Migration of the popular 5miles e-commerce market place to a decentralized platform is a major milestone for real world blockchain applications. CyberMiles together with 5miles are going to accomplish this through the following steps.
Migrate 5miles product information and user reviews into a CyberMiles smart contract. A web-based DApp will be created to allow users easy access to such information. The CyberMiles public blockchain guarantees e-commerce data integrity, accuracy, and transparency. This step will be completed within 45 days.
Support product purchases via stable coins issued from CyberMiles’ blockchain. Buyers will be able to make purchases by sending payments to smart contracts that hold product listings from step 1. The CyberMiles blockchain facilitates crucial e-commerce functions, such as cash flow and payment. This step will be completed within 3 months
Support decentralized escrow payments via smart contracts. A decentralized identity and reputation system will also be built to resolve escrow disputes in an automated and decentralized manner. Conflict resolution and reputation are critical aspects of successful e-commerce market places. This step will be completed within 3 months.
Build a smart contract search engine on CyberMiles to show product listings held in smart contracts. This search engine provides UI to support buyers to purchase products directly from the web site. The specialized e-commerce products search engine aims to bring and on board web traffic to the market place. This step is planned to be completed within 6 months.
Once the above steps are completed, sellers can post products on the CyberMiles public blockchain through a standard smart contract template. Buyers can purchase goods directly from sellers without any intermediary via CyberMiles DApps and smart contracts.
With more than 15 million registered users, the migration of 5miles e-commerce data to a decentralized platform is a huge and complicated task. For CyberMiles, however, this is just a milestone. Through 5miles, CyberMiles will demonstrate how to build and scale e-commerce applications on its decentralized public blockchain.
For the most up-to-date information about the migration’s progress, please follow announcements from the official channels of 5miles and CyberMiles.
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