5miles, a free local marketplace app and one of the fastest-growing online shopping ventures in the US is now entering the blockchain technology movement with the formation of 5xlab, a blockchain lab that will offer technology development services for building a new digital network infrastructure. This will be the first real-world blockchain solution in the peer-to-peer marketplace space.
Designed by 5xlab’s team of engineers, this new and improved network infrastructure will be similar to Ethereum’s public, open-source, blockchain-based distributed computing platform. It aims to improve digital transactions and marketplace shopping by changing the way consumers and businesses transact. Since 5miles is already a well-known, established app with a community of more than 14 million users, CEO Dr. Lucas Lu explains, “The 5xlab is, in its own way, a natural but innovative extension of what we already have built.”
5xlab will essentially provide technology standardization and technology implementation of underlying smart business contracts and support cryptocurrency implementation in order to facilitate the execution of the smart business contracts. And, 5xlab will utilize 5miles’ 26 existing categories to implement smart business contract templates for these specific niche markets.
“Early blockchain technology has yet to eliminate significant barriers for business. Our aim is to replace the smart contract technology at the core of Ethereum with a more business-friendly smart business contract,” says Michael Yuan, 5xlab’s chief product strategist.
5xlabs will be released this fall with 5miles and subsequent adopters spearheading the commercialization of the technology. Check back for more updates on the new Open Blockchain Technology Lab.