Bitwalking dollars will be earned by walking, unlike other digital currencies such as Bitcoins that are "mined" by computers.
A phone application counts and verifies users' steps, with walkers approximately earning 1 BW$ for about 10,000 steps (about five miles).
Initially, users can trade what they earn for cash or spend them in online stores.
The founders of the project, Nissan Bahar and Franky Imbesi have attracted more than $10m (£6.6m) of initial funding from mainly Japanese investors in order to help launch the currency and create the bank that verifies steps and any transfers.
Japanese electronics giant Murata is working on a wearable wristband that will provide an alternative to carrying a smartphone and show how many BW$ the wearer has earned.
Shoe manufacturers are poised to accept the currency, and a UK high street bank is in talks to partner with the project at one of the UK's biggest music festivals next year.
The founders have a track record in disruptive technology that could help developing nations as much as richer ones.
This idea is also a fitness booster. As it help to maintain healthy body and they also have plans to partner with sportswear brands, health services, health insurance firms, environmental groups, and potentially advertisers who could be offered unique insights into the audiences they are targeting.
source: Bbc News
So, what's your take on this one? Will you partake? Tell us via comments. :D
It's not easy oo!! 5miles for just 1BW$
ReplyDeletehow much is it in naira?
Nice update
@Ojo,
ReplyDeleteThanks bro!
You can find more details on www.bitwalking.com
Crazy idea! How will they themselves earn b4 paying d walkers?
ReplyDelete@Festus,
ReplyDeletelol. the founders have attracted $10m from japanese investors to kick start this project & also partnered with sportswear brand, health insurance firms & potential advertisers serving as monetising means!
It's in the post bro