5 MILES DATA MIGRATION TO CYBERMILES BLOCKCHAIN PROTOCOL A GREAT SUCCESS.

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The introduction of blockchain technology and cryptocurrency has positively impacted on a lot of sectors of the global economy. Different aspects of the economy are leveraging on the distinctive characteristics of the blockchain technology to add value to their businesses. 5 Miles e- commerce industry is not left out.

THE CREATION OF 5 MILES

Although the main essence of this article is to announce the great achievement by CyberMiles foundation for designing a new generation blockchain and Migrating 5 Miles into it for e- commerce business transformation , but first we need to know what 5 Miles stand for and how it came about .
5 Miles is an e- commerce platform that was created in 2014 by seasoned professionals and experienced team with some members from China and some from USA. 5 Miles is an outstanding and a house hold name in e- commerce in the United State of America, with a lot of people using 5 Miles app and shopping on daily basis. With a huge investment from different great partners like SIG , Blue Lake etc , 5 Miles has been recorded to have raised billions of USD since its creation up till now and still counting .

Never the less, 5 Miles mobile App was officially launched in 2015 according to the roadmap , and between then and 2017, 5Miles App had a record breaking achievement of being among the 10 e- commerce App to be reckoned with in the whole of United State. As a result of its market to market focus, it has acted as a great tool that has assisted a lot of other local online businesses using its advance technical tools to keep them in online businesses Also, having above 12 million users and annual transaction of about 3 billion USD, this shows that the team behind 5 Miles is an active and serious minded team who are out to transform the e- commerce sector in the United States and other parts of the world.

THE NEED FOR CYBER MILES

With the aim of taking 5Miles to the next level and maintaining its standard as a leader in consumer – consumer e- commerce in the United State and in the future extended to other parts of the world, as well as solving the numerous factors hindering the success of e- commerce, CyberMiles foundation decided to leverage on the characteristics of the blockchain technology. CyberMiles Team who work closely with 5Miles have realized that the use of blockcain network is the main feature that is able to enable customer – customer ( c2c) sellers and buyers to agree and carry out transactions without hitches. Also, CyberMiles token was formerly created on the ethereum blockchain but its operations were limited due to some challenges, and this brought about the need to migrate from ERC20 to CyberMiles Blockchain.

CHALLENGES FACED BY E- COMMERCE ON OTHER BLOCKCHAIN

-They are not strong enough to handle so many e- commerce business Applications because they were not designed for that purpose.

The Latency problems affecting those blockchains would not allow them to support the huge amount of transactions that usually comes from e- commerce platforms.
The existing Smart contract implementation is outdated and not up to dates enough to be used by e- commerce.
The level of security and privacy of users Data is not encouraging enough to be used for e- commerce business.

THE MIGRATION OF 5MILES TO CYBERMILES BLOCKCHAIN

Due to the above listed challenges and more, CyberMiles Foundation created an innovative and next generation blockchain protocol that comes with some unique features that will add values to the e- commerce customer – customer business platforms globally. The Team has decided to Migrate 5 Miles Data and Cybermiles ERC20 token into Cyber miles blockchain.. Some of the unique features of CyberMiles Blockchain include but not limited to the following:

The New CyberMiles blockchain will be able to support a large number of different Smart contracts that are related to e- commerce , and will provide a Decentralized platform for easy Data and transaction processing .
CyberMilesBlockchain is designed in such a way that it will manage user’s personal information and transaction Data with high level of privacy and security.
CyberMilesBlockchain will utilize Proof of Stake consencus and will be able to handle so many transactions per second.

CONCERNING CYBERMILESTOKEN MIGRATION

CyberMiles token ( CMT )is being Migrated from ERC20 protocol to CyberMiles protocol , this migration has not affected the amount of CMT any holder is holding presently. This is because the Migration is at the ratio of 1:1. This is to say, for a holder of 10 ERC20 Based CMT, another 10 CyberMiles Based CMT will be given. The Migration took place on the 14th of this month.

USES OF THE NEW CYBERMILES CMT

-The Cyber Miles based CMT will act as the main driver of the 5Miles ecosystem and will be used to pay as rewards to community members for their contributions in the advancement and maintenance of the platform.

The new Cyber Miles CMT will be used in paying for goods and services on the e- commerce platform.
-The New Cyber Miles CMT will used in paying as incentives to community members who provide one service or the other to keep the network effective.
The New CMT will be used in paying as transaction fees when carrying out transactions on the e- commerce CyberMiles blockchain nework.