DALLAS--(BUSINESS WIRE)--CyberMiles, the foundation behind a new blockchain designed and optimized for commercial applications, has announced the launch of its Initial Coin Offering (ICO) with goals of decentralizing online marketplaces and revolutionizing today’s e-commerce. Developed in partnership with 5miles, a leading mobile marketplace, by 5miles’ blockchain development laboratory 5xlab, CyberMiles’ blockchain protocol seeks to transform peer-to-peer marketplace shopping by making digital transactions between buyers and sellers standard practice. The new CyberMiles Token (CMT) has been underwritten by the cryptocurrency exchange COBINHOOD.
Similar to how Ethereum is used for the current generation of ICOs, CyberMiles’ utility token is planned to be a “master token” to fund and empower new e-commerce applications and businesses. With a “smart business contract” platform specifically optimized for e-commerce, and common data services such as personal identity and credit history on the blockchain, the CyberMiles blockchain is ideally suited for many types of e-commerce applications, from execution of payment to settlement of financial transactions. Applications built on CyberMiles will have the options to adopt CMT as their base utility token, use CMT to issue their own tokens, and incentivize community collaborations, such as customer loyalty programs and dispute resolution.
“The blockchain protocol behind CyberMiles has been uniquely engineered to empower businesses and break down barriers inhibiting marketplace transactions and applications,” Dr. Michael Yuan, CyberMiles’ chief scientist, said. “Ultimately, our team hopes this technology will solve real-world problems within online marketplaces. From providing alternative finance solutions for e-commerce to allowing local businesses to create targeted, real-time promotions, we’re confident that CyberMiles can level out the playing field dominated by the likes of Amazon and eBay.”
Initially, there will be a total of one billion CMT in circulation. However, over time, the overall number may expand and be capped at 10 billion CMT. 200 million tokens will be pre-allocated to the 5miles marketplace, which will jump-start the CyberMiles platform with its base of 12 million users. The token allocation for both 5miles and for the CyberMiles team and partners will be subject to a long-term (two-and-a-half-year) vesting period.
Coinciding with the ICO, CyberMiles has added an important new member to its advisory board: Michael Daugherty, a startup investor who currently serves as General Manager (Fundraising Division) at AngelList. Since 2013, more than $650 million has been invested into over 1700 startups via AngelList, the world's largest platform for early-stage venture funding.
The capital raised from CyberMiles’ ICO, underwritten by the cryptocurrency exchange COBINHOOD, is intended to be used to fund the full build-out of the CyberMiles blockchain protocol; marketing and operating expenses related to the expansion and migration of 5miles’ marketplace to the CyberMiles’ blockchain network; and to cover research and development costs incurred by the CyberMiles Foundation in establishing the CyberMiles platform. Tokens will become tradeable upon COBINHOOD’s zero-trading-fee cryptocurrency exchange platform following the conclusion of the ICO, which will last from Nov. 21 till Dec. 5 (9 a.m. CST).
CyberMiles is a new decentralized blockchain protocol optimized for business transactions. Initiated in the fall of 2017 by 5xlab, a blockchain development laboratory, CyberMiles uses innovative “smart business contract” modules to facilitate and process transactions simply, effectively, and with transparency. This technology focuses on commercial applications with protocols that ensure the appropriate balance between vertical effectiveness and network compatibility. Learn more at cm.5miles.com.
5miles is a free, local marketplace app, one of the fastest-growing online shopping ventures in the U.S. 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.