CyberMiles aims to empower the decentralization of online marketplaces. Find out how it works today in our review.
What is CyberMiles?
CyberMiles, found online at cm.5miles.com, is a blockchain technology in development by 5xlab. To release the platform, the company has partnered with 5miles, combining 5xlab’s blockchain expertise with 5miles’ C2C marketplace platform. The 5miles marketplace was launched in 2015 and now has 12 million users in the United States.
5miles is expected to be the first platform to use the CyberMiles blockchain technology. It will be used to create a decentralized consumer to consumer marketplace.
The ultimate goal of CyberMiles is, according to the official website, “revolutionizing how commerce & marketplaces work.” CyberMiles aims to allow consumers to buy and sell products amongst themselves with the same confidence they have when shopping from Amazon or Walmart.
Basically, it’s a version of Ethereum that’s catered specifically to marketplace and commercial use.
How Does CyberMiles Work?
CyberMiles is a consumer to consumer (C2C) marketplace where users can create their own marketplaces, manage their own communities, and conduct transactions in a trustless, peer-to-peer environment.
CyberMiles is designed to be more than just a blockchain-based platform. The company is being developed as a “fat protocol” consisting of a blockchain-based virtual machine coupled with defined modules of middle-layer software stacks that operate off-chain. Together, all of these modules support decentralized processes governed by smart contracts implemented on the network.
Why is CyberMiles built on its own blockchain instead of using a smart contract-enabled platform like Ethereum? Here’s how the company’s whitepaper answers that question:
“CM is specifically developed for transactions and commercial applications. The existing general-use platforms tend to be extremely inefficient for contracts governing specific commercial transactions, as they are not designed for those purposes. In contrast, CM is being developed to build smart-contract modules to maximize the computing efficiency required for completing transactions on a timely basis.”
Ethereum’s smart contracts can be customized for a variety of applications. CyberMiles, meanwhile, claims to be focusing its smart contracts exclusively on consumer needs in commercial and marketplace use.
So far, CyberMiles has already created protocols governing 12 key commercial applications and 300 sub-categories of transaction types that cover a large portion of potential applications for online marketplaces and e-commerce.
The CyberMiles blockchain will have its own currency called CyberMiles Tokens, or CMT. This will be the currency used to power smart contracts on the platform.
CyberMiles advertises all of the following features for its blockchain-based marketplace;
5miles has extensive experience leading internet companies, and they’ve already launched one of the world’s biggest consumer marketplaces.
CyberMiles has declared that its ecosystem is ready for commercial use, and its smart contracts can be applied to solve real marketplace needs. They plan to integrate these modules into their existing 5miles ecosystem to prove its use in a large and active marketplace.
Open Collaboration and Development:
5miles plans to establish a CyberMiles contracts market where CyberMiles application modules can be licensed or jointly developed with other platforms.
Balance Between Efficiency and Compatibility:
Traditional blockchains emphasize decentralization and compatibility across networks at the expense of efficiency. This can limit the appeal and usability for end applications. CyberMiles, on the other hand, will focus on commercial applications and use protocols to ensure the appropriate balance between vertical effectiveness and network compatibility.
Overall, CyberMiles sees its platform as the ideal ecosystem for development – particularly among commercial companies seeking a powerful P2P marketplace solution.
The CyberMiles Token Sale
CyberMiles will initially generate and issue 1 billion CMT tokens. However, they may expand that total supply to as high as 10 billion CMT over time.
The company is distributing 700 million CMT during its token distribution event. The token sale is being led by the CyberMiles Foundation. Of the remaining 300 million tokens, 100 million CMT tokens each are going to the CyberMiles team and partners, 5miles, and CMT reserve.
CyberMiles will use a delegated proof of stake mechanism to target an 8% compounded annual increase in the total number of tokens. This will continue over a 10 year period until the 10th anniversary of the token contribution event.
The token sale (officially called “the token contribution event”) is scheduled to begin on November 21 at 9am PST.
Who’s Behind CyberMiles?
CyberMiles is a collaborative project from 5xlab, a blockchain research laboratory, along with 5miles, a consumer-to-consumer platform with 12 million users in the United States. 5miles was formed in 2014 by a team from China and the United States and has raised $62 million USD from investment firms like SIG, IDG, Morningside, and Blue Lake. The 5miles platform launched in 2015 and quickly became one of the top 10 largest shopping apps. Today, the app claims to have 12 million active users while conducting $3 billion in transactions every year.
5miles was founded by Dr. Lucas Lu, CEO, who was previously a co-founder and CTO of Light in the Box. Prior to that, Dr. Lu was the first GM of Alibaba’s Taobao Mobile platform.
Full details of the team and their experience are available online at 5miles.com
CyberMiles is a blockchain platform built by 5miles, one of the world’s leading consumer-to-consumer marketplaces, in partnership with 5xlab, a blockchain technology company. The goal is to create a platform catered specifically for commercial and marketplace use. The platform consists of smart contracts, a virtual machine, middle-layer off-chain software stacks, and other features.
To learn more about CyberMiles, visit the platform online today at cm.5miles.com. The token sale begins on November 21.