A UK retailer has unveiled an innovative electric bike, dubbed ‘TOBA’, which transforms the miles pedalled into digital currency. This groundbreaking development offers cyclists the opportunity to earn unique tokens for every 1,000 miles cycled, essentially acting as a portable crypto-miner.
The ‘TOBA’ bike is designed to reward tech-savvy cyclists by generating digital tokens as they ride. The concept, introduced by the CEO, is intended to bridge the gap for those unfamiliar with cryptocurrency. Free educational classes on the basics of buying, selling, and storing digital currency will be provided to customers, enhancing their understanding of the future digital economy.
As riders engage with the TOBA bike, they can redeem the earned tokens for a variety of popular digital currencies such as Litecoin, Bitcoin, XEM, and Digibytes. According to the CEO, every 1,000 miles pedalled will equate to approximately £20 in digital currency, providing a significant incentive for users to adopt this green mode of transportation.
The TOBA bike not only serves as a cryptocurrency generator but also features an electric motor to assist with pedalling. This addition makes it easier for cyclists to cover longer distances. Priced at £2,595, the TOBA bike represents a fusion of cycling and cutting-edge blockchain technology, underlining the company’s commitment to innovation.
The CEO highlighted the company’s forward-thinking vision, citing a longstanding history of embracing new technologies, much like the introduction of electric bikes in Tokyo 15 years ago. The CEO sees the potential and future in blockchain technology and product tokenisation, predicting a shift towards a predominantly digital economy.
Statistics from the UK’s HMRC report indicate a rising popularity of electric bikes, with imports increasing from 50,000 to 62,500 within a year. This trend reflects a growing acceptance of electric bikes, which accounted for 12 per cent of the UK bike market as of 2016.
This pioneering venture into combining cycling with cryptocurrency reflects a significant step towards a digital and eco-friendly future. The growing trend of electric bikes in the UK, coupled with this innovative approach, underscores the transformative potential of integrating technology with daily activities.