What is $BIKE all about
Reasoning behind
First of all it is not about dogs. Don’t get us wrong, we absolutely LOVE dogs, but adding another dog meme coin to the pile of already existing ones, is not something we are passionate about.
What are we passionate about?
For me personally, it’s all about freedom of movement and connection with the world around me. But for many, their lifestyles and choices have bound them in a comfort zone. Each day passing, people are spending more and more time static — in office, driving to work or watching TV at home.
Bicycle is a medium that easily offers freedom.
Every morning I bike to the kindergarten with my 4y old and every afternoon we bike back home. Even on a rainy day! There’s no bad weather, only poor choices of clothing.
Every day I let my child to decide the means of travel — either by car or bike — and most of the time the answer is bike. The answer is always so straight forward and that sometimes makes me a little concerned about what my neighbours might be thinking of me — an insensitive parent, making their small child take a bike to kindergarten, no matter the weather!
Riding a bicycle regularly is one of the best ways to reduce your risk to health problems associated with a sedentary lifestyle.
The most important and topical reason for launching $BIKE would probably be the the extensive use of cars and their impact to our ecosystem and environment. Automotive production is also to blame — by the time the vehicle leaves its factory, a giant polluting footprint has already been left. Steel, rubber, glass, plastics, paints, and many more materials, take up a lot of resource and energy to be produced. Vehicles are America’s biggest air quality compromisers, producing about one-third of all U.S. air pollution.
Statistics reports state, that over 70 million adults in U.S. are now obese. Regular physical activity can help protect you from serious diseases such as obesity itself, weight related heart diseases, some forms of cancer, mental illnesses, diabetes and arthritis.
Idea
Idea is quite simple. Release a Token that will use taxes to fund a dedicated awards wallet. This awards wallet can then be used to reward people that cycle regularly.
To be able to do that we need to know when someone is cycling right? This is where Strava comes in.
Strava.com, as they state themselves, is “The #1 app for runners and cyclists”. Strava is an app where using your mobile phone or special fitness equipment (smart watches, cycling computers) you can track your rides. Also Strava has an open API for developers to build apps around.
So we decided to build a dapp where you will be able to use your wallet (web3) and Strava (oAuth) and get this data to calculate scores that will enable us to give you some ETH in awards wallet.
Execution
In dapp you will have the possibility to connect with your wallet and then to connect your strava account. Once connected we’ll be able to pull cycling activities into our system. We’ll use total distance, average speed, max speed, total move time, elevation, number of activities, and some other metadata from strava to calculate your weekly score.
To be qualified you will have to hold a specific amount of $BIKE token. Amount will be decided before dapp deployment. To be qualified for a week award, you have to hold it the entire week.
At the end of each week, X% (we have to decide value here, need to be sure awards wallet will not empty right away) of total awards wallet $ETH will be distributed like this:
Wallets that have meet the threshold score will be put into 3 buckets:
- Elite bucket will get 60% of total weekly awards ETH
- FIT bucket will get 30% of total weekly awards ETH
- Rolling bucket will get 10% of total weekly awards ETH
Elite price for single wallet is calculated:
- Total ETH for Elite / number of wallets in Elite bucket
FIT price for single wallet is calculated:
- Total ETH for FIT / number of wallets in FIT bucket
- If FIT price > (Elite / 2) Then Fit price will be set to Elite / 2
Rolling price for single wallet is calculated:
- Total ETH for Rolling / number of wallets in Rolling bucket
- If Rolling price > (FIT / 2) Then Rolling price will be set to FIT / 2
Awards wallet
Many asked in the telegram group how will ETH get to awards wallet. $BIKE token uses taxes on each buy and sell. So when you buy or sell token part of your ETH you are swapping for a $BIKE is added to special awards wallet. Currently 4% tax is used for this wallet, and this is why we decided not to renounce ownership so we can fine-tune this tax to enable optimal ETH inflow. Also this is why it is still not decided what % of the awards wallet is going to be used weekly, since we still need to see how much ETH we’ll be able to get there.
What we want to achieve is:
- Smaller awards over long term period, to promote more activities
- Awards to as many people as want to join
ETH transfer:
Because we want to award as many as possible it is not possible for us to send ETH due to Gas fees. What we are going to do instead, there is going to be a separate smart contract where we’ll store your ETH balance and where you will be able to claim your awards on demand. You will have to pay Gas fee for this so this will I hope encourage people for a long term approach.
dApp
Team is working on dApp. You will be able to use your mobile phone or computer and a browser to see your scores, your awards balance and to claim your ETH. We are dedicated to releasing the first version of dApp by Sunday, 28th of November. So you won’t have to wait that long to see this plan in action.
Community
In the end we would like to build this project as a community project. We would like to promote healthy habits, lifestyle and cycling. And we need your help to succeed in that. Spread a word, follow us on twitter, join your friends in and if you don’t have one, :) buy a $BIKE. It doesn’t have to be an expensive one, just get out there and ride. If $BIKE takes traction we would like to fund cycling road trips around the world and sponsor some of the wonderful people that are exploring our planet on their bikes.
HealthFI
If you research this term in crypto context you will not find much. From what I can tell $BIKE is first ever healthFi project that rewards its users. Gamefi is a big thing now, let’s make a HealthFI bigger!!!
Join the Telegram:
https://t.me/cyclepunk_BIKE
Website:
https://cyclepunk.life/
Follow on Twitter:
https://twitter.com/cyclepunk_life
