CyberMiles Releases TestNet of Blockchain Platform for E-Commerce

Code named ‘Travis,’ beta version of new network promises to deliver added safety, higher performance, and better user experience than Ethereum

Dallas, Texas, UNITED STATES


Hong Kong, March 30, 2018 (GLOBE NEWSWIRE) -- CyberMiles (CoinMarketCap: CMT*), a new public blockchain protocol designed and optimized for e-commerce applications, has announced the release of 'Travis,' its first TestNet. CyberMiles, which aims to empower the decentralization of online marketplaces and, in turn, democratize e-commerce, has been building out its blockchain network since concluding a successful token offering that raised $30 million (USD) from contributors in more than 110 countries.

With the release of the Travis TestNet, CyberMiles is on track to provide a strong alternative choice for Ethereum application developers, particularly for decentralized e-commerce apps, namely:

  • Higher performance — full compatibility with Ethereum, including the ability to run all Ethereum smart contracts and decentralized applications (DApps), while also operating 100 times faster than Ethereum.
  • Added safety — safer than Ethereum, with proactive stops to common smart contract bugs as well as an on-chain governance process to transparently recover loss of funds through community consensus.
  • Better user experience — more user-friendly and cheaper to use than Ethereum, achieved by waiving transaction fees for most common operations without sacrificing network security.

The fully compatible CyberMiles blockchain not only will allow free movement of smart contract code but, together with the upcoming Cosmos network, also will enable applications to move crypto assets freely across blockchains. The long-term technical goals:

  1. Significant optimization for e-commerce use cases, such as decentralized Identity Access Management (IAM) and settlement clearing
  2. Virtual machine-/language-level extension to the smart contract platform, thereby supporting complex e-commerce contracts
  3. Token asset interoperability with other blockchains

"Our hard-working development team is excited to make a test version of the CyberMiles blockchain available to the crypto and larger tech community," Dr. Lucas Lu, a founder of the CyberMiles Foundation as well as of the 5miles marketplace, said. "Blockchain technology has the potential to revolutionize e-commerce, and we’re proud to be at the forefront of that revolution."

In addition to the release of its TestNet, the CyberMiles Foundation has added Silicon Valley veteran, Robert Li, to its leadership team. Li, who early in his career was lead engineer at eBay and later senior R&D manager at eBay’s China Development Center (followed by a stint at Google in Shanghai), joins CyberMiles as its Chief Technology Officer. He brings to this role strong, broad technical and managerial experience in e-commerce, as well as in the fintech, Internet financing and search industries. Li also will serve as CTO for 5miles, a Dallas-based mobile marketplace that is CyberMiles’ strategic partner.

5miles, for its part, is planning to become the first decentralized app to use CyberMiles’ mainstream blockchain technology for real-world businesses. 5miles will migrate its 14+ million existing users (along with more than $3 billion in marketplace transactions annually) once CyberMiles releases its MainNet in the second half of 2018.

To learn more about the CyberMiles blockchain network, visit cybermiles.io.

*Note: CyberMiles Token, known as CMT, should not to be confused with Comet Coin, also listed on some crypto exchanges as CMT. 

About CyberMiles 

CyberMiles is a new decentralized blockchain protocol specifically designed and optimized for online marketplaces (like Ethereum for e-commerce). Initiated in the fall of 2017 by 5xlab, a blockchain development laboratory, and incorporated in Hong Kong as the nonprofit CyberMiles Foundation, CyberMiles (CMT) uses innovative "smart business contract" modules to facilitate and process transactions simply, effectively, and with transparency. This technology focuses on commercial applications with protocols that ensure the appropriate balance between vertical effectiveness and network compatibility. Learn more at cybermiles.io.

About 5miles 

5miles is a free, local marketplace app, one of the fastest-growing online shopping ventures in the United States. The app is the first of its kind to include services, housing and jobs, in addition to second-hand trading. 5miles launched in January 2015, immediately setting itself apart with an easy-to-use mobile interface, identity verification capabilities (for added safety and security), mobile payment and shipping options, and a hyper-local curation of offerings users can search—all within their very own neighborhoods. Since then, buyers and sellers coast-to-coast have transacted more than $5 billion in merchandise through 5miles, which Google Play has ranked a top 10 shopping app. Visit 5miles.com.  

App Store: m.onelink.me/5fc10133 
Google Play: m.onelink.me/674211f2

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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/954ff55d-c0f5-4533-86ea-ec432de0091d


        

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