage of CMT features (rich Smart Business Contracts, liquidity etc).
- CMT could be used in the application’s economic system to incentivize community collaborations, such as voting and dispute resolution.
Overall, the CMT is a utility token for the whole CyberMiles blockchain ecosystem. It’s primary function is for users to consume network services, such as secure ledger, Smart Business Contracts and decentralized settlement. Based on that, applications can development many high level use cases for it.