The world is about to see it’s first ‘crypto-bike.’ A bicycle that promises to earn you cryptocurrency as you ride.
Developed by 50Cycles it is the first of it’s kind and is being released in 2 months time to mark the companies 15th year in business. The series of bicycles will be called ‘Toba’ and will earn riders approximately $30USD worth of LoyalCoin per 1,000 miles, which they will be able to check on a smartphone app. Points will be redeemable in many stores looking to have cryptocurrency payment as an option , but the ability to convert points into cash will also be available.
Perhaps the most asked question by those not familiar with how cryptocurrency works, will be how is it possible for a bicycle generate income? Where will it come from?
All ‘crypto-mining’ computers run long and complex algorithms to create a slow trickle of the virtual currency into the market, the Toba crypto bikes will function the same, after a certain distance coins will be ‘unlocked’. There will definitely be a few questions about what security measures will be put in place to prevent exploitability.
“We have always been a company that moves ahead of the times by embracing the latest technology.” – Scott Snaith, Founder and CEO of 50Cycles.
Perhaps not inspired but definitely in the same vein as George Barrat-Jones, who only a few months ago entertained the internet with his Cyclo Nitter(a modified bicycle installed in a subway station in the Netherlands that knitted scarfs for the curious public.) the new innovation promises to be an interesting topic of conversation in a couple months time in September when it is released.