UK Cycling Company Will Offer World’s First E-Bike Which Generates CryptocurrencyJune 15, 2018 9:42 pm
A specialist electric bike retailer announced this week that in order to celebrate 15 years in business, it would be launching Toba, a new electric bike label which would generate cryptocurrency for customers as they ride, according to Coin Telegraph.
Founder and CEO of 50cycles Scott Snaith said the range of bikes will be released in around two months and will allow customers to generate “LoyalCoin” as they ride, making around £20 worth for every 1,000 miles ridden.
“This is not only the first electric bike of its kind, but it will also be the first product ever to be tokenized and which issues reward for use,” said Snaith.
The cryptocurrency would then be redeemable across a number of brands and stores or even traded in for other digital currencies, such as Litecoin, Bitcoin, XEM, and Digibytes.
The bike was described as a “pedal-powered crypto miner.”
Each turn of the bike wheel on the TOBA would unlock new tokens that can be used to buy discount products from 50cycles or traded online.
Snaith said, “We have always been a company that moves ahead of the times by embracing the latest technology. Just like we saw the potential in electric bikes in Tokyo 15 years ago, we now see the promise and future in blockchain technology, cryptocurrency and product tokenization.”
“At the moment we are working with LoyalCoin to reward our customers but eventually the TOBA bikes will have their own digital coin which will become one of the thousands of currencies of the future, and the TOBA will allow riders to become an integral part of its growth.”
Snaith said the invention was also a way to reward customers and riders who “are fully-committed to green transportation.”
They would be able to monitor their pedal-powered tokens through a mobile app and each bike will have a private key to show proof of ownership.
“As the technology improves we envisage that our customers will be excited as we are when they start earning rewards simply for using the product they choose to own,” said Snaith.
“As soon as they start pedaling, riders will be on the way to producing cryptocurrency — and every 1,000 miles should be enough to unlock a set amount to the equivalent of around £20, giving each of our customers an incentive to get on their bikes.
The company will also offer discounts to customers buying a TOBA using cryptocurrency.
“We are looking forward to developing this new business model with LoyalCoin to make sure that as we go to market we will be already giving our customers a life-changing experience with a tangible product for the commitment they make to the new TOBA tokenized electric bike from 50cycles,” Snaith said.
–WN.com, Maureen Foody