A Chinese bike rental company dubbed Ofo released a new feature based on blockchain on its app that gives token rewards to its users while cycling.
The Ofo started the campaign called Riding as Mining which is a bounty program ( reward system) meant to allow the users to mine tokens while they are using the bicycles.
The users can receive free tokens depending on the time and the distance they spend handling the rented bicycles.
Ofo created the Riding as Mining program in collaboration with Global Sharing Economy (GSELab) which is the token issuer. The platform was founded in January 2018 in Singapore, and according to their website, they wish to become the largest platform based on the exchange economy and blockchain technology.
According to Ofo, the only way a user can obtain or mine the tokens is by riding the bicycle. At the moment the token is not listed on exchanges. The supply is limited to 10 billion tokens.
The local news agencies have reported that OfO has started this project to encourage the users to become eco-friendly and to avoid using transportation that is polluting the environment. Besides that, a spokesperson from the company declared that they have a massive interest in the blockchain technology.
“The goal of launching this campaign is to encourage more users to adopt an environmentally friendly way to get around…Ofo will keep focusing on innovative technologies including blockchain in future,” said a spokesperson from OfO.
For the moment, the users will be able to mine the tokens only in Singapore since the country has friendly laws regarding cryptocurrencies. But China is not out of the question.
Besides the Chinese anti cryptocurrency attitude, Ofo has more room to expand in Singapore. The South China Morning Post reported that Ofo is holding the cryptocurrency campaign in Singapore as it faces a potential escalation in competition with its main rival, Mobike, which was acquired by Meituan-Dianping, China’s biggest provider of on-demand services.