5MILES AND WHAT IT OFFERS

aaaadeny (38)in #blockchain • 6 years ago

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When one hears about the crypto space what most times come to mind is Bitcoin. Well, that isn't wrong but there is more to blockchain technology or crypto space such as decentralization, use of smart contracts and so on. With decentralization, in every blockchain-based platform user will be the master of their personal data and funds as the case may be. While with smart contracts, different forms of transactions can take place with all working in accordance with the agreement signed.
In fact, blockchain has truly revolutionize this current era in many ways thus open the eyes of users to the irregularities in centralized systems. These irregularities, issues or limitations in centralized systems is what a blockchain platform known as 5miles aims to solve with reference to the e-commerce space.

The Challenges In The E-commerce Industry

First and foremost, e-commerce has grown tremendously over the years and worth billions of US dollars. The issue isn't with the growth, rather the big players who are the only ones always favoured such as, Amazon, Walmart which was achieved through their marketing, procurement and distribution strategies. Irrespective of the fact they are efficient they only tend to concentrate on new products.
Furthermore, attributable to their mode of operation, they keep spending a large sum of money on advertising in order to draw in more customers while still focusing only on new products. Through this way, homes and landfills are then filled with used or lightly used products.

Similarly, so as to offer a better commercial and retail marketplace, some platforms came with the choice of offering customer-to-customer (c2c) trading, in this way getting a larger percentage of customers via the power of internet thereby connecting numerous buyers and sellers. And unlike, Amazon etc, these platforms encourage the resale of products irrespective of area.
Yet despite everything they have a major limitation which is their centralized nature, therefore, running postings reviews, dispute, payments etc on a central premise. The end result of these is that few payment systems were adopted in this manner just a few providers thereby leading to the rise in cost (about 15%) of conducting business on these platforms.

SOLUTION OFFERED BY 5MILES

5miles was created to be the underlying ecosystem which will apply real-world utilization of the blockchain features that the CyberMiles Foundation is developing. CyberMiles then again is the blockchain network that will ensure these features. Thereby it's token CMT will be used for transactions, and serve to incentivize members in the ecosystem.
5miles was created by a team of experts in order to assemble unique commerce and retail marketplace, hence ensuring c2c transactions while opening value from pre-existing merchandise.
Thus, In order to make it more convenient for users, the 5miles platform will be completely mobile-based, enabling real-time just as area specific correspondence thereby making it possible for deals to be finished among friends and strangers or buyers and sellers.

Since 5miles was created it has been able to offer astounding devices to numerous local businesses who don't have the right tools to compete in online marketing. Likewise in 5miles marketplace all shoppers and businesses will have user profiles, rating and reviews which will all be unique thereby resulting in a market with more user interest irrespective of their location.

Why Blockchain

With 5miles believing in underlying features and capacities within the blockchain will be completely decentralized subsequently processing transactions transparently while revolutionizing e-commerce.
Inferable from the transparent nature of blockchain, every single economic incentive in 5miles platform will end up spurring more users to be active members of the network. Furthermore, since all incentives will be earned through 5miles underlying processes, 5miles will likewise make it possible for marketplaces whose capacities are centralized to process incentives in a decentralized manner by means of its members.

With the guide of blockchain; CyberMiles will offer full-scale decentralization of all processes through its large library of e-commerce Smart Business Contracts.
In the same way, to ensure the platform is constantly scalable as well as achieving high throughput, CyberMiles will use Delegated Proof-of-Stake consensus to process tens of thousands of transactions in a second. Through this, CyberMiles will solve issues about latency in existing blockchains.

CONCLUSION

CyberMiles will leverage on the immutable nature of blockchain to ensure that user identity and transactions details are safe.
CyberMiles is designed to be the first blockchain with both real-world business application just as mainstream reception, through this way being one of the largest blockchain networks in existence.

At the onset, CMT will be based on Ethereum blockchain, but with the CyberMiles Mainnet going live, CyberMiles will currently have its very own open source blockchain, while the underlying CMT will be migrated to CyberMiles' blockchain on a proportion of 1:1. On movement of 5miles to CyberMiles' blockchain, all stored value and rights are likewise transferred to the native token.