Bitwalking is a London startup company that created an eponymous smartphone tablet application that monitors walking distance.
While this was something that wearables and other apps have been doing for years now, Bitwalking stands apart in that it pays people to walk.
Such an idea for an application would surely be labelled as suicidal especially for a startup company, but Co-Founders Nissan Bahar and Franky Imbesi have attracted more than $10 million in funding from mainly Japanese investors to start up the digital currency and create the banking system that will verify steps and currency transfers.
Initially, users will be given the choice to spend their currency on an online store or to convert to cash, but the company has high hopes that other companies, footwear brands in particular, will jump on board and donate to the online store.
Japanese electronics giant, Murata, has already begun working on a wearable wristband that will act as an alternative to carrying a phone and will collect the data to convert to the currency.
The whole idea behind the concept is to provide what many consider the ultimate incentive. If there’s one thing the laziest person in the world will get off the couch for, it’s money.
If all goes well, the plans for the business involve partnering up with international sports and exercise brands to promote the new product, and in return, those businesses would receive unique insights into their target customers.