Market Overview

CyberMiles Introduces New Programming Language for Developing Smart Business Contracts

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Improving on but compatible with Solidity, Lity is designed for
superior performance, dynamic extensibility, enhancing security and
blockchain virtual machine technology

CyberMiles
(CMT),
a public blockchain protocol for e-commerce, has introduced a new
programming language for developing smart contracts on the CyberMiles
blockchain. Evolving from the Solidity language, Lity consists of a
dynamically-extensible language, a compiler, and a virtual machine
runtime.

As a superset of Solidity, Lity is able to run existing Solidity
programs without changes on the CyberMiles blockchain. But its unique
design enables Lity to be more flexible/extensible and more
powerful/better performing, with programs that are much safer than
Solidity's. The key differentiators?

  • Security: Lity is safer than existing programming languages, with
    installed checks for coding patterns in the Lity language compiler and
    the CyberMiles virtual machine.
  • Performance: Library + Ethereum Native Interface functions run much
    faster—and cheaper—than traditional Ethereum smart contracts.
  • Extensibility: LibENI functions are optimized for common e-commerce
    scenarios, decentralized applications, and other customized
    blockchains.
  • Schedulability: Time-based actions are easily defined at intervals or
    frequencies.

"Our team has categorized and extracted common patterns that lead to
known security issues with Ethereum Solidity smart contracts," Dr.
Michael Yuan, Chief Scientist of the CyberMiles Foundation, said.
"Through compiler and virtual machine optimizations, Lity can
proactively prevent such common security problems in Solidity as integer
overflow and accidental token transfers to unsupported contract
addresses."

On traditional Ethereum, public/private key algorithms are very slow and
prohibitively expensive ($500 for smart contract verification on
Ethereum of a single bitcoin transaction, for instance). This severely
restricts many classes of applications on Ethereum. By contrast, the
libENI functions, which derive from the CyberMiles virtual machine but
are executed as native code on the blockchain nodes, enable those
operations to occur in milliseconds and consume very low gas fees.

Additionally, the flexibility of Lity comes from its support of new
language constructs that can be added over-the-air. While Lity will
support "business rules" constructs in its applications, this initial
release emphasizes libENI functions. Via a new OPCODE in the CVM, users
can add functions to the Lity programming language. In turn, extensions
can be deployed to the CyberMiles blockchain through consensus of the
chain's validators.

"Lity is the only programming language to know for today's blockchain,"
Dr. Lucas Lu, CyberMiles' CEO, said. "A public chain without its own
virtual machine is passé—to the community and to the eco-system.
Integrating VM into our blockchain is key to the computational
improvements that will make 'fat application protocols' a reality."

To get started with or learn more about Lity, visit litylang.org.

*Note: CyberMiles Token, known as CMT, should not to be confused with
Comet Coin, also listed on some crypto exchanges as CMT.

About CyberMiles

Smart contracts for e-commerce, CyberMiles is a decentralized blockchain
protocol specifically designed and optimized for online marketplaces.
Established in 2017 and incorporated in Hong Kong as the non-profit
CyberMiles Foundation, CyberMiles uses innovative "smart business
contract" modules to facilitate and process transactions simply,
effectively and with transparency. This technology focuses on commercial
applications with protocols that ensure the appropriate balance between
vertical effectiveness and network compatibility.

With the fall 2018 release of its "Travis" MainNet, CyberMiles is
on track to provide a strong alternative choice for Ethereum application
developers, particularly for decentralized e-commerce apps. To learn
more about the CyberMiles blockchain network, go to cybermiles.io.

About Lity

Lity is a new programming language developed by the CyberMiles
Foundation. Compared to Solidity and the Ethereum virtual machine, Lity
is designed to be more secure, with Safemath turned on by default and an
ERC checker that auto-scans for flaws. Lity also is better performing,
enabling libENI functions to run much faster—and cheaper—than
traditional Ethereum smart contracts, while ensuring both a
developer-friendly and a completely backward compatible (with Ethereum)
environment. In addition, Lity is extensible considering its Library +
Ethereum Native Interface functions that are optimized for common
e-commerce scenarios, decentralized applications, and other customized
blockchains. Lity, coupled with CyberMiles' virtual machine, enriches
CyberMiles' blockchain and larger ecosystem, enhancing the features as
well as the development of DApps. Learn more at litylang.org.

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