What are online marketplaces ? Overview.
An online marketplace (also called online e-commerce marketplace) is a kind of e-commerce site where the provision of products or services is by the number of third parties, where transactions are processed by marketplace operator. Online marketplaces are the primary type of multi channel e-commerce and can be an approach to streamline the production procedure.
In online marketplace, customer transactions are processed by the marketplace operator or administrator and afterward delivered and fulfilled by the participating retailers or wholesalers (likewise called drop shipping). Other capabilities may include auctioning (Reverse or forward), ordering, catalogue, wanted advertisement, trading exchange functionality and capacities like RFI (Request of information) , RFQ (Request of Quotation), or RFP. These types of sites allow users to register and sell single items to large number of items for a “post-selling” fee.
In general, because marketplaces gather products from a wide variety of suppliers, selection is generally more wide and availability is higher than in vendor-specific online retail stores. Also prices may be more competitive.
The platform for selling online doesn’t matter solely but the user interface and user experience also matters. People tend to log on to online marketplaces that are organized and products are much more accessible to them. There are marketplaces for the online outsourcing of professional services like IT services, search engine optimization, marketing, and skilled crafts & trades work.
Many sharing economy platforms are in fact peer to peer marketplaces. Also called “switch” marketplaces such as on AirBNB.
The intermediaries in online environment marketing that offer customers a destination site about connecting online customer with product information, for example, some search engines, like Google, MSN and Facebook. Online intermediaries enable customer and online seller to maximizes the efficiency and effectiveness. The information would be exchanged though Internet, B2B (Business to bussiness) and B2C (Business to customers) are both benefit from online intermediaries. Online intermediaries sometimes provide support for online social networks, which create a social community for supplier and customer in order to directly connecting each other, such as the dramatically increase trend about e-commerce development, online site allow supplier and customer to do business at digital environment. But in this traditional Online marketplaces, there are some serious drawbacks just like many service related online marketplaces have been criticized for taking jobs that would go to local industries that cannot compete on price against outsourced providers. Another criticism is that regulations and law surrounding online marketplaces are quite underdeveloped. As of consequence, there is a discrepancy between the responsibility, accountability and liability of the marketplace and third parties. Online marketplaces and platforms have faced much criticism in recent years for their lack of consumer protection. There is a very need of the platform that overcome such issues and give e-commerce users a relief.
CyberMiles Foundation.
The CyberMiles Foundation is a blockchain research laboratory, which is independent, not for profit company that maintains and supports democratic governance for the members of the ecosystem. The mission of CyberMiles Foundation is:
“To decentralize c2c marketplace platforms, and develop blockchain solutions for real-world and online marketplace applications”
The CyberMiles’s vision is to become a community of partners, including blockchain node operators, service providers, marketplace operators, validators, businesses, and end users. They could provide or utilize the network services, and exchange CMT on the CyberMiles platform.
The CyberMiles Foundation has three structural principles: Impartiality, Strong governance and Not-for-profit governance.
What is CyberMiles ? A Brief overview and historical background.
CyberMiles is developed by CyberMiles Foundation. CyberMiles is a next generation blockchain designed and optimised for e-commerce and for mainstream adoption. By targeting on e-commerce and online marketplaces, CyberMiles with collaboration of 5miles Holdings Limited will integrate the latest blockchain innovations to power Smart Business Contract on a highly effective chain to solve the delaying issues related to existing blockchains. The utility token which is CyberMiles Token (CMT), is the master token to fund and empower the new e-commerce applications and projects, just like how ETHEREUM is used for the current generation of ICOs and it is resulted in that Ethereum has turned into a highly demanded and most favourite Alcoin in very short time. Throughout the network development, CyberMiles Foundation will be supporting the governance of the decentralized platform, with the strong involvement by members of the ecosystem. CyberMiles mission for the upcoming time is a public network that provides secure and reliable business services for its members, by its members. CyberMiles blockchain protocol will consist of blockchain based virtual machine and defined modules of middleware software stacks, which operate outside the chain to support decentralized processes governed by smart contracts implemented on the network.
CyberMiles Token (CMT).
CMT is the crypto token currency, created to be integrated with and used on the CyberMiles network and on the decentralized applications on the network. Initially, CMT is proposed to be issued and implemented on the public Ethereum blockchain as an ERC-20 compliant token. 5miles will integrate its existing wallet function to hold CMT balances, and allow users to utilize the tokens on the 5miles platform shortly after the tokens are activated. The CyberMiles protocol is being developed for implementation on its own open source blockchain. In this scenario, the initial CMT based on ERC-20 would be exchanged on a 1:1 basis with native CMT issued on CyberMiles’ blockchain, with any stored value & rights transferred to the native token.
CMT aims to serve the following purposes.
To reward and incentivize community members to contribute computing power and maintain the integrity of the network.
To incentivize community members to provide value-add services, such as peer-to-peer customer support and conflict resolution services.
To facilitate transactions within the network. Processes and interactions throughout the supply chain, as well as between buyers and sellers, could be recorded and facilitated by CMT.
What is 5miles ? A brief overview and historical background.
5miles is a leader in customer to customer e-commerce in the US. 5miles was formed in 2014 by the dream team from China and the US. Since its inception, 5miles has raised approximately USD 62 million from top-tier investment firms such as SIG, IDG, Blue Lake and Morningside. Since the launch of 5miles app in 2015, 5miles has secured its place in Top 10 shopping app, with more than 12 million users and USD 3 billion in annual transaction value. 5miles app, has more than 10 million registered American users and is expected to surpass $3 billion in total transaction value by the end of 2017. On average, 5miles users spend 24 minutes per day on the app, making it one of the most engaging e-commerce applications in the US. 5miles has been actively involved in the research and development of blockchain technologies. 5miles believes that blockchain technologies could provide easy solutions to common problems in a consumer to consumer e-commerce network and can allow customer to customer sellers and buyers to reach agreements, and hence reduce the cost associated with customer support and dispute resolutions. The blockchain network’s digital token could provide very efficient in-network settlement currency and greatly reduce transaction costs. The blockchain network’s decentralized computing infrastructure could ensure that the marketplace will never go offline, and significantly reduce certain operator’s IT expenses. Below is SimilarWeb’s August 2017 rankings for top shopping applications by usage:
CyberMiles applications.
The CyberMiles blockchain protocol has a built-in mechanism through its tokens to help non-cooperative network participants reach the Nash Equilibrium consensus. 5miles’ app is expected to be one of the first commercial applications to utilize the CyberMiles blockchain network.
Below is some specific scenarios and features that would be enabled by the proposed decentralized CyberMiles blockchain solution, and contrast them with a typical centralized customer to customer e-commerce marketplace.
- Community-based conflict resolution.
- User-generated & user-curated “5miles Groups”.
- Local Promotions and Brand Ambassadors.
- Marketplace “leads” bidding.
- Shared advertising resources.
- Democratic community management.
Details are available in the whitepaper which is included at the end of the article.
CyberMiles Beyond 5miles.
CyberMiles aim to make the CyberMiles solutions capable of supporting many kinds of business transactions beyond the customer to customer marketplace. 5miles can help CyberMiles foundation to jump start the network. As such, the network could provide back office business transaction services to many types of businesses, especially small businesses. Through the concept of smart business contracts described in the technical white paper which available at the end of the article, the CyberMiles blockchain network could become a leader in the provision of automated or smart contracts for commercial applications.
The CyberMiles network could act as an outsourced provider of a variety of business services including finance, IT, customer service and community management. Building on the 5miles team’s extensive expertise in business execution, the CyberMiles team has identified the following major categories of business contracts we could potentially automate, are as follows:
A decentralized identify management platform
A peer-to-peer small business loan marketplace
A more efficient supply chain
Addressing the counterfeit problem
Automatic escrow
An ICO platform for e-commerce
CyberMiles Token Sale.
The CyberMiles Foundation proposes to initially generate and issue 1 billion CMT, however with the passage of time, this may expand and be capped at 10 billion CMT.
Upon the completion of the proposed CyberMiles token contribution (Token Contribution) for 700 million CMT, there will be a total of 1 billion CMT in circulation.
Token Contribution is proposed to launch soon after incorporation of the CyberMiles Foundation. For further information and updates regarding the Token Contribution, prospective participants are invited to provide their email address at http://cm.5miles.com. Further updates and announcements regarding the timing and the details of the Token Contribution will be communicated through the website.
The proceeds raised from the initial Token Contribution are intended be used for the following purposes:
- Fund the development and establishment of the CyberMiles blockchain protocol.
- Marketing and operating expenses related to the expansion and migration of 5miles’s platform to the CyberMiles’ blockchain network.
- Research and development costs incurred by the CyberMiles Foundation in developing the CyberMiles platform.
Token Supply Schedule.
As transactions occur on the CyberMiles chain and Smart Business Contracts are executed, the transactions will be processed and validated through a delegated-PoS (“D-PoS”) consensus engine system, and will result in newly minted tokens to incentivize and compensate the network participants. The mechanisms for the D-PoS engine are in-development, but the CyberMiles Foundation will target an eight-percent (8%) compounded annual increase in the total number of tokens, from the close of the Token Contribution Event, until the 10th year anniversary. Upon the 10th anniversary of the Token Contribution Event, the Foundation will decide, based on the development of the CyberMiles ecosystem and with input from the community, on the targeted growth in the token supply for subsequent years. Regardless, the Foundation is proposing a long-term cap of 10 billion tokens as the maximum number of CMT tokens that can be issued and circulated.
Inflation Schedule.
As discussed previously, the delegated-PoS (Proof of Stake) mechanisms will be developed to effect the targeted outcome of 8% annual increase in the total number of tokens, until 10th anniversary of the close of the Token Contribution Event. Below is the targeted inflation schedule for the active supply of tokens:
Proposed, Targeted Number of Active CMT in Circulation (millions of CMT):
A time series of the targeted number of active tokens in circulation, by allocation, for the first 3 years:
Project Milestones.
Apr. 2014: 5miles established.
Jun. 2014: 5miles receives $5 million (USD) Series A investment from SIG.
Oct. 2014 : Testing of the 5miles app begins.
Jan. 2015: 5miles app launches in the US.
Jun. 2015: 5miles receives $17 million (USD) Series B investment, led by IDG and Morningside.
Nov. 2015: 5miles introduces user-verification and fraud-detection technology, further strengthening its’ innovative marketplace safety features.
Jan. 2016: 5miles’ gross merchandise value reaches $100 million; receives $30 million (USD) Series B-1 investment, led by Blue Lake and Puhua.
Jan. 2017: 5miles surpasses 11 million users, becoming a top 10 shopping app in the US (data from Similar Web); begins exploring blockchain initiative.
Jun. 2017: 5miles receives $10 million (USD) follow-on funding from existing investors (pending closing).
Aug. 2017: 5xlab formally launched, focusing on CyberMiles blockchain program; developing CyberMiles v.0.1.
Oct. 2017: CyberMiles Foundation to explore the issuance of CyberMiles tokens (CMT).
Dec. 2017: CyberMiles Foundation to launch v0.1 of CyberMiles’ “smart contract” modules.
June 2018 :5miles app to begin accepting CMT to facilitate multiple marketplace applications.
Dec. 2018: CyberMiles Foundation to launch v1.0 of CyberMiles.
Mar. 2019: CyberMiles modules to be available for use on other platforms to facilitate further adoption.
CyberMiles is the project of highly sophistication and Unique and could bring a relief in the life of people powered with the revolutionary blockchain technology. For more information about the project and technical aspects, Please visit the CyberMiles Official Project Whitepaper and Technical Whitepaper below.
Website: https://cm.5miles.com/
ANN Thread: https://bitcointalk.org/index.php?topic=2344875
Token contribution Event KEY Information:https://cm.5miles.com/file/contribution/Token%20Contribution%20Event%20Key%20Information_en-US.pdf
Project Whitepaper: https://cm.5miles.com/file/project/Project%20white%20paper_en-US.pdf
Technical whitepaper: https://cm.5miles.com/file/technical/Technical%20Whitepaper_en-US.pdf
Twitter: https://twitter.com/cybermiles
Facebook: https://www.facebook.com/cybermiles
Telegram: https://t.me/cybermilestoken
Author of this article: https://bitcointalk.org/index.php?action=profile;u=1142652