Cybermiles ICO

Cybermiles The Best ICO of The Year

Cybermiles is one of the best ICO in my opinion throughout this year. This is evidenced by the achievement of their sales targets in PRE-SALE !!! Can you imagine how many people want it so that it can be achieved. Of course this does not happen without cause! Want to know why? Let us find out together the reason by reading this article: D First of all we must know what is Cybermiles?

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.

About Cybermiles

CyberMiles Foundation Limited (“CyberMiles Foundation”), is a company limited by guarantee to be incorporated in Hong Kong and governed in a not-for-profit manner. It will work closely with 5miles LLC (“5miles”), with the aim of developing CyberMiles: a next-generation blockchain optimized for e-commerce and designed for mainstream adoption.

By focusing on e-commerce and online marketplaces, CyberMiles will integrate the latest blockchain innovations to power “Smart Business Contracts” on a highly effective chain, and resolve the latency issues associated with existing, general-use blockchains. Its utility token, CyberMiles Token, is planned to be a “master token” to fund & empower new e-commerce applications and projects, similar to how ETH is used for the current generation of ICOs.

Throughout the network development, CyberMiles Foundation will be assisting the governance of the decentralized platform, with strong involvement by members of the ecosystem. Our vision for the future is a public network that provides secure and trusted business services for its members, by its members.

5miles plans to gradually migrate its sellers and buyers, as the first group of users, onto the decentralized network. In other words, 5miles’s marketplace platform will be one of the first environments to utilize the network as a back-end service and jumpstart the ecosystem. Once the network reaches a critical mass, its own network effects, strengthened by incentives provided by the CyberMiles Token (“CMT”), are expected to be applied to other partner platforms and marketplaces, driving CyberMiles’ development as a market-leading blockchain protocol for commercial and marketplace applications.

Cybermiles aim for CMT

To reward and incentivize community members to contribute computing power and maintain the integrity of the network. Examples of such services could include running network nodes, validating transactions, and executing smart business contracts. When e-commerce market participants, such as sellers, buyers, and marketplace makers, utilize the network services, they would provide CMTs to network maintainers.
To incentivize community members to provide value-add services, such as peer-to-peer customer support and conflict resolution services. The service provider could receive CMT from other members in the community after a consensus is reached.
To facilitate transactions within the network. Processes and interactions throughout the supply chain, as well as between buyers and sellers, could be recorded and facilitated by CMT. That allows for decentralized settlement and could potentially greatly reduce the cost of transactions and friction on the network. The network would extract a transaction fee to pay validators who execute smart business contracts associated with the transaction.

Potential CyberMiles Applications - 5miles Case Study

A marketplace that never goes down

One of the key advantages of a decentralized network is the high availability of network services. It is resistant to data center failures. As long as some network nodes are running, the network services will be available – although the service capacity or bandwidth may fluctuate. Today’s c2c marketplace apps depend on centralized servers and IT departments for back-end services. If the data center goes down, the marketplace will cease to function. In the CyberMiles blockchain network, computing power and business services can all be provided by members of the community. And hence, the network service is more resilient to failures.

Community-based conflict resolution

The economic incentives introduced by CMT could provide a means for community-based conflict resolution. This would save a marketplace operator, such as 5miles, the need for employing and maintaining a team of customer service agents for resolving potential conflicts between buyers and sellers. Subject to appropriate governance controls, volunteers in the community could now be arbiters, and could use transactional data recorded transparently in the blockchain to make judgements. This would work as follows:

When a buyer and a seller enter into an agreement, they could each put up an equal amount of CMT as a deposit for the transaction. If there is no dispute after the transaction completes, each of them will automatically get back their tokens through a smart business contract, or the CMT could act as a settlement currency. 10
If a dispute does occur, however, the network would automatically ask a pool of service providers to bid to become an “arbiter”.
The arbiter, once accepted by both parties, would work with both the buyer and seller off the blockchain to resolve the conflict. Subject to compliance with data protection rules, they would have full access to the transaction details.
Once the arbiter makes a decision, the losing party would forfeit their deposited CMT to the arbiter. The arbiter’s decision would be final, as this would have been pre-agreed by both parties.

User-generated & user-curated “5miles Groups”

5miles has plans to introduce user-generated forums and sub-communities (“Groups”) within the platform. These 5miles Groups would focus on common interests (like “Fashionistas of Dallas”, or “Vintage Cars Forum”) or by affiliation (church groups, school districts, universities, etc.), and can be used to plan events and exchange ideas. However, for traditional platforms, managing user forums is a difficult task, as centrally-managed forums lack local authenticity and flexibility.

CyberMiles could contain smart-contract modules to enable and incentivize the marketplace participants to form and manage these sub-communities. Network members can use a certain amount of CMT to propose and establish a new Group. To join a particular Group, participants pay “membership dues” in CMT, with part of the proceeds utilized by a Group moderator. Businesses or participants who want to promote their products or businesses to members of these Groups would have to pay an access fee (determined and governed by smart business contracts), and members could also use CMT to facilitate events (like school fundraisers, etc.). Groups with the highest amount of participation will rank highest and receive more prominence within the 5miles community.

Local Promotions and Brand Ambassadors

As a local marketplace, focused on achieving very high user density in each of its markets, 5miles has naturally attracted a large number of local businesses, including service providers, retailers and resellers, restaurants, and free-lance professionals. For many of these business users, 5miles is their “online storefront”, and their preferred channel for local marketing.

Illustrative example of CMT based promotions:

The CyberMiles community and 5miles could together develop smart-contract based solutions to enable highlytargeted, real-time promotions for businesses. To illustrate a potential scenario:

Business (or service provider) uses CMT to transmit special promotions (digital coupons) to relevant users within a certain radius
Users with the digital coupons who make a purchase from the business under the terms stipulated in the smartcontract receive the designated number of CMT as a form of coupon/discount.
No changes to standard prices, point-of-sales systems, or marketing materials required for the business to conduct these highly targeted promotions.

A peer-to-peer small business loan marketplace

A potential application built on the CyberMiles’ blockchain would be a peer-to-peer small business loan marketplace. As described in the previous section, we will build a decentralized identity management platform on CyberMiles. The blockchain can then record the credit history for each user identified by her public key.

With the identity and credit history, we can build a loan matching engine (the loan “exchange”) on the blockchain. And once loan terms are matched, the Smart Business Contracts would automatically settle the loan directly from each party’s bank account using CMT (authorized via their “personal information wallets”) without a central clearing house. The workflow and figure below describes how to match and settle a loan.

The user logs into the exchange via OAUTH from her wallet. The exchange caches but not stores personal information.
The user submits her desired loan terms (borrow or lend, term, interest rate).
The exchange suggests matches.
The exchange provides detailed credit scores and histories for matched candidates.
If the user selects a candidate. Both parties would need to agree.
The loan contract is recorded by the exchange and on the blockchain.
The exchange requests the wallets to settle both parties via their bank accounts.

A more efficient supply chain

In an e-commerce ecosystem, the seller needs to procure products from suppliers and then ship to buyers. In the process, the product changes hands multiple times. In a traditional system, the transactions along the supply chain must be settled using fiat currencies, which create significant friction and cost.

However, in a token-based system, transactions amongst community members may be recorded instantly and securely using digital tokens. The parties would only convert any excess tokens into other assets from time to time on an “as needs basis”, limiting transaction costs.

Automatic escrow

Most current business transactions require trust. The blockchain network’s main feature is its ability to operate in a trustless environment. For example, one of the primary function of an Ethereum based smart contract is an escrow to hold and release assets automatically when certain conditions are met. In many application scenarios outlined in this white paper, the network would need to hold certain escrow or pledged CMT from multiple parties until a certain outcome occurs. This level of automation can make escrow much more prevalent and widely used in our society.

For example, in a sales transaction, the smart business contract could release the CMT in escrow to the seller when the seller’s shipping carrier sends back a delivery confirmation to the network. Or the escrow condition may be that when the buyer inspects the product and agrees to accept it. If the buyer does not accept it, the automated arbitration process begins.

The CyberMiles Foundation

The CyberMiles ecosystem is envisioned to be a community of partners, including blockchain node operators, validators, service providers, marketplace operators, businesses, and end users. They could provide or utilize the network services, and exchange CMT on the CyberMiles platform. The CyberMiles Foundation is intended as an independent, not-for-profit company that maintains and facilitates democratic governance for the members of this ecosystem. The CyberMiles Foundation’s mission is:

To decentralize c2c marketplace platforms, and develop blockchain solutions for realworld and online marketplace applications.

A. Governance goals

The Foundation proposes to dedicate resources to establish a fair and transparent governance process that will take into account the voices and needs of all participants within the ecosystem. This open governance model would oversee decisions related to the membership process, participation rules, token issuance, pricing rules, legal matters, and content and compliance guidelines. The CyberMiles Foundation would be responsible for administering and overseeing the security of the CMT reserve, as well as transparency in its use of CMT and any token proceeds.

B. Research goals

The CyberMiles Foundation aims to foster an environment of innovation by working with partners to test new ways to participate in the ecosystem and drive value creation and network effects. The CyberMiles Foundation could fund research and development efforts to support an autonomous network that is secure and effective in providing business transaction services.

C. Development goals

The CyberMiles Foundation proposes to direct and fund the development of the CyberMiles blockchain itself, as well as tools that give ecosystem partners the ability to build, grow, and create value for one another. As part of this process, 5miles proposes to make its own codebase available as an open source project that can be leveraged to power new communities and add capabilities to existing ones. The CyberMiles Foundation would further this work by engaging development teams to continue improving the technology suite supporting the CyberMiles Ecosystem, and will maintain an open source codebase that ecosystem participants can use.

Cybermiles Video