There's been a lot of talk about blockchain and Bitcoin What is blockchain? Alright, so there are two aspects to blockchain: there's some technical aspect; it's what they call distributed ledger

It's essentially a database to record transactions However, it is done by total strangers So total strangers collaborate together to record transactions in a database; that's a technical aspect However, blockchain, because it enables strangers (untrusted parties) to record transactions, it can also enable them to create new digital goods So there is a concept associated with blockchain called “crypto economies,” meaning different people form a network and they play by the rules to create a new kind of services

Like, a very good example is Bitcoin, where people start to record transactions for each other, and for Ethereum, where people start to execute what they call “smart contract” with each other When you talk about rules, so who sets these rules? the peers because the whole concept of blockchain is decentralized so everyone can participate, and everyone is checked by everyone else on the system So that is a new form of producing digital content or digital goods So it's kind of a commercial network, a cooperative of people

Cybermiles is the new type of blockchain? What is it? Right, so the current blockchain technology is immature in terms of technology A very good example is Ethereum It has very advanced concepts, it has smart contract and things like that But, it is very slow and it's not scalable When a lot of people work together on a chain, it becomes very slow

In general it becomes unstable and unusable So it's not really suitable for consumer-level applications or consumer-level collaborations So Cybermiles aims to be the blockchain for e-commerce Because with e-commerce you basically involve the whole population You know you have tens of millions, or hundreds of millions of people at once on that blockchain to collaborate together, to buy and sell stuff together, and provide services to each other

So that creates a very high level of requirement for performance, for scalability, and for those those technical aspects of the infrastructure That's the problem CyberMiles aims to solve So you talk about commercial applications, what type of commercial applications will use CyberMiles? So on CyberMiles, we will move 5miles and our 12 million user base to CyberMiles So the first application will be the 5miles app itself And the 5miles app is a marketplace app? Yes, 5miles app is a marketplace to buy and sell

So we will use CyberMiles as our base, and also we will use the CyberMiles Token (CMT) in the 5miles app So the token will be used to buy and sell goods and services? Yes, it can be used to buy the sell the services, and also you can use tokens to buy the services provided the by the 5miles company So it's a new way of buying and selling like people do today on Amazon, eBay and so forth? Yes