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.
5miles is a leader in consumer-to-consumer (“c2c”) e-commerce in the United States. Its flagship application, the 5miles app, has over 10 million registered American users, and is estimated to surpass $3 billion in total transaction value in 20171 . The 5miles app is rated a top 10 shopping application in the United States2 . On average, 5miles users spend 24 minutes per day on the app, making it easily one of the most engaging e-commerce apps in the US 3 . 5miles has been active in the research and development of blockchain technologies. We believe that blockchain technologies could provide natural solutions to common problems in a c2c e-commerce network. For example, the blockchain network’s mechanism for reaching consensus amongst non-cooperative strangers (that is, reaching the Nash equilibrium of the network) is a key feature that could allow c2c sellers and buyers to reach agreements, and hence greatly reduce the cost associated with customer support and dispute resolutions. The blockchain network’s digital token could provide a very efficient in-network settlement currency, and greatly reduce transaction costs. It could also act as a springboard for members of the community to create their own initiative, creating a strong network effect. The blockchain network’s decentralized computing infrastructure could ensure that the marketplace will never go offline, and significantly reduce certain operator’s IT expenses. Furthermore, blockchain technology could facilitate and even automate business transactions through the use of smart contracts and an immutable ledger.
What will I need to do to participate in the CyberMiles Token Contribution?
- First, visit cm.5miles.com to register and set up an account with your email address.
- Then, complete your registration by providing certain information, including your ETH wallet address to receive the purchased CMT tokens. (for more info on the registration process, visit the Registration FAQ page)
- Upon approval of the KYC (“know your customer”) process (you will be notified via email when approved), you can log into your account to read through and accept the terms and conditions of the Token Contribution, and receive a unique digital address to deposit your tokens payment.
- Payments can be made upon the start of the Token Contribution Event. For early contributions participants (meeting the minimum commitment of 20 BTC) payments must be completed before the start of the Token Contribution Event.
- In your cm.5miles.com account, you will be able to see your purchased CMT amount and other relevant information.
How are the key dates related to the CyberMiles Token Contribution?
- The early contributions phase closes on October 23rd, 2017.
- Registration of public contributions closes on November 21st, 2017.
- Start of Token Contribution Event on November 21st, 2017, at 9am PST.
- End of Token Contribution Event on December 5th, 2017, unless cap is reached earlier.
- Tokens will be distributed by no later than 30 days after the end of the Token Contribution Event.
Can I use an ETH address different with registration to join CyberMiles Token Contribution?
No. We will not be able to attribute the purchase if a different ETH address is used, and funds may be lost.
Where can I see the terms and conditions of the Token Contribution?
Each participant will be presented with the Token Contribution Terms and Conditions for consent before they receive the digital wallet address to make the purchase.
Is there a minimum or maximum of tokens I can buy?
For the Token Contribution Event, there will be a minimum of ETH 0.2.For early contributions participants, the minimum is 20 BTC.Each participant will be allowed to make multiple purchases during Token Contribution. Purchases of less than ETH 0.2 may result in a failed transaction or loss of funds.
How can I make a purchase in cryptocurrency during the Token Contribution?
Once you click “Deposit ETH” and the order is created, you will see a unique address to deposit your tokens. You can either enter the contribution address and amount in your digital wallet, or scan the associated QR code. Please set up enough fee (i.e. ETH gas) to ensure your transaction goes through.
How will I know if my purchase was successful?
After sending funds, you’ll be able to see your balance in your account dashboard in cm.5miles.com. Please allow for sufficient time for the transaction(s) to be processed.
Can I deposit cryptocurrency directly from an exchange (such as Coinbase, Kraken, Poloniex, etc.)?
No. Deposits from exchange wallets may not be directly attributable to you, which may result in an inability to purchase CMT, and your deposit may be permanently lost.
What are sample ETH-wallets that I can use to participate in the Token Contribution?
MyEtherWallet (no download needed), Mist (Desktop), Parity (Desktop), imToken (iPhone), imToken (Android).Pre-sale participants will need to use BTC-wallets for the deposit. Sample BTC-wallets are: Bither (iOS), Bither (Android), BTC.com (Web).
When will I receive my CyberMiles tokens?
Within 30 days after the end of the Token Contribution, we will simultaneously distribute the CMT tokens to all participants. Certain settlement adjustments may be required, so we need adequate time to ensure accurate delivery of all sold tokens.
Where will I receive my CyberMiles tokens?
You will receive your CMT tokens in the ETH-wallet that you provide us upon registration
Where will the Token Contribution deposits be stored?
We will utilize multiple unique multi-signature ETH wallets to accept the deposits and transfer to “cold” wallets to ensure the security of the funds..
Why is my transaction ‘pending’?
Ethereum transactions need to be confirmed by miners. Once confirmed, your balance will be updated to reflect this.
If I lose my account password, does that mean I lose all my CyberMiles tokens?
No, you can recover your password, by using the “Forgot Password” option.
Can I buy CyberMiles tokens with fiat currency ($, £, €, …)?
CyberMiles tokens can be exchanged only for ETH during the Token Contribution, and only for BTC during the early contributions.
Where and how can I store Cybermiles tokens?
CyberMiles tokens must be stored on an Ethereum wallet which supports ERC20 (also known as EIP-20) compliant tokens, such as MyEtherWallet or Mist.
Are residents of certain countries excluded from participation in CyberMiles Token Contribution?
Due to regulatory reasons, we are unable to accept participants from People’s Republic of China and jurisdictions that are sanctioned by the U.S. Office of Foreign Assets Control.