Many cryptocurrency users clamor for a marketplace like Google or Amazon to start adopting a specific coin. This method of adoption could lead to more legitimacy of a given coin. But such a method of adoption would process under a centralized force. Using blockchain to ameliorate supply chains would also maintain a centralized structure. A truly decentralized marketplace for the masses has eluded the crypto space for some while. Blockchain research foundation CyberMiles in cooperation with c2c shopping app 5miles wants to change that situation by introducing Cyber Mile Tokens on the Ethereum platform.
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5miles is a c2c (consumer to consumer) app that allows users to resell items to other customers. Ranked number ten on SimilarWeb’s top shopping apps, 5miles tackles the issue of waste of goods in an ever commodifying world. And it provides a platform for local companies to advertise and offer goods and services.
5miles has received investment from SIG, IDG, Morningside, and Blue Lake. As a company it has access to 11 million users as of January 2017. 5miles intends to make its CMT token available in its multifaceted wallet system and virtual machine. 5miles, along with their blockchain researching foundation CyberMiles wants to utilize CMT (CyberMiles Token) to further decentralize their marketplace.
The 5miles user app planned implementation with CMT is very involved. 5miles will facilitate a decentralized marketplace utilizing the CMT token for arbitration, purchasing, digital couponing, advertising, incentives and loaning. Volunteer arbiters will serve for arbitration services if a user decides that a transaction has gone awry.
Arbiters will have access to all transaction material pertinent to the trade without going delving into a consumer’s information. In 5miles’ CMT trading, both the the purchaser and seller will put the amount of the purchased item in escrow. If the purchaser wins the dispute, then the CMT the seller placed in escrow will distribute to the arbiters and the buyer’s CMT will return to their wallet.
5miles is optimistic as to the type of features they can offer. For instance, 5Miles wants to foster local communities into subgroups. These forums, managed by a moderator who will collect dues in CMT, will serve as a discussion base for like minded games, traders, or music enthusiasts. They may also fundraise in CMT, as well, and advertisers may have access to groups by paying an access fee.
5miles also wants to include the community in using smart contracts in real time for promotional purposes. This along with the influential brand ambassadors will ensure that the community is profitable and engaged by consumers. 5Miles is committed to making the decentralized marketplace about community. Even customer service will be decentralized as volunteer experts help end users find solutions to problems they may have for CMT.
The CMT token sale is targeted towards end users of the platform. One billion tokens will release to the public initially. 700 million tokens will release to the end users with 300 billion in reserve for 5miles and Cybermiles foundation.
100 million will preallocate to 5miles for implementation of the platform. Another 100 million will go to Cybermiles Foundation for development of technology and operations. And the last 100 million will go to reserve for future release to end users for promotional purposes and encouragement.
CMT will inflate under a dPoS protocol at a rate of 8% every year for a length of ten years. After ten years, the foundation will decide at what rate CMT will continue to inflate.It’s important to note that as the market evolves, CMT may also be used as a baseline for other market tokens as well.
5miles expects to be CMT’s first commercialized product on June 2018. The pre-registration, or KYC, ends on November 21st. In order for anyone to participate in the sale, they have to pre-register. The ICO for CMT starts from November 21st up to December 5th. To participate in the sale, visit https://cm.5miles.com/.