We created a crypto startup Cyclepunkwhose main idea is to reward cyclists with cryptocurrency (ETH) for trips to Strava. The project is made on the ethereum blockchain. We have a project token $BIKEStrava’s open API and developed by us dApp, which keeps your wallet in sync with Strava. Every week we pay out rewards to cyclists based on their cycling activity. In this way, we want to motivate people to lead a healthy lifestyle and in the future to support the cycling communities of different countries. This is our contribution to development HealthFi.
Why bicycles at all and what is our mission?
This could have been another dog coin meme, but that’s not what we’re here for. Don’t get us wrong, we sure love doggies, but another doggy meme is just not what we want.
Our passion is freedom when you are on a bicycle. The project team are big fans of cycling and an active lifestyle, even though we are crypto geeks. 🙂 The main developer, for example, takes his four-year-old son to kindergarten by bicycle every morning. Well, this year I spent 375 hours in the saddle, driving 9.5 thousand kilometers in different cities of Russia.
Regular cycling is one of the best ways to reduce the risk of health problems associated with a sedentary lifestyle.
In addition to motivating people to lead a healthy lifestyle, another benefit of the project can be to care for the environment. I won’t go too deep into the impact of cars and car manufacturing on the environment, but it’s clearly not doing her any good. By transferring some people from cars to bicycles, we will make our small contribution to the preservation of the ecosystem of our planet. Personally, I can say that a bicycle can and should replace a car in many trips. Anyway, I’ve been riding for more than ten years, I have two bikes, but I’ve never owned a car and I still have no plans to buy one.
Idea and implementation
The idea is quite simple. We are launching a token that will be subject to commission for buying/selling. We use the commission to market, develop and fund a special rewards wallet. From the prize purse we encourage active cycling.
For that, we need to know when someone is riding a bike, right? This is where Strava comes to the rescue.
Strava is, as they say, “The #1 app for runners and cyclists.”
Strava is an application in which you can track your trips with the help of a mobile phone or special fitness equipment (smart watches, cycling computers). Strava also has an open API on which developers can build applications.
That’s why we decided to create a decentralized app where you can use your wallet (web3) and Strava (oAuth). We use the received data for calculations, on the basis of which we then distribute ETH among participants.
In the dApp we connect to our wallet and then the connecting Strava account. After synchronization, the training will be taken into account in our system. We’ll use total distance, average speed, top speed, total ride time, elevation, number of workouts, and other metadata from Strava to calculate weekly scores.
To receive a reward, a participant must hold a certain amount of token $BIKE. That’s it for now 250,000,000which is now approx $60. Price may change due to market volatility.
At the end of each week, rewards are distributed as follows:
- The Elite basket receives 60% of the total weekly ETH rewards
- The FIT basket will receive 30% of the total weekly ETH rewards
- Rolling basket will receive 10% of total weekly ETH rewards
Rewards for each participant are calculated as follows:
- ETH for cart / number of wallets in cart
How to claim your reward
Since we want to reward as many people as possible, we can’t send ETH to everyone because of the gas fee (gas is the ethereum network fee). Instead, we are going to create a separate smart contract where we will store each participant’s rewards in ETH, everyone will be able to withdraw their rewards on request. He will have to pay for the gas, but we hope that this will inspire people to take a long-term approach and motivate them to ride more.
We have already spent the first week
We set a reward wallet of 2 ETH for it and… slightly overestimated the number of participants. Only 8 participants scored the required points and they received VERY big rewards.
The team decided not to change the awards retroactively and burned everything that was announced. The community was delighted. 🥳
Now of course we’ve lowered the rewards as we want to make this project long-lasting, while motivating people to ride as much as possible and not break the bank in one week. For this week, cyclists will share 0.36 ETH among themselves.
No! The main distinguishing feature of a financial pyramid is the promise of high returns to investors, where the income of early investors is ensured at the expense of subsequent funds. When the inflow of new funds ends and there is nothing to burn high interest – the financial pyramid collapses. Our project pays rewards to cyclists for both purchases and sales. Even in the worst case scenario of a massive token sale $BIKE we will fill our reward wallet and be able to further encourage cyclists for training. Therefore, our main message is built around the payment of rewards to cyclists, and not promises of a 1000% increase in the price of the token. We know that we will be able to ensure that the rewards are paid out even in the worst case scenario. The only thing we depend on is the volume of trades. At the same time, it is important to understand that investors still bear the financial risks associated with the volatility of the token’s price. $BIKE. Wedding capital is always associated with risks. Only a scam can promise high guaranteed returns without risks. Never invest more than you can afford to lose.
We see the project in the long term. In crypto, it is very easy to do a quick Pump and Dump project, collect a commission and walk away. Even if you have a utility and a product, it’s more difficult to build a long-term project. For this, we want to build a strong community around us. The very success and existence of the project depends on the community, i.e. for the most part they are our investors and our tokens are in their hands.
We have a small team and we are very happy to see active people in the community who help us. 🤗 I myself bought the token of the project because of its cool idea and only then I was invited to join the team for my activity. We want to promote a healthy lifestyle and cycling and we appreciate the support of every member of the community! If you like our idea, join our social networks, tell your friends about this project, buy it $BIKE and of course ride! If we manage to swing Cyclepunkwe would like to fund amateur cycling, cycling travelers, other cycling startups and the cycling community.
To the moon by bike! (🪐,🚴)
Learn more about us
This article is not financial advice. Always do your own research 🧐