5miles Launches CyberMiles Blockchain Project To Decentralize The Online Marketplace

CyberMiles ("CM") is the blockchain technology being developed by 5xlab, a blockchain development laboratory. 5xlab is working closely with 5miles, a leading c2c marketplace operator with more than 12 million users in the US. 5miles is expected to be the first platform to utilize CyberMiles’ blockchain protocol, and will also assist 5xlab to develop the technology. Over the last 3 years of leading innovation in online & local marketplaces, 5miles has accumulated the necessary technical and commercial know-how to tailor blockchain technology & smart-contracts for real-world applications. 5xlab seeks to use this expertise to develop CyberMiles, with focus on trust and compliance. This will enable it to be a mainstream blockchain technology for real-world businesses.

Why should you join CyberMiles?

CyberMiles seeks to create a world in which consumers can buy and sell products amongst themselves with the same confidence and certainty as they would from Amazon or Walmart. This platform will shed light on a new way to optimize business in the virtual marketplace. They will focus on various real-world marketplace & commercial applications (utilizing smart contracts), including local buy & sell marketplaces, e-commerce, and online auctions. Compared to real-world platforms like eBay.

Since is specifically developed for transactions and commercial applications this will allow for tremendous growth in a short amount of time. Laser-like focus is needed to master a specific sector of the digital space. CyberMiles will soon be used for many different types of commercial applications, including turnkey solutions for building c2c trading platforms, community-based dispute resolution, structuring alternative payment & financing solutions for e-commerce, enabling local businesses to run targeted, real-time promotions, or building a decentralized, community-based ride-sharing platform.

To top it off CyberMiles will have its own currency (CMT) that will power the entire system. CMT is being developed to be a highly liquid currency and compatible with many applications, and can also be mined to incentivize participants in the ecosystem. Compared to typical crypto-currency startups, CyberMiles has 2 major differences: Firstly, we have a team that is highly experienced with marketplaces & e-commerce (with average of more than 12 years of experience at leading marketplace platforms), enabling us to better develop & execute on solutions for commercial applications.

Lets one forget one of their main supporters has grown to a very significant scale since its launch 3 years ago (5miles). Its 12 million users, along with millions of transactions per year across more than 20 major categories, can be used to spearhead the early adoption for CyberMiles.

I feel good recommeding this project and supporting it with my ETH, you should do your own research and give it a shot!

The CyberMiles protocol is being led by chief scientist Dr. Michael Yuan, another very qualified human, with a Ph.D in Astrophysics. An expert on enterprise and mobile software, he is the author of five books on software development and was an active code committer in large open source projects such as Firefox, Fedora, and JBoss. CyberMiles is being developed for use within the 5miles application, to wrap blockchain technology around selling your grandmother's old rocking chair, which just needs some new varnish and a plate of biscuits and gravy to be as good as new.

CyberMiles is being designed to "empower the decentralization of online marketplaces", because slogans are fantastic. The gist is that CyberMiles seeks to shake up peer-to-peer marketplace shopping by making digital transactions between consumers and businesses the norm, instead of hoping that weird dude buying your old sheets and toaster oven isn't giving you a bum check, or having to use Paypal or Venmo. CyberMiles will focus on various real-world marketplace and commercial applications utilizing smart contracts, including local buy and sell marketplaces, e-commerce and online auctions.

Since it is being optimized for business and marketplace applications, CyberMiles is being developed as a "fat protocol" consisting of a blockchain-based "virtual machine" and defined modules of middle-layer software stacks operating outside the chain, which will support decentralized processes governed by smart contracts implemented on the network. What all that means is that the CyberMiles technology will be used for underlying smart contracts, supporting cryptocurrencies to facilitate the execution of the smart contracts and implementing the contracts across the most popular 5miles categories initially.

"Compared to real-world platforms like eBay and Uber, our modular solutions based on smart-contracts will leverage the decentralized nature of blockchain technology to strike the optimal balance between efficiency and compatibility," says Yuan via press release. "This, in turn, will make CyberMiles the preferred infrastructure for commercial applications of blockchain technology."

Right. So to simplify for the guy trying to buy a new used couch off of 5miles, it means that he can pay via cryptocurrency utilizing the CyberMiles blockchain token system. It means that payments can be accepted via cryptocurrency and the technology will exist that enables all that. The hope is that CyberMiles as a blockchain technology specifically developed for online marketplaces and e-commerce will become available outside of just 5miles as more smart-contract modules are developed. It sure beats the eternal sadness of a bounced check.

What makes the CyberMiles blockchain and tokens so unique? Why do we call the CyberMiles Token (CMT) the “master token” for e-commerce?

CyberMiles is a next generation blockchain for smart contracts. Its Smart Business Contract is designed to be far more powerful than Ethereum Smart Contracts. It will be the next generation Ethereum (ETH).

CyberMiles is optimized for e-commerce applications. It will provide a large library of commerce-related Smart Business Contracts, making it a breeze to build decentralized commerce applications.

CyberMiles partner 5miles will migrate over 12 million US-based e-commerce users to the CyberMiles blockchain. CyberMiles network will manage user identity, record credit history, reputation, and facilitate financial transactions. It does all without a central data store or clearing house, and hence ensuring privacy and safety. The user data is why other e-commerce applications will be built on CyberMiles.

Similar to ETH on Ethereum, applications built on CyberMiles could use CMT to issue their own ICO.

CyberMiles CMT Tokens, What are They?

Like many existing blockchain platforms, users will require a digital token in order to access all CyberMiles has to offer. In the case of CyberMiles, The tokens are called 'CMT' tokens.

CMT tokens are the fuel of the CyberMiles blockchain protocol. It facilitates transactions and it is used to incentivize participants in the ecosystem.

TEAM

Why You should Invest in CyberMiles:

Unlike other Blockchain Start-ups, CyberMiles boosts a team that is highly experienced with marketplaces & e-commerce (with average of more than 12 years of experience at leading marketplace platforms), this enables the team to better develop & execute on solutions for commercial applications.

Additionally, 5miles has grown to a very significant scale since its launch 3 years ago. CyberMiles's partnership with 5Miles means that the over 12 millions active users of 5Miles will be the first users of the CyberMiles ecosystem. This will help CyberMiles kickstart adoption of it's blockchain. A fully dedicated and experienced team is vital for the success of any blockchain platform.

CyberMiles ICO Information:

CyberMiles is hosting an Initial Coin Offering (ICO) where CyberMiles tokens "CMT" will be offered for sale. The funds raised during CyberMiles ICO will be used to fund further development of the CyberMiles Blockchain Protocol.

The CyberMiles ICO will start on 21st November 2017 and end on 5th December 2017 or until the maximum funding cap of 100,000 ETH is reached.

70% of CyberMiles initial supply will be offered for sale to investors according the the following price:

1 ETH = 7000 CMT

Funds raised during CyberMiles ICO will be allocated according to the following schedule: