Cybermiles's 5miles

Jakarta, March 25 2018

Cybermiles's 5miles

Empowering The Decentralization  Of Online Marketplace

What is CyberMiles ?A Brief overview and historical background.

CyberMiles is developed by CyberMiles Foundation. CyberMiles is a next generation blockchain designed and optimised for e-commerce and for mainstream adoption. By targeting on e-commerce and online marketplaces, CyberMiles with collaboration of 5miles Holdings Limited will integrate the latest blockchain innovations to power Smart Business Contract on a highly effective chain to solve the delaying issues related to existing blockchains. The utility token which is CyberMiles Token (CMT), is the master token to fund and empower the new e-commerce applications and projects, just like how ETHEREUM is used for the current generation of ICOs and it is resulted in that Ethereum has turned into a highly demanded and most favourite Alcoin in very short time. Throughout the network development, CyberMiles Foundation will be supporting the governance of the decentralized platform, with the strong involvement by members of the ecosystem. CyberMiles mission for the upcoming time is a public network that provides secure and reliable business services for its members, by its members. CyberMiles blockchain protocol will consist of blockchain based virtual machine and defined modules of middleware software stacks, which operate outside the chain to support decentralized processes governed by smart contracts implemented on the network.

What are online marketplaces ? Overview.

An online marketplace (also called online e-commerce marketplace) is a kind of e-commerce site where the provision of products or services is by the number of third parties, where transactions are processed by marketplace operator. Online marketplaces are the primary type of multi channel e-commerce and can be an approach to streamline the production procedure. 

In online marketplace, customer transactions are processed by the marketplace operator or administrator and afterward delivered and fulfilled by the participating retailers or wholesalers (likewise called drop shipping). Other capabilities may include auctioning (Reverse or forward), ordering, catalogue, wanted advertisement, trading exchange functionality and capacities like RFI (Request of information) , RFQ (Request of Quotation), or RFP. These types of sites allow users to register and sell single items to large number of items for a “post-selling” fee.

In general, because marketplaces gather products from a wide variety of suppliers, selection is generally more wide and availability is higher than in vendor-specific online retail stores. Also prices may be more competitive. 

The platform for selling online doesn’t matter solely but the user interface and user experience also matters. People tend to log on to online marketplaces that are organized and products are much more accessible to them. There are marketplaces for the online outsourcing of professional services like IT services, search engine optimization, marketing, and skilled crafts & trades work.

Many sharing economy platforms are in fact peer to peer marketplaces. Also called “switch” marketplaces such as on AirBNB.

The intermediaries in online environment marketing that offer customers a destination site about connecting online customer with product information, for example, some search engines, like Google, MSN and Facebook. Online intermediaries enable customer and online seller to maximizes the efficiency and effectiveness. The information would be exchanged though Internet, B2B (Business to bussiness) and B2C (Business to customers) are both benefit from online intermediaries. Online intermediaries sometimes provide support for online social networks, which create a social community for supplier and customer in order to directly connecting each other, such as the dramatically increase trend about e-commerce development, online site allow supplier and customer to do business at digital environment. But in this traditional Online marketplaces, there are some serious drawbacks just like many service related online marketplaces have been criticized for taking jobs that would go to local industries that cannot compete on price against outsourced providers. Another criticism is that regulations and law surrounding online marketplaces are quite underdeveloped. As of consequence, there is a discrepancy between the responsibility, accountability and liability of the marketplace and third parties. Online marketplaces and platforms have faced much criticism in recent years for their lack of consumer protection. There is a very need of the platform that overcome such issues and give e-commerce users a relief.

CyberMiles Foundation.

The CyberMiles Foundation is a blockchain research laboratory, which is independent, not for profit company that maintains and supports democratic governance for the members of the ecosystem. The mission of CyberMiles Foundation is:

“To decentralize c2c marketplace platforms, and develop blockchain solutions for real-world and online marketplace applications”

The CyberMiles’s vision is to become a community of partners, including blockchain node operators, service providers, marketplace operators, validators, businesses, and end users. They could provide or utilize the network services, and exchange CMT on the CyberMiles platform.

The CyberMiles Foundation has three structural principles: Impartiality, Strong governance and Not-for-profit governance.

CyberMiles Token (CMT).

CMT is the crypto token currency, created to be integrated with and used on the CyberMiles network and on the decentralized applications on the network. Initially, CMT is proposed to be issued and implemented on the public Ethereum blockchain as an ERC-20 compliant token. 5miles will integrate its existing wallet function to hold CMT balances, and allow users to utilize the tokens on the 5miles platform shortly after the tokens are activated. The CyberMiles protocol is being developed for implementation on its own open source blockchain. In this scenario, the initial CMT based on ERC-20 would be exchanged on a 1:1 basis with native CMT issued on CyberMiles’ blockchain, with any stored value & rights transferred to the native token.

CMT aims to serve the following purposes.

• To reward and incentivize community members to contribute computing power and maintain the integrity of the network.
• To incentivize community members to provide value-add services, such as peer-to-peer customer support and conflict resolution services.
• To facilitate transactions within the network. Processes and interactions throughout the supply chain, as well as between buyers and sellers, could be recorded and facilitated by CMT.

CyberMiles Beyond 5miles.

CyberMiles aim to make the CyberMiles solutions capable of supporting many kinds of business transactions beyond the customer to customer marketplace. 5miles can help CyberMiles foundation to jump start the network. As such, the network could provide back office business transaction services to many types of businesses, especially small businesses. Through the concept of smart business contracts described in the technical white paper which available at the end of the article, the CyberMiles blockchain network could become a leader in the provision of automated or smart contracts for commercial applications. 

The CyberMiles network could act as an outsourced provider of a variety of business services including finance, IT, customer service and community management. Building on the 5miles team’s extensive expertise in business execution, the CyberMiles team has identified the following major categories of business contracts we could potentially automate, are as follows:

CyberMiles applications.

The CyberMiles blockchain protocol has a built-in mechanism through its tokens to help non-cooperative network participants reach the Nash Equilibrium consensus. 5miles’ app is expected to be one of the first commercial applications to utilize the CyberMiles blockchain network.

Below is some specific scenarios and features that would be enabled by the proposed decentralized CyberMiles blockchain solution, and contrast them with a typical centralized customer to customer e-commerce marketplace.

1. Community-based conflict resolution.

2. User-generated & user-curated “5miles Groups”.

3. Local Promotions and Brand Ambassadors.

4. Marketplace “leads” bidding.

5. Shared advertising resources.

6. Democratic community management.

CyberMiles can support tens of thousands of transactions (TPS) per second through the most up-to-date development phase, incorporating the latest innovations and state-of-the-art Proof of Stake (PoS) capabilities. Consensus. According to the contract signed today Ethereum only supports 10 TPS.

Because CMT is optimized for e-commerce use, it is designed to simplify decentralized payments such as ripple (XRP). The XRP arranges transactions between large banks while CMT's task is to arrange transactions between e-commerce and financial units where each unit is provided with the same capabilities and powers. Any unit has the right to initiate a conversation.

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