CyberMiles ICO ICO will launch on Nov. 21

ICOnow: Can you briefly introduce us to the your project?

CyberMiles is a new blockchain protocol being developed to revolutionize how digital commerce and online marketplaces work. Imagine a world in which consumers can buy and sell products among themselves with the same confidence and certainty as they would from Amazon or Walmart. Or if individuals could create their own marketplaces and manage these communities in a truly democratic way. Now imagine you could help shape this technology by being part of the network, that’s the world we’re creating.

ICOnow: How well does your team work together?

Very well. Dr. Lucas Lu (founder/CEO of 5miles) has worked with many members of team from previous posts at Alibaba and Light-in-the-Box, and has built up the 5miles platform to its current scale (12 million users and estimated $3 billion of annual transaction value) over the last 3 years. He has known Dr. Michael Yuan (Chief Scientist at CyberMiles) for years, and Dr. Yuan came on board in 2017 as a technical expert to help start CyberMiles. 5miles will be a strategic partner for the CyberMiles Foundation, and serve as the first large ecosystem to adopt the CyberMiles blockchain solutions.

ICOnow: Which projects were implemented by your team or part of your team earlier?

The team consists of seasoned engineers who have created and successfully scaled real-world enterprise software solutions: Lucas, a longtime entrepreneur and e-commerce veteran, previously started LightInTheBox (NYSE:LITB) and also had worked in the mobile unit of e-commerce giant, Alibaba; while Michael has significant startup experience as well. (You can learn more about the background of each at cm.5miles.com.)

ICOnow: How long have you been working on this idea?

Since early 2017. (The CyberMiles foundation itself, incorporated in Hong Kong, was formed in October 2017.)

ICOnow: What risks do you see for implementing the project?

At this time, engineering efforts to scale blockchain solutions is most needed to advance the adoption of the technology.

ICOnow: What about competitors?

Compared to typical crypto-currency startups, CyberMiles has two major differences: First our team is highly experienced with e-commerce including dozens of years working on average leading marketplace platforms that, in turn. enable us to develop and execute better on solutions for commercial applications. Second our 5miles marketplace has grown to 12 million users as well as millions of transactions per year across more than 20 categories. This can be used to spearhead the early adoption for CyberMiles—and boost our ability to disrupt real-world business practices with innovation.

ICOnow: Why do we need your tokens?

Initially it is an ERC20. But our ultimate goal is to replace Ethereum — at least in the world of e-commerce applications. That will require our own token. So, CMT will be exchanged 1:1 with our ERC20 token later. (This is what QTUM and a number of other projects have done.) The tokens will then be utilized to run processes such as dispute resolutions, creation of new online marketplaces, encrypting and decentralizing user information to enhance privacy and cybersecurity, and form the basis for alternative credit system to support financing and to facilitate safe transaction settlements.

ICOnow: Where do you see the value of your tokens in the medium to long term and the ultimate benefit for token holders?

We are building a new blockchain network with its own native token called CMT. However, before the network reaches production we will issue ERC20 tokens instead. People can use the ERC20 tokens very soon in the 5miles app but without the benefit of the native CMT. (For example, the ERC20 can be used to purchase services on 5miles but not yet pay for the execution of your own “Smart Business Contracts,” etc.) Once the CyberMiles blockchain goes into production we will exchange the ERC20 tokens 1:1 with the real CMT.

ICOnow: Have you secured deals with trading exchanges yet and will you want to disclose which exchanges will be trading your tokens?

We are in the process of finalizing cooperation with several exchanges, but formal announcement will not be made until after the ICO close. Furthermore, the token will not be listed until the first applications are launched and utilized on 5miles.

ICOnow: After a successful ICO, what is the timeline for coming to market?

Tokens will be issued within a month after the conclusion of the ICO (so roughly around the new year).

ICOnow: What about presale politics (dates, terms, discount)?

Our private stage contribution (pre-sale) period ended on Oct. 24, raising millions pre-ICO: https://venturebeat.com/2017/10/24/cybermiles-raises-millions-in-pre-ico-private-stage-investment-opportunity

ICOnow: Are you focused in any specific geographic areas?

5miles currently focuses on US market, but CyberMiles Foundation will have contributors from many countries and will look to support e-commerce applications globally.

ICOnow: Do you already have a product or a prototype?

Beta version of the first applications on 5miles already in development, with plans to be launched by the end of this year.

ICOnow: Can you highlight the features that are unique to you project that sets it apart from similar projects in the space?

Please refer to our posts on medium.com: https://medium.com/search?q=cybermiles

ICOnow: Which permitted legal field did you choose for the company?

E-commerce applications

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