A bicycle manufacturer based in Twickenham, UK, has developed an electric bicycle that generates cryptocurrency while you ride it.
The digital e-bike, dubbed the TOBA, is ready for release next month and 50cycles has published some promotional photographs of it ahead of the launch. The company is the first to create a concept of this nature, morphing the world of cryptocurrency into the health and fitness industry.
50cycles founder Scott Snaith says they have integrated 15 years of experience in the cycling industry into the groundbreaking new invention. He believes the bikes represent the best value for money in comparison to anything else on the market today.
50cycles already accepts cryptocurrency payment for retail products at its store and hopes the TOBA bicycles will get more people interested in the digital assets market. For every 1000 miles pedaled, users will generate 10 ‘TOBA Tokens’ (approximately £20). TOBA Tokens are the companies own cryptocurrency which is based on NEM blockchain technology.
TOBA Tokens can be traded for Bitcoin (BTC), Litecoin (LTC), NEM and Digibytes (DGB) or redeemed for goods at a number of participating outlets in the UK. Customers receive a free TOBA wallet and mobile app which communicates with the bicycle in order to monitor usage and generate currency.
The system works like a rewards incentives plan, earning users income while also promoting eco-friendly transport and healthy living. Furthermore, crypto-enthusiasts who choose to purchase a TOBA bicycle using cryptocurrency will receive a £150 discount.
The concept represents exactly the type of innovative developments that are necessary for accelerating mainstream cryptocurrency adoption.