Riding just became more efficient. Who knows where a pedal could lead but surely it could help someone earn a lot. A bicycle manufacturer from Twickenham, UK has developed a bicycle that helps you earn as you ride it.
A digital e-bike, or formally known as the TOBA bike, is ready for release next month. The company 50cycles has published a few promotional photographs before its official release. This concept is one of its kind and 50cycles is the first company to create it. It is a huge step towards merging cryptocurrency with health and fitness.
The founder of the company Scott Snaith says that this groundbreaking invention is a result of integrating 15 years of experience in the cycle industry. In his belief, the bikes are a value for money, more than anything else out there in the market.
The company is already accepting payments in cryptocurrency at its store for its products. They have high hopes that the TOBA bikes could gain huge public interest in the crypto assets market. The users will gain 10 TOBA tokens for every 1000 miles pedalled which is an approximate equivalent to £20. TOBA is the company’s own cryptocurrency which has been developed using the NEM blockchain technology. Furthermore, if a crypto enthusiast buys the bike using cryptocurrency, they get an additional £150 discount.
These tokens can be exchanged for Bitcoin (BTC), Litecoin (LTC), NEM and Digibytes. Also, these coins are accepted across many retail stores in the UK hence, can be used to buy goods at a number of participating outlets. The customers receive a mobile application, along with a free TOBA token. This mobile app communicates with the bicycle to monitor the usage and currency generation.
The system is incentivised towards better health and fitness with an addition of a rewards plan that would encourage users to cycle as well as use an eco-friendly means of transport. This concept does push innovation to a whole other level which is very much required if there has to occur a wide scale mainstream cryptocurrency adoption.