Cryptocurrency

What Would Crypto Mining Electric Bicycle Means To Riders?

What Would Crypto Mining Electric Bicycle Means To Riders?

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.

First Ever To Be Tokenized

The founder and CEO of the company, Scott Snaith, pointed out a lot of firsts. For instance, this is the first time that an electric bike of this kind is launched in the world. Secondly, this is also the first time that a product is ever tokenized and still rewards for its use. The company is keen to adopt the new technologies to ensure ‘pedal-powered crypto miners,’ news.bitcoin reported.  This is one more instance of creative attempts among the technocrats to recycle energy for the emerging sector.

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.” However, bike owners will find it tough to select the kind of cryptocurrency for mining since every electric bike mine ‘Loyaltycoin’ exclusively.  The token is redeemable in return for products available on the company’s web portal. Alternatively, it could also be exchanged for any leading digital coin through the platform of Loyaltycoin.

The company’s CEO indicated that it is currently working to reward its customers with Loyaltycoin. However, he sees the opportunity of Toba bikes having their own cryptocurrency to be added to the already more than 1,700 digital coins list. Aside from this, Toba would also enable its riders to be a key part in growth ambitions.

For ownership, there would be unique private key for Toba bikes as proof. This would enable its customers to keep a close watch on the number of Loyaltycoin tokens they have earned with the help of a mobile application. The company plans to deliver the bikes in September.

Innovation Is the Key

Blockchain technology is often regarded as the most disruptive one in the current decade. This is also evident from the number of innovative products being generated or developed. For instance, owners of Tesla S model installed GPU-powered digital mining in the vehicle last year. The objective is to make use of the unrestricted supercharging program to the owners of X and S models.

Aside from this, Motherboard brought out to light last month about a man repurposing the heat generated with the help of digital coin mining to warm his bath. Lee has termed his trial is “a little too effective.” However, the heat produced was 122F/50C when it ran for the full day thus becoming a dangerous one in the process.

About the author

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Caterina Ferrara

Caterina is an Italy based ICO advisor and community manager. She has done her MA in Literature and believes that it is very important to convey our thoughts in an understandable and appropriate manner. She shares her knowledge regularly with our readers.

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