So, what is Cybermiles?
Cybermile is a new decentralized blockchain protocol optimized for e-commercial applications, started in 2017 by 5xlab, CyberMiles has been developed by the CyberMiles Foundation, a blockchain research lab that works with 5miles.
5 miles away
5miles is a leader in consumer-to-consumer e-commerce (“c2c”) in the United States 5miles formed in 2014 by world-class teams from China and the United States. Since its inception, 5mil has raised approximately USD 62 million from top investment companies such as SIG, IDG, Morningside, and Blue Lake. Since its launch in 2015, 5miles has established itself as a Top 10 shopping app, with more than 12 million users and USD 3 billion in annual transaction value. Founding CEO, Dr. Lucas Lu, formerly a co-founder and CTO of Light In the Box, a company that went public on the NYSE. Before that, Lucas was the first GM platform Taobao Mobile Alibaba.
WHAT IS 5XLAB?
5xlab is a new blockchain development lab that works closely with 5miles, a leading mobile market platform, with millions of users in the US. Over the past 3 years of leading innovation in the online & local market, 5miles has accumulated long-term technical and commercial knowledge. 5xlab is trying to use these skills and experiences to adapt blockchain technology & smart contracts for real-world applications. The focus of the proposed new 5xlab blockchain technology, CyberMiles (“CM”), is on trust and compliance while leveraging the strength of decentralized networks. This will help turn it into mainstream blockchain technology for real-world business. 5miles is expected to be the first application platform to use the CyberMiles blockchain protocol, and will also help 5xlab to develop the technology.
E-commerce has become the largest industry, by 2017, it is about $ 2.3 trillion and is expected to reach $ 4.5 trillion by 2021 (according to a report by Statist ). And have you ever heard of Blockchain? What is Blockchain? Blockchain, basically, is an electronic ledger, or better described as a decentralized and digitized ledger available for all secret transactions. Continuous development when a block is completed, it is an updated record of all cryptocurrency transactions from the oldest to the most recent. The blockchain block allows market participants to track all digital currency transactions without any form of centralized aggregation. Sophisticated cryptography techniques are used to ensure all records are authentic, and the identity of the coin owner is encrypted and thus anonymized. Moreover, blockchain technology allows market participants to ensure that the corresponding “digital wallet” accurate, accurate and perfect balance can spend. Blockchain has some benefits and feartures that make it so important. You can study it yourself.
What is the trend of 2018 and next year? I must tell you that it is the application of Blockchain technology to e-commerce.Blockchain with great features and benefits will revolutionize the ecommerce industry. Traditional e-commerce will not last long.
CyberMiles Foundation, a company limited by registered signatories in Hong Kong, is becoming the leader of this trend. CyberMiles, a partner with 5miles LLC, operates and develops with the aim of: “ A next generation blockchain is optimized for ecommerce and is designed for orthodox adoption. “ decentralization of online markets, use of smart contracts for e-commerce. CyberMiles is a distributed ecosystem for e-commerce.
Who is behind CyberMiles? CyberMiles is backed by a team of well-known professionals with great knowledge and enthusiasts who are the best in the industry. Lucas Lu is the CEO of CyberMiles, Lucas has a PhD in Molecular Physics from SMU in 2005. He has a great background, he worked at CERN when he was involved in theoretical and empirical research of the Higgs. Partical. Dr. Lucas Lu, formerly co-founder and CTO of Light In the Box, a company published on the NYSE, and before that, Lucas was the first GM of Alibaba’s Taobao Mobile platform, and GM’s an Alibaba Business Unit. Lucas set up 5 million in 2014.
Lucas met with President Trump on the issue of cryptocurrency, chairman Trump expressed satisfaction with Cybermiles, which could help the e-commerce industry.
What Makes blockchain foundation cybermiles unique?
1. Blockchain technology can not currently handle the requirements for e-commerce because it is not built to handle e-commercial protocols and this is what Cybermiles (CM) will achieve. Because the Smart Business Contract is designed to be much more powerful than the Ethereum Smart Contract.
2. Cybermiles will be the gateway to decentralized commercial applications as they are optimized for e-commercial applications, which will provide a large library of commercial intelligent business-related contracts.
3. Similar to ETH on ethereum, applications built from cybermiles can use CMT to issue their own ICO. The current size for e-commerce is over 1 trillion dollars.
4. CyberMiles 5miles partners will migrate more than 12 million US-based e-commerce users to blockchain CyberMiles. The CyberMiles network will manage user identity, record credit history, reputation, and facilitate financial transactions. It’s all without a data storage center or clearing house, and hence ensures privacy and security. User data is why other e-commerce applications will be built in CyberMiles. This is really amazing.
5. Unlike ethereum that only supports 10 transactions per second, cybermiles will be able to support more than 10,000 transactions per second, with state of the art proof of the stake consensus machine (POS).
6. To manage user identity and transaction data privately and securely, while enabling new transactions & settlements among network participants. Starts with 5miles ’10 +
million user base, this access to user data will be a key driver for e-commerce platform and other consumer financing to be built in CyberMiles
million user base, this access to user data will be a key driver for e-commerce platform and other consumer financing to be built in CyberMiles
Token CyberMiles (CMT)
CMT is the original crypto currency created to be integrated with and used on
Network CyberMiles, and on decentralized applications on the network.
Network CyberMiles, and on decentralized applications on the network.
Initially, CMT is proposed to be published and implemented on public Ethereum blockchain as a token in accordance with ERC-20. 5miles will integrate existing “wallet” functions to hold the CMT balance, and allow users to exploit tokens on the 5mil platform as soon as the token is enabled. The CyberMiles protocol is being developed for implementation on its open source blockchain. In this scenario, the initial CMT based on ERC-20 will be exchanged on a 1: 1 basis with the original CMT issued on blockchain CyberMiles, with each stored value and rights transferred to the original token. The purpose of Cybermiles is for CMT to serve the following purposes:
1. Give rewards and incentives to community members to contribute computing power and maintain network integrity. Examples of such services may include running network nodes, validating transactions, and executing smart business contracts. When e-commerce market participants, such as sellers, buyers, and market makers, utilize network services, they will provide the CMT to the network manager.
2. To provide incentives to community members to provide value-added services, such as peer-to-peer
customer support and conflict resolution services. Service providers may receive CMT from other members of the community once consensus is reached.
customer support and conflict resolution services. Service providers may receive CMT from other members of the community once consensus is reached.
3. To facilitate transactions within the network. Processes and interactions across the supply chain, as well as between buyers and sellers, can be recorded and facilitated by CMT. That allows for decentralized settlements and potentially greatly reduces transaction costs and friction on the network. The network will extract the transaction fee to pay the validator who runs the smart business contract associated with the transaction.
In conclusion the objectives of the Cybermiles foundation are to decentralize the c2c (consumer to consumer) market platform, and develop real-world blockchain solutions and online marketplace applications.
Website : — http://www.cybermiles.io/
Whitepaper: — http://www.cybermiles.io/vision/
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