Crypto pedal power: mining while biking

June 20, 2018
Chris Wheal

Recent news brings new meaning to the term pedal power thanks to UK-based 50Cycles, in partnership with loyalty programme blockchain builder, LoyalCoin, to launch the world’s first e-bike that generates cryptocurrency while you head out for a spin.

bicycles

50Cycles bicycles will soon power a cryptocurrency

50Cycles’ tech cred is clear. It launched in 2003, selling the world’s first practical folding electric bike. It followed up a year-later with the world’s first e-bike to use Lithium ion batteries. The company also has e-bikes with features that include measuring and responding to your heartbeat. So this latest offering is in line with its pioneering status bringing together e-bikes with cryptocurrencies.

In a blog published on Tuesday CEO, Scott Snaith, describes: “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 tokenisation.”

Mine the gap

Riders of the company’s new Toba electric bike will mine cryptocurrency tokens while they ride using tokens from LoyalCoin, which bills itself as the customer loyalty-oriented digital asset that is replacing and enhancing the traditional rewards point systems.

The Toba range launch is due later this year, although eager riders can subscribe for news of its launch. However, its Toba Pr`emium retails on its site for over £2,000.

Owners will earn rewards and gather tokens, which can be used in exchange for goods and services at LoyalCoin’s network of retailers or traded for other cryptocurrencies such as Bitcoin and Litecoin.

Snaith sees an intertwined future for digital coins and e-bikes and said: “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 thousands of currencies of the future.”

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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