CyberMiles (“CM”) is the blockchain technology being developed by 5xlab, a blockchain development laboratory. 5xlab is working closely with 5miles, a leading c2c marketplace operator with more than 12 million users in the US.
5miles is expected to be the first platform to utilize CyberMiles’ blockchain protocol, and will also assist 5xlab to develop the technology. Over the last 3 years of leading innovation in online & local marketplaces, 5miles has accumulated the necessary technical and commercial know-how to tailor blockchain technology & smart-contracts for real-world applications.
5xlab seeks to use this expertise to develop CyberMiles, with focus on trust and compliance. This will enable it to be a mainstream blockchain technology for real-world businesses.
Problems & Solutions
It is widely accepted that blockchain technologies today suffer from the twin related problems of low efficiency and low developer productivity.
As a decentralized system, a blockchain network requires many independent and uncooperative nodes to perform the same computing tasks over and over, and then reach consensus on what is “true”. This makes the system very inefficient and hard to scale, as the computing effort increases geometrically with the size of the network. Because of the scalability / performance problem, 3rd party computational tasks allowed on the blockchain network must also be very limited. That, in turn, causes very poor developer experience and low productivity. As a result, Ethereum Smart Contract DApps are not widely used today.
The technology solutions for the CyberMiles blockchain’s middleware stack is relatively straightforward, as they are all proven technologies already widely used in the world of business middleware. The team is building an engineering solution to incorporate those technologies into the blockchain framework and design proper economic incentives for the system to function.
Features & Highlights
CyberMiles is optimized for e-commerce applications. It will provide a large library of commerce-related Smart Business Contracts, making it a breeze to build decentralized commerce applications.
CyberMiles partner 5miles will migrate over 12 million US-based e-commerce users to the CyberMiles blockchain. CyberMiles network will manage user identity, record credit history, reputation, and facilitate financial transactions. It does all without a central data store or clearing house, and hence ensuring privacy and safety. The user data is why other e-commerce applications will be built on CyberMiles.
Similar to ETH on Ethereum, applications built on CyberMiles could use CMT to issue their own ICO. The market size for e-commerce applications is over $1 trillion.
CyberMiles could support tens of thousands of transactions (TPS) per second through a state-of-the-art Proof of Stake (PoS) consensus engine. In contract, Ethereum today only supports 10 TPS.
CyberMiles encourages effective participation. New tokens will be minted over time as the network grows. As holders of CMT tokens are crucial to the DPoS consensus, they have the opportunity to receive new tokens.
As the CMT is optimized for e-commerce use, it is designed to facilitate decentralized settlement like Ripple (XRP). XRP settles transactions between big banks, while CMT will settle transactions between e-commerce and peer-to-peer finance parties.
CMT will become the first cryptocurrency to be used by over 12 million US-based users. The CyberMiles network will soon be several times larger than the Ethereum network.
Token Sale & Economics
- Project website: https://www.cybermiles.io/en-us/
- Project whitepaper: https://github.com/CyberMiles/cybermiles/blob/master/whitepaper/whitepaper_technical.md
- Token sale start time: TBA
- Ticker: CMT
- Token type: ERC-20
- Total hard cap: TBA
- Total supply: 1,000,000,000 CMT
- Public sale token price: 1 CMT = 0.00014286 ETH
Token Utility & Use Cases
The CyberMiles blockchain will create and record a native crypto token called the CyberMiles Token (CMT). There are two uses of the CMT: to compensate community members for the services they provide, and to facilitate financial transactions on the network. Those two use cases are also inter-related as the “fee” collected from each transaction settlement is used to pay validators who provide services to facilitate the transaction.
In addition to facilitating network operations, the CMT can be used by applications above the network level.
E-commerce applications on the CyberMiles network could adopt CMT as their base currency, and use CMT to issue their own tokens (ie. E-commerce ICOs). This would allow applications to take full advantage of CMT features (rich Smart Business Contracts, liquidity etc).
CMT could be used in the application’s economic system to incentivize community collaborations, such as voting and dispute resolution.
Roadmap & Updates
- The 5miles user data migration to the CyberMiles blockchain is being implemented as planned. We have started exploring e-commerce DApps. At the same time, the technical team is planning a major virtual machine upgrade to support alternative gas fee mechanisms, which will greatly reduce the DApp barrier of entry and allow far more users to experience the CyberMiles blockchain technology. Based on community’s input and suggestions, we will also adjust the reward mechanism of the DPoS protocol for better transparency.
- E-commerce DApp
- 5miles data migration
- Smart contract supported stable coin purchases
- Virtual machine upgrades
- Secure random numbers in smart contracts
- Option for the contract owner to pay for gas fees
- CyberMiles App
- Allow new wallet users to experience some DApps without acquiring CMTs first
- Staking from the wallet apps (the final decision is subject to community voting)
- Mainnet DPoS reward mechanism adjustments
- Make the algorithm simpler and easier to understand
- Rewards during the 7-day unstaking period
- E-commerce DApps will see significant progress in this quarter. The community will release C2C e-commerce products, making it easy for users to buy and sell things. The virtual machine will also continue to see upgrades that are tailored to the needs of e-commerce. At the same time, the CyberMiles Foundation will continue to contribute technologies to the larger community under open source. For example, we will continue our code contributions to high profile projects such as the Uniswap Exchange.
- E-commerce DApp
- Support decentralized escrow transactions
- Build a search engine to make it easier to find e-commerce products on the CyberMiles public blockchain
- Release a C2C e-commerce platform and virtual marketplace
- Virtual machine upgrades
- Allow input and output of complex data types in smart contract functions
- Suport JSON
- Support a common string library
- Support smart contract formal verification
- On-chain decentralized exchange Uniswap
- Continue to provide core development resources for Uniswap
- Launch Uniswap on the CyberMiles blockchain
- If a theme should be named for this quarter's work, it would be "open source". This quarter we will release the a technology standard for creating e-commerce stores on the blockchain. Anyone who conform to this standard will be able to create stores on the CyberMiles blockchain and start selling anything they want. In addition, we plan to make significant contributions to the official Ethereum 2.0 Virtual Machine eWASM. We will also make our staking API available to third party developers, publish a CyberMiles App SDK, and gradually expand the reach of our technology.
- E-commerce DApp
- Publish the standard for decentralized e-commerce contracts and DApps
- Enable more decentralized e-commerce platforms to be integrated with CyberMiles public blockchain through open APIs
- Virtual machine upgrades
- Support multiple side chain standards such as Plasma
- First in the industry to support Ethereum 2.0 virtual machine eWASM standard
- CyberMiles App
- Support external third party wallet staking
- Provide a staking API
- Support CyberMiles App SDK for third-party e-commerce applications to directly use CMT and stable coin
Lucas Lu, PhD, Founder. Lucas received his PHD degree in Partical Physics from SMU in 2005. He worked at CERN when he participated in theoretical and experimental research of Higgs Partical. Dr. Lucas Lu, was previously a co-founder and CTO of Light In the Box, a company which went public on the NYSE, and prior to that, Lucas was the first GM of Alibaba’s Taobao Mobile platform, and was the GM of another Alibaba business unit. Lucas founded 5miles in 2014. Linkedin.
Michael Yuan, PhD, Chief Scientist. Michael received a PhD in Astrophysics from University of Texas at Austin. He is the author of 5 books on software development, published by Prentice Hall, Addison-Wesley, and O’Reilly. Michael was an active code committer in large Open Source projects such as Firefox, Fedora, JBoss, and others. He is an expert on enterprise and mobile software and was a Principle Investigator on multiple research projects funded by the US government. Linkedin.
Timothy McCallum, Core Developer. Timothy McCallum specializes in blockchain implementations for businesses. A specialist in FinTech programming, Timothy’s most recent project was a finance data migration exercise for local government. Timothy was named as an AMP Tomorrow Maker in 2015. His work evolves around finding extraordinary solutions to complex problems. Timothy is a celebrated mentor of the Google Summer of Code and was a guest of Google in 2014, spending time in Silicon Valley collaborating with software developers from around the globe. Linkedin.
Alex Lau, Core Developer. AvengerMoJo is Alex’s online nickname. He received his Software Computer Science degree at University of North Texas in 1999. Previously, Alex worked at Nortel Network, before moving to China. He was the R&D Manager for SUSE Linux in Beijing and Taiwan and was the CTO for Symbio Mobile. He has been working as a consultant for ceph distributed filesystem for SUSE and as a Blockchain Consultant for WeBank and 5miles. Linkedin.
George Chen, CMO. George is currently the CMO of 5miles. Prior to joining in 5miles, he was V.P. of Product Development at Allyes, the largest ad platform and digital marketing agency in China. With decades of experience in marketing, particularly digital, he was the principal engineer of DoubleClick, a subsidiary of Google. Chen earned his Master’s Degree in Physics from Rice University and BA at University of Science and Technology of China. Linkedin.
Mark Brinkerhoff, VP of Communication. Mark Brinkerhoff is a startup advisor and communications strategist with a contemporary approach to public relations, a passion for building partnerships and storytelling that connects consumers and brands. With more than a dozen years of experience in results-driven PR, Brinkerhoff has become a leader in business-driving marketing and brand communications for innovative, fast-growing startups, particularly consumer technology. Linkedin.
Garwin Chan, Advisor. Garwin is the former CFO of 5miles. Previously, he was a Managing Director at Founder H Fund (Private Equity arm of Founder Group). Prior to that, he was a Vice President at Bain Capital, a global leading investment firm. Garwin graduated from Harvard College cum laude in 2003. He also received his MBA degree from Harvard Business School in 2008. Linkedin.
Marc Fleury, Advisor. Dr. Fleury is a pioneer in software freedom and the business of decentralization. He is the creator of JBoss, an open-source Java application server, and an ex-EVP of Red Hat Inc. He is also an early thought leader and investor in cryptocurrencies. Marc holds a degree in mathematics and a doctorate in physics from the École Polytechnique in Paris and a Master in Theoretical Physics from the École Normale Supérieure. Linkedin.
Frank Lee, Advisor. Founder of several start-up companies and Angel Investor. Successfully developed the first Litecoin ASIC miner in the world. Two companies are included in MI eco system. Invested and co-founded companies in various areas, including Game, VR, AR, IOT, etc. Graduated from Tsinghua University with degree in Electrical Engineering. Linkedin.
Ash Han, Advisor. Ash Han is an angel backer and blockchain evangelist. He is also CEO of Finector, the biggest blockchain/DLT consulting company in South Korea having subscribers of governmental bodies, banks, financial institutions, etc and individuals. He has been dedicated to the blockchain industry since 2012 as an angel investor, co-founder, advisor, community organizer, author and public speaker with a deep understanding of the blockchain economy and technology. Linkedin.
Violin Wang, Advisor. Violin Wang now is Co-founder & COO of Krypital Group and advisor of ArcBlock&CyberMiles. Violin was previously a operation leader of CyberMiles in token sales event. As a respected blockchain veteran, Violin started investing in crypto currencies in 2013, and built a team of traders, miners and developers to explore opportunities. Violin received his MS of Supply Chain Management degree at the University of Texas at Dallas. Linkedin.
LinkVC - LinkVC is a new cutting-edge venture capital with global view, founded in 2016 by Jiapeng Lin. From their headquarter in Singapore all the way to offices in Beijing、Hong Kong and the US, they are dedicated to investing in blockchain technology, cryptocurrency and Fin-Tech.
SNZ Holding - SNZ Holding is an institution dedicated to providing high-standard and professional POS validation services. SNZ has been engaged in investment, consultancy, community building and other business related to blockchain since 2016 and is an early investor in Ethereum, Dfinity, Cosmos, Polkadot and other renowned projects. SNZ is now a validator for more than a dozen blockchain projects including but not limited to Cosmos, IRISnet, EOS, Tron, Ont, Loom, and IoTex and is anticipating more in the near future.
- RT @mbrinkerhoff: Community Update: @CyberMiles (mid-September 2019) https://t.co/YDpqMSMpIb
- Four ways to use #blockchain in the supply chain https://t.co/UPXT7mtY2O
- Thanks to the dear organizer of the Shanghai Blockchain Week for inviting CyberMiles to attend! Together with… https://t.co/HRkRGDofBe
- Check out the entire tech structure of https://t.co/SUqpJ0Nmfo
- CyberMiles joins Staking2 platform to enable more crypto lovers to find info about staking and validator status on… https://t.co/zZXjyg3J50
- RT @mbrinkerhoff: Going the Extra Mile: @CyberMiles (September 2019) https://t.co/MoZkBq7Bk3
- @bruno_rigolon Okay. It's told by the staff that because this luckdraw is only toward those CMT holders from Japan,… https://t.co/ZQkFMo1iHq
- CyberMiles App Version 3.2 launched! Smart Contracts cost 0 gas and 0 CMT can be Executed without requiring passwo… https://t.co/DvT2t0B4cB
- Learn more about CyberMiles' newest #validator TISS with @TokenInsight and how to stake it! #partnership… https://t.co/PteGimUWgI
- Here is CyberMiles new Vietnam Community at Telegram. We are updating the official news here going forward!… https://t.co/8kQhm3DARG