5miles, a top e-commerce marketplace in the USA, has started to migrate and record its operational data, including new product listings and anonymized reviews, onto the CyberMiles public blockchain. It is the first step toward the vision of decentralized e-commerce. Eventually, the entire 5miles marketplace, with over 15 million users in the USA alone and $100+ billion USD in GMV, will operate as a Decentralized Autonomous Organization (DAO) on the CyberMiles public blockchain.
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5miles Data Migration Now Complete, Painting a Fuller Picture of CyberMiles’ Decentralization Though unheard of only a few short years ago, the concept of a blockchain integrated into e-commerce is no longer a new concept. In 2018, we witnessed the rise of the first public blockchain for e-commerce, CyberMiles, with progress toward decentralized payments. Meanwhile, some traditional e-commerce giants such as Walmart, Tesco and JD announced that they would use blockchain technology to ensure the transparent, tamper-proof tracing of their products.
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Mother’s Day is right around the corner. Are you ready for the celebration? Win movie tickets for 2, and take your mom to a movie! Each winner will get a $25 AMC or Cinemark gift card — enough for two movie tickets. Please note that this offer is only available in the USA. Good luck! How does it work? You can participate the drawing for free by downloading the CMT Wallet mobile app, and entering your contact info.
Q: Does the advantage of CyberMiles beat the inherent advantages of traditional players like eBay or Amazon? A: Cheaper prices for buyers and more profit for sellers. Amazon has monopoly position on the market, therefore it has too strong a bargaining power rendering sellers and buyers vulnerable. In addition, the centralized Amazon make 40% of its profit out of the vast amount of data the data it gathered from the users, which should belong to the users.
Q: What are the next steps for Cybermiles to reach new markets? A: There are a couple of things. First, we want to reach the international market, outside of east Asia. China and Vietnam are the largest group of CMTs holders so far, and we have benefited tremendously from them. Our ecommerce platform is mostly in the United States. So to open up CMT staking from the wallet is one of the most important steps and also enabling supernodes from various areas and community participation to reach out CMT.
Q: We know that you envision a future of asset digitalization. When do you think there will be massive development on this? A: We know the long term trends are toward digitalization. We’ve seen over the years and decades a certain movement with the internet that we have decentralized technology, there is a real hunger for it. We see it in the financial sector, supply chain, and third-industries. We know that asset digitalization is a growing way, it’s only a matter of time.
Q: What are the next targets of CyberMiles regarding adoption? A: There is actually a main objective we are trying to achieve. Launched by a group of enthusiasts, we are revolutionizing e-commerce-a decentralized peer-to-peer marketplace. To make it simple, we are building the infrastructure of an e-commerce marketplace on our blockchain to enable its governance to be fully managed by its customers and community, who will decide what products can be listed and who can sell them.
Q: Products sold need to have a stable price for buyers to measure the exact value. Does CyberMiles have a solution to stabilize prices for products sold despite the fluctuating CMT price? A: When we look at the past blockchain or decentralized ecommerce efforts, one of the biggest problem is Bitcoin’s price fluctuation. And everyone who ever used bitcoin to buy stuff regret it. We remember the pizza story. I myself bought stuff with bitcoin.