oBike will Launch oCoin Cryptocurrency
oBike, a smart bike-sharing company founded in Singapore, has announced its plans to issue its own cryptocurrency. oBike, which has 10 million users, has decided to call the new cryptocurrency oCoin. The company plans to introduce oCoin sometime early next year. oBike will be using TRON, a decentralized blockchain-based protocol, to create oCoin. The Tron platform is becoming increasingly popular since its launch in September 2017. Already, Tron’s token, TRX, is among the top 20 coins with a market cap of over $2.3 billion (CoinMarketCap).
oBike already makes use of high-end technology since all their bikes come with a built-in bluetooth lock. This feature makes bike-riding with oBike much more convenient because you don’t always have to end your ride at a designated docking point. You are free to bring your ride to end almost anywhere.
oBike has had its share of problems, stemming from its bluetooth system and lack of an autonomous GPS system. This has caused its customers to book rides which were not even available. So, the question still remains whether the company will be able to effectively leverage blockchain technology in order to create its very own cryptocurrency. Trying to compare issues the company has had with its bluetooth and GPS to its ability to create a worthy cryptocurrency might not make a lot of sense. However, it does lead one to question whether the company has the right people on board to roll out a solid cryptocurrency.
oCoins Supposed to Incentivize Bike Rides Even More
Despite these concerns, oBike has expanded its operations to over 20 different countries. This list of countries includes the Netherlands, Portugal, Switzerland, Australia, and Germany to name a few. Currently, not much has been shared by the oBike company regarding its new cryptocurrency, oCoin. One of the few things that we do know is that the oCoins will be accepted as payment for bike rides. Plus, tt will be possible to somehow earn oCoins while riding the company’s bikes. Users of the company’s bike-sharing services will also be able to use oCoins to top-up their oBike wallets.
oBike also plans to let its customers use oCoins to pay for online content. In addition, all applications running on the Tron platform will be able to use oCoins. Just a few days ago, Justin Sun, founder of TRON, tweeted:
Clearly, this means that oCoins will be accepted for audio from Peiwo, an app intended to be the Chinese version of SnapChat. And, oCoins could be used for Uplive, a fairly popular, high-end streaming app.
More Practical Uses for Cryptocurrency
With the introduction of oCoin, it seems that companies like oBike are putting cryptocurrencies into more practical, day-to-day use. If more companies focus on creating more utility for the cryptocurrencies that they develop, then it will help make them go mainstream. Transportation costs, in terms of their effects on the environment and the typical costs of fuel, roads, and vehicles could be reduced with services like oBike.