DALLAS--(BUSINESS WIRE)--5miles, the leading mobile marketplace in the U.S., has announced the formation of 5xlab, a blockchain lab that will offer technology development services for building a new digital network infrastructure. Similar to Ethereum, a public, open-source, blockchain-based distributed computing platform, the forthcoming network infrastructure will be designed in house by 5xlab’s team of engineers.
A new, improved blockchain network infrastructure will make it easier than before for consumers and businesses to transact beyond the traditional Internet—and industry giants that have come to dominate today’s ecommerce. The end product is envisioned to be a better, smarter way of digital transactions and marketplace shopping.
“5miles, as a marketplace, connects people and facilitates transactions, on a safe, convenient, trustworthy platform,” Dr. Lucas Lu, the company’s C.E.O. and founder, said. “The 5xlab is, in its own way, a natural but innovative extension of what we already have built.”
The vision for 5xlab is, in short, to:
- provide technology standardization and technology implementation of underlying smart business contracts
- support cryptocurrency implementation in order to facilitate the execution of the smart business contracts
- use 5miles’ 12 existing categories to implement smart business contract templates for those verticals
“Early blockchain technology has yet to eliminate significant barriers for business,” Michael Yuan, 5xlab’s chief scientist, said. “Our aim is to replace the smart contract technology at the core of Ethereum with a more business-friendly smart business contract.”
The first real-world implementation of blockchain technology in the peer-to-peer marketplace space will be released this fall. Spearheading the commercialization of this technology will be leading peer-to-peer marketplace 5miles and subsequent adopters.
As one of the most popular shopping apps for both Android and iOS devices, 5miles has grown into a community of more than 14 million users, facilitating five billion dollars in transactions in 2017. The app is the first of its kind to give users a full-category, hyper-local marketplace experience with access to a variety of goods as well as services, housing and jobs: real items from real people in real time—all within five miles.
5miles is a free, local marketplace app, one of the fastest-growing online shopping ventures in the United States. The app is the first of its kind to include services, housing and jobs, in addition to second-hand trading. 5miles launched in January 2015, immediately setting itself apart with an easy-to-use mobile interface, identity verification capabilities (for added safety and security), mobile payment and shipping options, and a hyper-local curation of offerings users can search—all within their very own neighborhoods. Since then, buyers and sellers in every major market coast-to-coast have transacted more than $4 billion in merchandise through 5miles, which Google Play has ranked a top 10 shopping app. Learn more at 5miles.com.