New era for e-commerce
CyberMiles is a Hong Kong-based blockchain platform created by U.S.-based ecommerce marketplace app company 5miles. The company aims to replace legacy ecommerce marketplaces like Amazon and Ebay with a suite of smart contract-based tools. It originated as an Ethereum-based network until the Travis mainnet launched in October 2018. CyberMiles Token (CMT) is the native cryptocurrency coin of the CyberMiles platform.
If you’re not already familiar with 5miles, it has over 15 million users as of the fourth quarter of 2018. It’s a mobile local marketplace app that combines Instagram and Cragslist to provide an alternative to Facebook Marketplace.
The CyberMiles ICO token crowdsale was held from September through November 22, 2017. It raised over $30 million worth of Ether. Approximately 42 percent of the total supply (420,000,000 CMT) was sold during the public ICO sale. Of the remaining supply, 20 percent was withheld by the founding team and 10 percent was set aside for community and network development.
During the ICO, CMT was an ERC-20 token on the Ethereum blockchain. The CyberMiles Token was migrated through a coin swap to the mainnet on October 15, 2018 at a ratio of 1:1.
CMT is mined using a Delegated Proof-of-Stake (DPoS) consensus algorithm with what correlates to approximately an 8 percent APR on staked coins.
CyberMiles Tokens are accepted on a wide variety of popular cryptocurrency exchange markets, including IDCM, Binance, DragonEX, Huobi, Coineal, Bithumb, Digifinex, and OKEx. Its trading pairs include ETH, BTC, and USDT.
CMT can be stored in the official CyberMiles Mobile Blockchain Wallet for iOS or Android.
CyberMiles is a blockchain-based ecommerce platform developed by the same team that developed 5miles. CyberMiles plans to become a go-to payment clearing house for online transactions far beyond the P2P marketplace of its parent company. The success of the project hinges on these key ingredients.
CyberMiles is a new next-generation blockchain network optimized for marketplace and business applications. With its design, the platform aims to speed up the process of decentralizing the online market. It will work closely with the already well-established platform of 5miles to achieve its aims. In fact, the latter will be the first platform to use CyberMiles’ new blockchain technology.
Ecommerce marketplaces like Craigslist, eBay, and Amazon look simplistic because of their intuitive GUIs, but they’re very complicated websites. The CyberMiles Foundation understands these complexities and is building the CyberMiles network with a library of smart contracts meant to handle every aspect of ecommerce.
Middleware amounts to all the backend operations we don’t think about that need to work exactly right for products to be moved to shopping carts, discounts to be applied, memberships tracked, transactions settled, and more.
This modular approach makes it easier for developers to move their existing legacy product onto the blockchain.
It does appear from the whitepaper that CyberMiles is attempting to insert itself as an arbitrator between buyers and sellers. This is similar to how PayPal started, and it’s a good move for the company’s profitability, but it’ll be a hard sell for merchants. Companies like Walmart, Best Buy, Costco, and Amazon have their own return policies and are unlikely to appreciate an additional middle man.
The team has an ambitious roadmap for 2019, with plans to upload the entire 5miles user database into the CyberMiles blockchain. I’m not sure how those 15 million users will feel about their personal data being stored on an immutable distributed ledger, but we’ll find that out when it happens.
The design goal of the CyberMiles blockchain is a platform that is specifically optimized for decentralized e-commerce applications.
One of our key innovations toward this goal is Lity, CyberMiles’ programming language, which we coupled with our own virtual machine (the CyberMiles Virtual Machine, or CVM). As open source projects, Lity and the CVM represent more than sophisticated technical additions to CyberMiles — they provide answers to scaling issues that plague today’s blockchain community in general. Furthermore, they offer features that enable smart contracts to be created for real-world, practical business purposes. Thanks to Lity and the CVM, developers now can utilize blockchain technology more fully, with greater ease, speed, and in a smarter way.
Upon release of the CyberMiles blockchain software, there is a possibility of minor delays in the official launch of the blockchain network by the Supernode candidates. The already announced 26 candidates will compete to be elected among the 19 genesis Supernodes. This will be based on their technical competency in setting up secure and high performance CyberMiles blockchain nodes, and the amount of stake each obtained — i.e. self-staked CyberMiles Tokens, plus staked CMTs from the community.
Earlier this year we announced that migration of the 5miles marketplace to CyberMiles’ blockchain had begun. The move, which will decentralize 5miles’ e-commerce, is a significant step in CyberMiles’ mission to decentralize — and democratize — the $1 trillion global e-commerce industry as we know it today.
Once the migration of 5miles’ product information and users reviews into a CyberMiles smart contract is complete, a web-based Dapp will be created to allow users easy access to information. The CyberMiles public blockchain ensures e-commerce data integrity, accuracy and transparency.
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