CyberMiles Foundation Limited (“CyberMiles Foundation”), is a company limited by guarantee to be incorporated in Hong Kong and governed in a not-for-profit manner. It will work closely with 5miles LLC (“5miles”), with the aim of developing CyberMiles: a next-generation blockchain optimized for e-commerce and designed for mainstream adoption. By focusing on e-commerce and online marketplaces, CyberMiles will integrate the latest blockchain innovations to power “Smart Business Contracts” on a highly effective chain, and resolve the latency issues associated with existing, general-use blockchains. Its utility token, CyberMiles Token, is planned to be a “master token” to fund & empower new e-commerce applications and projects, similar to how ETH is used for the current generation of ICOs. Throughout the network development, CyberMiles Foundation will be assisting the governance of the decentralized platform, with strong involvement by members of the ecosystem. Our vision for the future is a public network that provides secure and trusted business services for its members, by its members. 5miles plans to gradually migrate its sellers and buyers, as the first group of users, onto the decentralized network. In other words, 5miles’s marketplace platform will be one of the first environments to utilize the network as a back-end service and jumpstart the ecosystem. Once the network reaches a critical mass, its own network effects, strengthened by incentives provided by the CyberMiles Token (“CMT”), are expected to be applied to other partner platforms and marketplaces, driving CyberMiles’ development as a market-leading blockchain protocol for commercial and marketplace applications.
CyberMiles ("CM") is the blockchain technology being developed by 5xlab, a blockchain development laboratory. 5xlab is working closely with 5miles, a leading c2c marketplace operator with more than 12 million users in the US. 5miles is expected to be the first platform to utilize CyberMiles’ blockchain protocol, and will also assist 5xlab to develop the technology. Over the last 3 years of leading innovation in online & local marketplaces, 5miles has accumulated the necessary technical and commercial know-how to tailor blockchain technology & smart-contracts for real-world applications. 5xlab seeks to use this expertise to develop CyberMiles, with focus on trust and compliance. This will enable it to be a mainstream blockchain technology for real-world businesses.
5Miles LLC established.
5miles receives $5 million (USD) Series A investment from SIG.
Testing of the 5miles app begins.
The 5miles app launches in the US.
5miles receives $17 million (USD) Series B investment, led by IDG and Morningside.
5miles introduces user-verification and fraud-detection technology, further strengthening it's innovative marketplace safety features.
5miles’ gross merchandise value reaches $100 million; receives $30 million (USD) Series B-1 investment, led by Blue Lake and Puhua.
5miles surpasses 11 million users, becoming a top 10 shopping app in the US (data from Similar Web); begins exploring blockchain initiative.
5miles receives $10 million (USD) follow-on funding from existing investors (pending closing).
5xlab formally launched, focusing on CyberMiles blockchain program; developing CyberMiles v0.1.
5xlab to explore the issuance of CyberMiles tokens (CMT).
5miles app to begin accepting CMT to facilitate marketplace transactions.
5xlab to launch v1.0 of CyberMiles’ version.
CM modules to be available for use on other platforms to facilitate further adoption.