A small market application wants to challenge the giants of e-commerce through Blockchain technology
CyberMiles has a strange sound. I thought it was a coin that had to do with driving a car or a car association. But what it is, it is actually a business platform powered by none other than the blockchain ERC20 technology.
It wants to make smart contracts easy to navigate and distribute, as well as payment services faster. Payment times for many coins have increased from the start of the year. After Bitcoin implemented the Lightning network, payments were much faster.
Let's take a look at the numbers.
Making the numbers
CyberMiles had a 24 hour ICO on 21-22 November 2017 and raised $ 30.9 million. They are ranked 86 by CoinMarketCap and have a current price of $ 0.14 per token, down from $ 0.36 since it entered the market on 5 December 2017.
The current offering is approaching 700 mln on a total of tokens. All uncirculated tokens are held by the foundation that is close to $ 42 million in the hands of the foundation.
On January 7, 2018, CyberMiles saw its highest price at $ 0.56 and then the price rose again on May 29 to $ 0.44 before crashing to its current price and historic lows.
Ready to take the giants of e-commerce?
CyberMiles is active on social media and has made regular updates. According to the roadmap, they are scheduled to activate the main network and go live in the fourth quarter of 2018 and are planning to ship mining machines in the third quarter of 2018. This will be an extracted coin, where miners validate smart contracts and Blockchain transactions. .
By digging deeper into what CyberMiles wants to create, we find out that they are planning to hire cyber retail kings.
According to the website, they state that "our mission is to build a decentralized ecosystem for e-commerce.Most of this work consists in designing and implementing an economic system.The network must be able to attract a heterogeneous group of participants to share resources in order to truly achieve the effect of the network. "
So they want to make sure that they can attract small businesses to join and trade via CyberMiles. They also continue to declare that "some large companies dominate the market, which means that small businesses and consumers [to] lose profits, [to slow] innovation, [furthermore,] consumers and contributors of the network are at risk. obscure of where the money was taxed. "
Lucas Lu, PhD is the CEO. He has a doctorate in particle physics and worked at CERN when he participated in the theoretical and experimental research of Higgs Particle. Previously, Dr. Lu was a co-founder and CTO of Light In the Box, an online retail and logistics company founded in China and listed on the NYSE. Before Light in the box, Dr. Lu was the first general manager of Alibaba's Taobao Mobile platform and was the general manager of another Alibaba business unit.
Michael Yuan, Chief Scientist holds a doctorate in Astrophysics from the University of Texas at Austin. Michael was an active code manager in large Open Source projects such as Firefox, Fedora, JBoss and others. He is an expert in business and mobile software and has been Principal Investigator in numerous research projects funded by the US government.
Timothy McCallum, principal developer, specializes in Blockchain implementations for businesses. A specialist in fintech programming, McCallum's latest project has been an exercise in migrating financial data for local government.
Too early to call
While aspirations are high, on what they want to do, it is not clear how they will Exactly. How will the platform work? It seems that the platform is more p2p, where buyers and sellers exchange one another to trade, but for what purpose? Some say it will be similar to eBay or some propose it could be like Amazon. The website refers to the app known as 5Miles, which is similar to OfferUp and LetGo, which allow users to buy and sell items to each other within a local area. The ideas are not clear and as long as the mainnet will not be live in the fourth quarter of this year, we may not know what it will be until the launch. Whether it will succeed or not will depend on how many users are attracted to registering to use the platform. We contacted to find out more, but our emails have not been answered.