Mine Cryptocurrencies While You Get Some Exercise
UK-based 50Cycles, an Electric Bikes company, will offer bicycles called “Toba”. What makes these bikes special is that users of the bikes will be incentivized with the company’s own cryptocurrency it calls “LoyalCoin.” The idea is a bit innovative as bikers can mine cryptocurrencies while they ride.
This, according to the company, is part of their loyalty rewards program.
Scott Snaith, CEO of 50Cycles, mentions:
“This is not only the first electric bicycle of this type, but it will also be the first product to be tokenized and that provides a reward for its use.”
Many people around the world earn a steady income when they mine cryptocurrencies. Now, they can also do this while biking. People who own the new bicycle will be able to earn 20 British Pounds ($26.5) worth of Loyalcoin. This will be after every 1,000 miles traveled on their bikes.
Loyalcoin, the crypto earned while biking, can be exchanged for products through the company’s online shopping store or other more recognized cryptocurrencies. Snaith added that the concept of being able to mine cryptocurrencies shows that the company would like its customers to be aware and use the latest technology.
“We have always been a company that is ahead of the times adopting the latest technology. Just like we saw the potential in electric bicycles in Tokyo 15 years ago, now we see the promise and the future in blockchain technology, cryptocurrency and product tokenisation” said Snaith.
Company Bikes are TOO Expensive
Although Snaith might see potential in crypto tech and the idea of being able to mine cryptocurrencies is new and innovative, one thing stands out. The bike itself costs more than 2,000 GBP. So, this seems to be more of a way for the company to make money rather than providing true value to its customers.
Similarly, companies like Apple have hooked their users to their products and are now charging exorbitant prices for their iPads and iPhones. So it appears here that the company is looking to just profit from the blockchain and crypto boom, instead of providing a practical service to its customers.
However, the idea itself is great, and there are other companies who appear to be offering similar services. You might also want to check out Sweatcoin (https://sweatco.in/)