Popular peer-to-peer marketplace startup bringing decentralized blockchain solutions to its community of buyers and sellers for greater transparency and efficiency
DALLAS–(BUSINESS WIRE)–September 28, 2017–
5miles, a leading peer-to-peer marketplace operator with more than 12 million users across the U.S., has announced a partnership with CyberMiles, a new foundational blockchain designed and optimized for commercial apps. CyberMiles is establishing a public blockchain network to implement real-world business contracts and power numerous “smart business contract” modules for apps.
CyberMiles is the blockchain technology from 5xlab, 5miles’ blockchain development laboratory. The goal is for 5miles to be the first platform to use CyberMiles’ blockchain protocol, itself envisioned to be a mainstream blockchain technology for real-world businesses.
“Over the last three years of leading innovation in online and local marketplaces, 5miles has accumulated the technical and commercial know-how to tailor blockchain technology and smart business contracts for real-world applications,” Dr. Lucas Lu, 5miles’ C.E.O. and founder, said. “5xlab wants to use this expertise to develop CyberMiles with a focus on trust and compliance.”
“CyberMiles can be used for many different types of commercial apps,” Dr. Michael Yuan, CyberMiles’ chief scientist, added. “A founding principle for CyberMiles is to leverage the flexibility of blockchain but tailor it for real-world businesses, with rules that are defined by its smart business contract modules.”
For 5miles, CyberMiles stands to benefit the peer-to-peer marketplace in myriad ways, including:
- a marketplace that never goes down
- user-generated and user-curated 5miles groups
- democratic community management
- community-based conflict resolution
- local promotions and brand ambassadors
- marketplace “leads” bidding
- shared advertising resources
CyberMiles’ modular solutions have protocols for 12 key commercial applications and more than 300 sub-categories of transaction types already used in marketplaces. These cover a large portion of potential online marketplace and e-commerce apps by using smart business contracts.
“CyberMiles’ mission is to bring blockchain technology to the real world and develop commercial applications that are highly effective and transparent,” Dr. Yuan said.
The first real-world implementation of blockchain technology in the peer-to-peer marketplace space will be released this fall. 5miles and subsequent adopters are expected to spearhead the commercialization of this technology.
As one of the most popular shopping apps for both Android and iOS devices, 5miles has grown into a community of more than 12 million users, facilitating $3+ billion dollars in transactions in 2017. The app is the first of its kind to give users a full-category, hyper-local marketplace experience with access to a variety of goods as well as services, housing and jobs: real items from real people in real time-all within five miles.
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.
App Store: m.onelink.me/5fc10133
Google Play: m.onelink.me/674211f2
Mark Brinkerhoff, 817-681-5739