A True Utility Token: Mark Cuban on the Mainstream Application of Blockchain Technology, the “Incredible Utility” of CyberMiles Token (CMT)

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March 15, 2018

A True Utility Token: Mark Cuban on the Mainstream Application of Blockchain Technology, the “Incredible Utility” of CyberMiles Token (CMT)

Billionaire investor and tech entrepreneur, Mark Cuban, owner of the Dallas Mavericks, is no stranger to mobile marketplace, 5miles. Last year he was approached by Dr. Lucas Lu, 5miles’ founder and CEO, whose company — and technology — caught his eye.

“From a tech perspective, I think it’s important to say why I got excited about them,” Cuban said Tuesday at a press conference, referring to 5miles. “One of the things they’re taking the lead on that I think is important is combining the blockchain with a marketplace in order to create a safer, more secure environment. What they’re able to do technologically will be great, not just for their users, but for Mavs fans and how we adopt new technologies like the blockchain.”

No naysayer to crypto, Cuban believes that blockchain-based cryptocurrency has two crucial elements:

  1. The software behind it, which is effectively a “distributed secure database” that allows transactions, particularly in a marketplace environment, to take place much more securely via decentralized applications (“dapps”).
  2. The major steps forward that cryptocurrency has taken lately in terms of wider-spread acknowledgment, acceptance and adoption (namely Bitcoin, Ethereum and CMT, the “incredibly utility” of which has raised its public profile).

“I’ve always tried to be two steps ahead,” Cuban added. “We’re going to be accepting [CyberMiles Token] for merchandise, we’ll be accepting [CMT] for tickets. Once we get [our] payment gateways all up and running, I think there will be a platform that we can take in a lot of new and exciting directions.”

“For 5miles, we’re a company that is built on innovation,” Garwin Chan, 5miles’ CFO, said. “In our case, we tend to apply that technology — whether it’s with our blockchain or with our mobile applications — to better connect local businesses with consumers.”

Read more about Mark Cuban and other celebrities/business leaders who are getting involved in cryptocurrency and blockchain startups, like CyberMiles, on Inc.