Close

BitWalking – A Run for Your Money

The world of smartphone apps never ceases to amaze. London based app startup, Bitwalking, now offers you money to do something most of us sitting in offices, cars, colleges and homes have pretty much forgotten to do – walk! Turns out, arguably the biggest motivation for getting off that couch is now here, and it’s called money. But how do you make rupees and dollars by simply walking? Well, you don’t.

BitWalking works on the currency of tomorrow, also known as the BitCoin. The BitCoin is a completely digital online currency that has seen exponential growth in the past few years. Just to give you an idea, 1 BitCoin is equal to ₹21,138 at the time this article was written. In 2012, it was barely worth anything. Much like gold was mined for in the ancient kingdoms for currency – BitCoins are generated through a process of BitCoin mining.  Except, this mining doesn’t require you to purchase tracts of land rich in minable minerals. Just as the currency is virtual, so is the mining. You are paid for keeping records of the digital mining, so to speak. Miners keep something called a block chain in a manner that is consistent and unalterable by verifying and collecting newly broadcast transactions, repeatedly, into newly created groups of transactions, called “blocks”. Each new block would contain data that links it to the previous block thus giving rise to a “block chain”. So each block is a unique data set, which is why it takes hours of energy consumption to harvest each block. One block, until mid-2016, will give the miner 25 bit coins, and after that 12.5 BitCoins till the next time rates are halved. The big catch here is the amount of power consumed. In 2015, no normal computer can sustainably perform data mining without avoiding huge power bills, unless one invests in energy efficient computer dedicated for this purpose. And BitWalking is going to change that.

As any user of a step counting smart-wrist band or smart watch can tell you, while walking, our hands move by swinging back and forth. This allows the smart device on our wrist to calculate the number of steps we have taken. It also implies that there is the creation of kinetic energy. BitWalking aims to harvest that. Using this kinetic energy, the power consumption problem of data mining will be solved. But because the energy generated is perhaps a fraction of what’s needed, the program offers its users BW$ (Bitwalking Dollars) and not BitCoins. According to the DailyMail, each BW$ will be equal to 1 US$. The Bitwalking website reads “Most people are unable to generate and benefit from digital currencies, and large populations in the developing world are still left unbanked. We’re inviting everyone to take the next step.” Bitwalking wants to give everyone the power to literally “make” money – especially people in developing countries. Much like in India, where smartphones are owned by an ever increasing amount of people. BitWalking will also have its own online marketplace where one can spend these BW$ on products offered by the various vendors they partner with.

All in all, it is an app that has the potential to revolutionize the way the world earns and spends, bringing the power of the internet currency to the masses. With a rather low acceptance of BitCoin by most online retailers, BitWalking could change that soon and give BitCoin the push it needs.

Update: Bitwalking is accepting invitation requests for those who want to get enrolled in their program. You too can register by visiting  here.

Country of Origin: United Kingdom

Year: 2015

Website: http://www.bitwalking.com/

Leave a Reply

Your email address will not be published. Required fields are marked *