Greetings Community, In this new post I will introduce about Cybermiles project, and for more details let's just go to the following discussion:
ESTABLISHING A NEW E-COMMERCE ECOSYSTEM WHERE EVERYONE IS INCENTIFIED TO PARTICIPATE AND INNOVATION!
The conventional wisdom of e-commerce is "winner takes all" - one or two of the biggest players dominate the market, set prices, and extract most of the profits. Results? Small businesses and consumers lose. Innovation slows down.
The reason for "winning all take" is that e-commerce has a strong network effect. The largest network of buyers and sellers wins. Until now, the network is owned and operated by a company because central authority is required to validate transactions and enforce the rules. Blockchain technology promises us a decentralized network in which "legal code" and peer communities validate and enforce rules.
The CyberMiles blockchain aims to be a public blockchain for all e-commerce related transactions. By building Smart Business Contract technology, CyberMiles is specifically optimized for e-commerce. It has the benefit of a large network, but is retained and validated by a community of unbelieving colleagues.
An e-commerce business can build on CyberMiles blockchain to access a large network of sellers and buyers, and can use CyberMiles Token (CMT) as a token basis in their applications to support programs such as shared loyalty points. CyberMiles is the future of e-commerce. Read below for more details
It is fully compatible with Ethereum and can run all smart contracts and Ethereum Dapps. But 100 times faster than Ethereum in terms of transactions per second (TPS).
Safer than Ethereum. Block CyberMiles proactively stops the common intelligent contract bugs that cause a loss of funds on Ethereum. And if the loss of funds still occurs, CyberMiles supports chain-chain governance processes to recover funds in a transparent manner through community consensus.
LOW OR NO CHARGE
It's more user-friendly and cheaper to use than Ethereum. The CyberMiles blockchain waives the transaction fee for the most common operations. This achieves this without sacrificing network security.
CMT Token Issuance
The CyberMiles Foundation proposes to initially generate and issue 1 billion CMT, however over time, this may expand and be capped at 10 billion CMT. Further information about when and to whom CMT are proposed to be allocated can be found below. Upon the completion of the proposed CyberMiles token contribution (“Token Contribution”) for 700 million CMT, there will be a total of 1 billion CMT in circulation.
Token Contribution is proposed to launch soon after incorporation of the CyberMiles Foundation. For further information and updates regarding the Token Contribution, prospective participants are invited to provide their email address at http://cm.5miles.com.
Further updates and announcements regarding the timing and the details of the Token Contribution will be communicated through the website.
Use of Token Contribution proceeds The proceeds raised from the initial Token Contribution are intended be used for the following purposes:
1) Fund the development and establishment of the CyberMiles blockchain protocol;
2) Marketing and operating expenses related to the expansion and migration of 5miles’s platform to the CyberMiles’ blockchain network. Arrangements with 5miles and the CyberMiles Foundation will be at arms length; and
3) Research and development costs incurred by the CyberMiles Foundation in developing the CyberMiles platform.
Allocation of CMT
As discussed above, the delegated-PoS (Proof of Stake) mechanisms will be developed to effect the targeted outcome of 8% annual increase in total number of tokens, until the 10th anniversary of the close of the Token Contribution Event. Below is the targeted inflation schedule for the active supply of tokens:
A time series of the targeted number of active tokens in circulation, by allocation, for the first 3 years:
Apr. 2014 5miles established.
Jun. 2014 5miles receives $5 million (USD) Series A investment from SIG.
Oct. 2014 Testing of the 5miles app begins.
Jan. 2015: 5miles app launches in the US.
Jun. 2015 5miles receives $17 million (USD) Series B investment, led by IDG and Morningside.
Nov. 2015 5miles introduces user-verification and fraud-detection technology, further strengthening its’ innovative marketplace safety features.
Jan. 2016 5miles’ gross merchandise value reaches $100 million; receives $30 million (USD)
Series B-1 investment, led by Blue Lake and Puhua.
Jan. 2017 5miles surpasses 11 million users, becoming a top 10 shopping app in the US (data from Similar Web); begins exploring blockchain initiative.
Jun. 2017 5miles receives $10 million (USD) follow-on funding from existing investors (pending closing).
Aug. 2017 5xlab formally launched, focusing on CyberMiles blockchain program; developing CyberMiles v.0.1.
Oct. 2017 CyberMiles Foundation to explore the issuance of CyberMiles tokens (CMT).
Dec. 2017 CyberMiles Foundation to launch v0.1 of CyberMiles’ “smart contract” modules.
June 2018 5miles app to begin accepting CMT to facilitate multiple marketplace applications.
Dec. 2018 CyberMiles Foundation to launch v1.0 of CyberMiles.
Mar. 2019: CyberMiles modules to be available for use on other platforms to facilitate further adoption.
For More Information:
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