Cybermiles’ Disruptive Technology- Next-Gen BlockchainFor OnlineMarketplace
CyberMiles and 5miles
CyberMiles is the blockchain technology being developed by CyberMiles Foundation, a blockchain research laboratory working closely with 5miles. 5miles is a leader in c2ce-commerce in the United States. Its flagship application, the 5miles app is estimated to surpass $3 billion in total transaction value in 2017.
The purpose for the creation of CMT
CMT is the native crypto token currency (virtual currencies) used on theCyberMiles network. CMT is used to award the members of the virtual community to contribute to the network by validating online transactions using CMT’s.
They also help with adding value to customers support/ conflict resolution by using CMT to the involved members post a mutual agreement. CMT also helps the smooth flow of transactions within the network. This novel blockchain protocol has already been developed by 5miles.
Acentralized c2c e-commerce marketplace versus blockchain solution
In today’s c2c marketplace, if the data centre goes down, the marketplace function is under threat. In the CyberMiles network, the community members handle the business services without a centralised system thereby making the networkresistant to failures.
This is carried out by depositing some CMT for a transaction and based on the completing of the said transaction, they could receive the deposit. Ideally when a dispute occurs, the mentioned service providers would bid to become the judge and work together to resolve conflicts.
User-generated & curated “5miles Groups”
5miles plans on introducing user-generated forums and sub-communities. These communities are managed by network members who use a certain amount of CMT to form groups. Each member pays membership fees in CMT to join a group businesses payan access fee to promote the products. Hence higher the participation, higher the visibility of the business.
Local Promotions and Brand Ambassadors
Real time promotions could be enabled by transferring digital coupons to users. These coupons are used to make purchases. “5miles Experiences” allows users to post pictures of products they have purchased in 5miles and these could be transferred to the influencers via CMT to add to the business’s visibility.
Marketplace “leads” bidding and advertisements
In a traditional marketplaces, sending pop-up notifications could be intrusive. Hence, CyberMiles’ solution would be to provide CMT to bid to transmit messages and the parties involved could receive CMT for accepting the message.
The blockchain operated market captures the network itself by auctioning keywords and receiving payments through bids via the sellers . The products lists are compiled into advertising items and once displayed, the contract is either evaporated or distributed back to buyers.
Democratic community management
In c2c marketplace, the most unresolved problems could arise out of account closures and censorship of illegal products due to centralised management. But in CyberMiles blockchain platform, these problems are resolved by incentivising arbiters which helps community to regulate itself.
CyberMiles team has identified the following major categories of business contracts they could potentially automate.
A decentralized identify management platform Blockchain networks manage identities through cryptographic keys which are strings of algorithms used to transform text into codes. Hence, many personal identity wallets could be introduced to access data. A user can use different wallets for different purposes, just like how crypto token wallets are used.
A peer-to-peer loan marketplace and addressing counterfeit
In CyberMiles, the blockchain records the credit history for each user, helping the loan exchange on the blockchain using CMT. Upon the end of the loan term, the loan contract would execute the exchange of both party’s wallets to settle payments .The CMT system ensures a more efficient supply chain by recording and securing using digital tokens.
A blockchain network proactively resolvescounterfeit issues by keeping records unchangeable. Hence, the authenticity of the product and ownership can be tracked by the buyer.
An ICO platform for e-commerce
CyberMiles blockchain utilises CMT as its means of settlement of financial transactions. The app could also issue self generated tokens to assist its own features and community based on CMT.
CyberMiles Token
The CyberMiles Foundation proposes to generate and issue 1 billion CMT but over time this may stretch to more than 10 billion CMT. Token Contribution is proposed to launch soon after incorporation of the CyberMiles Foundation.
For more details visit:-
Website:https://cm.5miles.com/
Whitepaper:https://cm.5miles.com/file/project/Project%20white%20paper_en-US.pdf
Written by:dammu
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