Mainstream business giants haven’t been really threatened by cryptocurrency start-ups. This is because the blockchain industry is still in its infancy.

However, rapid steps have been taken in the last few years. And that should be enough to make companies like Amazon to take note.

The e-commerce industry is one of the fastest growing sectors.

Even as crypto asset prices continue to experience huge volatility, projects like CyberMiles are threatening to revolutionize the industry.

What’s CyberMiles?

CyberMiles (CMT) is a cryptocurrency run by the CyberMiles Foundation- a Hong Kong-based non-profit.

Cybermiles (CMT) has a few important partnerships including one with 5Miles, a US-based popular app site with over 12 million existing users.

The token is in testnet at the moment, but when it launches, it aims at tapping into the 5Miles community to spur growth through adoption of its CMT token.

Taking blockchain technology to the people via mobile will, at the very least, provide a different front in the desire to penetrate the market.

It has a simple mission in the e-commerce industry: dislodge giants like Amazon and Alibaba as the top e-commerce platform.

To do that, the crypto seeks to leverage blockchain and use its smart contracts library to decentralize the sector.

What they want to do is to provide a platform from where buyers and sellers will transact and fairly share any profits accrued on the network.

Building a marketplace to rival Amazon

Alibaba and Amazon are giants in the e-commerce industry. What the two have managed to do is to build vast networks.

Amazon has the largest share of the market at the moment, and it has stifled competition through acquisitions in the sector.

However, if the crypto manages to build a decentralized marketplace, then it could well cut into its share.

It’s through building such networks that CyberMiles seeks to disrupt the e-commerce space.

Both Jack Ma and Jeff Bezos have built their behemoth companies by establishing a vast network of services and products.

But the biggest asset is their use of the power of the internet. To even get near what these two companies have achieved, CMT would need to have a truly revolutionary marketplace.

According to the Foundation, the team wants to bring sellers, buyers, suppliers, merchants, and financial companies to one marketplace.

The Chief Scientist of the CyberMiles Foundation Michael Yuan thinks it can be done. In comments made in early May, he said that:

“People in the entire e-commerce value chain will be able to have an infrastructure that they can use to build their contracts. In place of the legal contracts, they have smart contracts enforced by the blockchain, and that is a value other people like.”

Blocktonic

CyberMiles launched its cryptocurrency-only marketplace earlier and it could be the first step towards realizing its objective for a single marketplace.

Giving the community one platform that utilizes blockchain security and provides faster, cheaper transactions will certainly attract a large part of the online community.

The CMT developers want to build a platform that would allow all players in the e-commerce industry to collaborate via smart contracts.

The result is to create the next marketplace where every participant benefits from a fair distribution of value.

Amazon and Alibaba have built their extensive network on exploiting need, patenting products, and charging users for using their platforms.

CyberMiles will also help small businesses to grow as opposed to the difficulty of competing against the two giants.

We could say, most of the upcoming e-commerce businesses will find using CMT attractive.

Such direct competition may not overtake Amazon, eBay, or Alibaba overnight, but it will pull users to the crypto. Eventually, CMT could become the most utilized coin in the online business.

CyberMiles (CMT) price and market

The CMT token is ranked 71st. the project has been receiving a lot of attention lately and was recently named as one of the fastest growing platforms.

The project will gain more visibility as exchanges continue to list its token. With increased access comes increased demand for the token?

The CMT/USD pair currently trades at $0.22 and has seen a total of $27million worth of its coins traded in the last 24 hours.

The coin has surged by 8% in the last 24h and has a market cap of $154 million.