Cybermiles – Incorporating Blockchain Protocol for C2C Business Transactions

Cybermiles – Incorporating Blockchain Protocol for C2C Business Transactions

The commercial infrastructure of modern society has changed and now it gives more space and benefits to largest players like Amazon or Walmart. With their centralized operation, these giant players offer an influx of new products and advertise the products greatly to make the consumer buy the products. It leads to a wasteful society. Actually, there have been some platforms that connect buyers and seller better for reselling various products across the globe. The problems are that these platforms cost high transaction fee because they are centrally managed.

5miles to CyberMiles

Since 2014, 5miles has established a new way of the marketplace that supports c2c (customer-to-costumer) transactions. 5miles has a mobile-based platform that assists customers to run their business because the platform assists them with real-time and location-specific communication. This allows customers to connect people in a safe environment. 5miles has a crucial role in supporting local business. By supporting c2c marketplace, 5miles believes that the combination of decentralized processes and blockchain technology can improve the local business and online marketplace. 5miles views that when proper and transparent economic incentives are applied, users will be motivated to participate in the community. This process will lead to a decentralized market manner where the members of the communities power the marketplace. It will eventually result in a stronger participation and more dynamic network.

The existing blockchains, however, cannot simply solve the problem related to e-commerce because of some reasons. First, they are actually not designed for use in e-commerce. Second, they are not suitable for certain e-commerce platforms with high volume transactions. Third, existing blockchain use smart contracts that no longer work for e-commerce. Therefore there should be new blockchain protocol that can address the issues. That is why 5miles is establishing CyberMiles Foundation that is developing a new blockchain protocol.

How CyberMiles Solves Problems

The CyberMiles Protocol will work to support a large scale of e-commerce and develop smart contracts based on decentralized process. The protocol will also manage all private data transaction including user identity safely while at the same time, participants can still make new transactions within the network. At the first place, 5miles with its more than 10 million users will be built on CyberMiles. This access to user data will be a trigger for other platforms to use CyberMiles too. The protocol uses Proof-of-Stake consensus engine to handle a high volume of transaction. It also helps to deal with latency problem of existing chains.

CyberMiles has a promising future in being the first blockchain that will be widely used most commercial financial platforms. Therefore, it can achieve the ultimate goal in becoming the largest blockchain network in the future.

History of CyberMiles and 5Miles

A CyberMiles Foundation is a blockchain research laboratory that also works with 5miles. 5Miles itself was established by Dr Lucas Lu and his team in 2014. Since the first time it was created, 5miles has attracted numerous investors from world-class firms such as Blue Lake, SIG, and many others. These firms invested more than 60 million USD. In 2015 after the app launch in 2015, 5miles was awarded as one of the top 10 shopping application that reached over 10 million users and the amount of transaction value annually achieved 3 billion USD. 5miles plans to use CyberMiles protocol that the Foundation is developing. In other words, it proposes to be the first platform that implements the real-world applications of new blockchain solutions. CyberMiles will address the solutions. CyberMiles will use its utility token called CMT to fuel all transactions made within the ecosystem including to give incentives to the users of the ecosystem. In this way, the CMT will be used globally.

Information about CMT Token Sale

The token sale of CMT Token has been conducted in the last quarter of 2017. It was running from 21 November until 5 December 2017. 10 billion CMT had been proposed by the Foundation to issue. Although it was over, it will be still important to know how the revenues from the sale were used. The sales have successfully raised some funds. The funds were used to further develop and establish the CyberMiles blockchain protocol. As 5miles platform is going to migrate to the CyberMiles blockchain network, it will need some expenses for marketing and operating. Therefore, some of the funds were also allocated to cover these expenses. In addition, the funds were also used to cover the costs of research and development conducted by the Foundation to develop the platform. At the same time, CMT token holders who already bought the tokens from the sale could use the tokens to participate in the CyberMiles network.

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