UK-based bicycle producer – 50Cycles – has unveiled the e-bicycle project with crypto mining function.
According to the news reports, the project called Toba will generate GBP 20 ($26.50) in terms of LoyalCoin for every 1,600 km (1,000 miles) riding. To control the token generation, the users will be able to install an app on their mobile devices. At the same time, the bike will keep the private key (proof of ownership) set on the bicycle.
"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," the company spokesperson stated.
Toba owners will have no options for mining, with LoyalCoin to be the only currency available for mining. This token can be spent on products offered by the company on their website as well as exchanged on the Loyaltycoin’s platform.
“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,” commented Scott Snaith, founder and CEO at 50Cycles.
The company is said to offer the first bicycles in autumn at the price starting from GBP 1,695 ($2,250)