The United Kingdom-based 50 cycles, which was established in 2003, has disclosed about the “Toba,” which is a digital coin mining electric bicycle. The company is a specialist in manufacturing electric bicycle and came out with the first range of virtual currency mining e-bikes in the world.
This might be new concept taking advantage of the blockchain technology. However, what would it mean to the riders of such e-bicycle? This is a question being haunted among those who are keen to look at the new product.
The company claims the first-of-its-kind bicycle mines roughly 20 GBP (USD 26.5) worth of ‘Loyaltycoin’ for every 1,000 miles covered by the rider.
The Toba bicycle presents riders with a win-win situation as they will be able to exercise their body while earning real money.
Toba bikes can only mine ‘Loyaltycoins,’ and the generated altcoins can be exchanged on cryptocurrency trading platforms for other established cryptocurrency such as ethereum, bitcoin, and others. Additionally, the Loyaltycoin can be redeemed for valuable products on the 50cycles platform. 50cycles founder and CEO, Scott Snaith said,
“At the moment we are working with Loyaltycoin 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,”
TOBA users will be able to monitor how many tokens they are generating through a mobile app. The bike will hold its own private key as a proof of ownership.
Snaith added,
“As soon as they start pedalling, 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.”
TOBA’s release is scheduled to coincide with the launch of 50cycles new website and the bicycles are scheduled for delivery in September.
Discounts will also be offered to people who buy a TOBA using cryptocurrency, promoting a new ‘economy of devaluation’ to make goods and services available to all with rewards for usage that benefit society.
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