The Strategist

Cryptocurrency for Walkers Is Invented in Japan

11/25/2015 - 14:09

Japanese investors have invested about $ 10 million to create a fund and a virtual bank that will help people to raise a new cryptocurrency from walking. 10 thousand steps will be paid 1 cryptodollar.
A new cryptocurrency will arrive into free circulation in 2016. This is Bitwalking Dollars (BW $), and everyone who loves walking will be able to earn them, reports BBC. Just install a special program on your phone, and you will able to receive one BW $ for every thousand steps, which is about 7-8 km.  

Exact steps counting procedure has not yet been disclosed. However, it is already known that GPS data and Wi-Fi connection will be used to verify movements.

According to BBC, a Japanese company Murata is already working on a fitness band, able to show how much BW $ the owner has already earned. Japanese investors have invested about $ 10 million in the Bitwalking project, and one of the British banks is being in talks to become its official partner.

In the future, the fundraisers are planning to attract companies specializing in production of sports clothing and footwear, health services, environmentalists, and employers wishing to reward their employees for that they live a healthy life.

According to the project’s authors, initially BW $ rate will be equal to one US dollar. Users can spend the cryptodollars at special online stores, or exchange them for traditional currency. Subsequently, the project's organizers hope to expand the number of companies taking BW $ as payment for their goods and services.

"For some, it is a free cup of coffee per week proposed by a local coffee shop, striving to attract new customers. For others it is an opportunity to change lives, starting to earn and manage money. At the same time it will encourage us to protect the planet and stay healthy,"- said one of the project’s founders Franky Imbesi.

An average member of the Bitwalking project is supposed to be able to earn about 15 BW $ per month in developed countries. However, the authors selected Malawi as the test site. In this poor African country, average wage of rural residents is about $ 1.5 per day, and the project's organizers hope that BW $ will be particularly in demand here. However, Karen Chinkwita, business consultant at the company Jubilee Enterprises, fears that many local residents may quit working, as just walking would be more profitable.

"But most people want to earn more money and will do both. With some education we can teach them how to use that money to create even more opportunities", - believes Chinkwita.