Rising fuel costs for cars, increased traffic jams and pollution has led to increased interest in biking trend which is why CryptoBike, a decentralized, Blockchain powered bike sharing platform has launched their service that enables the user to rent bikes on per hour basis. Unlike other bike rental facilities, CryptoBike’s decentralized nature makes usage and renting of the bike more secure, fast and economical. Enhanced with the ability to utilize cryptos and smart contracts, CryptoBike plans to address a few crucial factors that are plaguing the traditional sharing and rental sector such as uneven pricing, transparency regarding the user data and breaking the monopoly of handful firms in the industry.
Apart from that, it also possesses unique features that are native to the Blockchain technology:
- Decentralization: With the power of decentralization, users are in command of the project. There is no boardroom full of executives who are making the decision that is beneficial to them only.
- Secure: Unlike centralized data servers, Blockchain is extremely secure and resistant to hacks. This means that all data is safe from cyber-attacks.
- Transparent: With the transparency of Blockchain, anyone can view the information on the platform to ensure that data collected and used is within the rights of the users’ consent.
- Smart Contracts: Using the power of smart contracts a user and a bike owner can interact directly; initiate a contract that defines the usage of the bike, including the timing, rent etc.
- Token: With Blockchain comes the utility of a digital token. Rather than having traditional fiat and banking systems with their high charges that cause slow, insecure transactions, eating into the profits made, CryptoBike utilizes its own internal token called the CBS, that is fast, secure and has a small transaction fee.
VISION OF CRYPTOBIKE
CryptoBike intends to be the market disruptive entrant, within a market disruptive sector. It’s unique approach of letting anyone, with a single bike or multiple ones, to be a part of the platform and put out those bikes for rent is a game changer. With it, it sees the bike-sharing sector full of hundreds of owners, rather than a few.
The increased interest in replacing fossil fuel burning vehicles with bicycles for short and day-to-day transport has been a boom for the bicycle-renting sector. The platform’s internal Ethereum based token, the CBS, has a lot of potentials to rise in value as more and more users join the platform and its ease of services become widely known. Anyone can be a part of the platform, by renting out his or her bike. The CBS token can also be a great form of investment since it will be available at a very low price during its ICO, that will start on 1st May 2018.
More information about CryptoBike and the upcoming ICO can be found at https://www.cryptobike.co/