DALLAS--(BUSINESS WIRE)--CyberMiles, a new blockchain platform designed and optimized for commercial applications, has completed the crowd-funding phase of its initial coin offering in less than one day—among the fastest-moving ICOs in history. Empowering the decentralization of the online marketplace, CyberMiles has had participants from 111 countries contribute close to $30 million to fund the build-out of its groundbreaking technology.
With 420 million CyberMiles Tokens quickly spoken for during this contribution event, in addition to 280 million CMT already allocated during the preceding private stage, CyberMiles has enjoyed one of the swiftest, more successful ICOs on record.
“We’re delighted that our token contribution event has been met with such enthusiastic interest from the community,” Dr. Lucas Lu, a founding member of the CyberMiles Foundation as well as the 5miles peer-to-peer marketplace, said. “The public blockchain platform we’re developing has the potential to revolutionize e-commerce, so community support is critical to funding this initiative.”
CyberMiles’ blockchain technology emerged from 5xlab, 5miles’ blockchain development laboratory. 5miles will be the first decentralized app (“dapp”) to use CyberMiles’ blockchain protocol, intended to be a mainstream blockchain technology for real-world businesses.
The modular solutions that are integral to CyberMiles have protocols for 12 commercial applications and more than 300 sub-categories of transaction types widely in use. These cover a large portion of potential online marketplace and e-commerce applications via “smart business contracts.”
For its part, 5miles is planning to migrate its 12 million existing users (along with more than $3 billion in marketplace transactions annually) to CyberMiles. The user identity, credit history, reputation, and transaction history data all can be encrypted and recorded on the CyberMiles blockchain, enabling myriad business applications for e-commerce partners like 5miles.
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 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 $5 billion in merchandise through 5miles, which Google Play has ranked a top 10 shopping app. Visit 5miles.com.