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Upcoming ICO: CyberMiles ICO Goes the Distance

on Oct 24, 2017

CyberMiles has accumulated a couple of monikers, including both the Craig’s List and garage sale of the blockchain. The startup leverages e-commerce and online marketplaces with blockchain technology to support smart contracts for business. CyberMiles is connected to a foundation, which places a spotlight on the upcoming ICO for a whole different set of reasons. The CyberMiles ICO is scheduled to begin on Nov. 21, at which time ETH 1 will generate 7,000 CyberMiles tokens, or CMT.

The CyberMiles ICO is one with several moving parts, executives and entities. In addition to the CyberMiles Foundation there is 5miles, which is the marketplace by which CyberMiles was born. To start, 5Miles will move its buyers and sellers, of which there are 12 million in the United States alone, over to the decentralized CyberMiles platform. CyberMiles has facilitated millions of dollars’ worth of transactions year-to-date. After that, the plan is to open the platform to other marketplaces by which the CyberMiles protocol can be used for business applications. 

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In its white paper, CyberMiles suggests that “e-commerce applications could use CMT as the basis to issue their own tokens” similar to how upcoming ICOs often issue ERC20-based tokens.  

Upcoming ICO’s Foundation Factor

The CyberMiles Foundation is not the Tezos Foundation, and there’s no reason to suggest that it will endure a similar fate. The Tezos ICO scandal is the direct result of a lack of trust and infighting among the management teams at the startup and the foundation. 

5miles is led by founder Dr. Lucas Lu while Dr. Michael Yuan serves as director of the CyberMiles Foundation. The startup and foundation proceed to have several advisors, some of whom are on both entities and others of whom are dedicated to just one. In short there are two management teams with some crosssover.

History, albeit unrelated to the CyberMiles Foundation or 5miles, has proven that this dual management model can prove to be a risk factor for participants in an upcoming ICO. Or the Tezos ICO could be an isolated incident that won’t resurface in other upcoming ICOs. Given the nascent nature of the category, the warning singals are still being defined.