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Bitwalking dollars let your feet do the earning

Lauren Kate Rawlins
By Lauren Kate Rawlins, ITWeb digital and innovation contributor.
Johannesburg, 07 Dec 2015
Bitwalking dollar founders, Nissan Bahar and Franky Imbesi, intend to create a new digital economy where anyone, anywhere, has the potential to earn the same amount of money.
Bitwalking dollar founders, Nissan Bahar and Franky Imbesi, intend to create a new digital economy where anyone, anywhere, has the potential to earn the same amount of money.

A new digital currency, the Bitwalking dollar (BW$), has the potential to create a new digital economy where everyone has equal earning potential.

BW$s are earned through human movement like walking and running, as monitored via a smartphone app, using GPS. The product is targeted at those with limited access to transport, who are forced to travel on foot.

The currency was launched last weekend in Malawi, Kenya, Japan and the UK, and could head to SA in future.

One BW$ is generated for every 10 000 steps taken, and one BW$ is equal to one US$ and can be spent in the in-app Bitwalking marketplace, where exclusive and limited deals will be on offer. These deals are from companies that trade their goods for insight into their target audience's walking and health habits.

Invitation only

The currency was the brainchild of start-up, Bitwalking.

Unlike Bitcoin, attaining BW$s does not require powerful computing power. The iOS and Android Go! App, which are needed to start earning BW$s, tracks and verifies how many steps the user takes.

These BW$s can be used, initially, in the Bitwalking marketplace, accessed through the app, or be exchanged for 'real-world' money. The marketplace, which is central and not unique to each country, has a range of physical products (from the latest iPhone to shoes). Purchases are shipped, although it's unclear who pays for shipping.

The Go! app is free, but requires an invite from Bitwalking to download it. Regions outside of Kenya, Japan, Malawi and the UK will have to request numerous invites before the currency will be made available.

"In just one week after launching, a few thousand South Africans have requested invites. We're sending a limited number of invites each week and countries with the most requests are prioritised by the system," says Andrew Whyte, a spokesperson for Bitwalking. "We intend to gradually open the app to all countries sooner rather than later."

Those interested should click here to request an invite.

The Go! smartphone app is required to start earning Bitwalking dollars; however, it is available by invite only.
The Go! smartphone app is required to start earning Bitwalking dollars; however, it is available by invite only.

The company is teaming up with Murata, a Japanese electronics corporation, to develop a cheap wristband that will track BW$ earned and do away with the need for a smartphone app.

Whyte says Bitwalking is also working with leading fitness tracker brands to come on board.

To prevent people cheating, by moving their phone around and not necessarily their bodies, the app uses a combination of GPS tracking, motion-type and speed sensing. At first, the number of BW$ earned in one day will be limited to 3BW$, in a further attempt to prevent fraud.

"Our algorithm validates information retrieved from the sensor and the user smartphone crossing multiple validation points - this ensures Bitwalking dollars are earned by walking/running," says Whyte.

Money from thin air?

The company's Web site states: "The Bitwalking dollar is real money; real currency that you can manage and use as you wish. This is not a rewarding system, points system, mileage system, a game or a fitness app."

Bitwalking founders, Nissan Bahar and Franky Imbesi, raised over $10 million of initial funding, mostly from Japanese investors, to launch the digital currency and build the framework to verify steps and currency transfers.

Anyone can create a digital currency. News sites such as The Guardian, Forbes and Cryptorails offer detailed articles on how to set one up.

Digital currency can be defined as an Internet-based medium of value exchange. It has the ability to be used as a currency in the 'real world' for physical goods and services.

Bitcoin vs BW$

Bitwalking dollars should not be confused with Bitcoins.

Bitcoin is a distributed, worldwide, decentralised digital money system. Unlike traditional currencies, Bitcoins are issued and managed without any central authority. All Bitcoin users are completely anonymous.

Bitwalking dollars are verified and issued from a central framework. The Go! app tracks users' walking habits and purchasing history. It is not an anonymous service.

Whyte says: "The Bitwalking dollar and Bitcoin are two separate currencies. Bitcoins are generated by computer power, while Bitwalking dollars are generated by human movement. Differences aside, we align with Bitcoin's vision of modernising the world economy. Blockchain technology, for example - born from Bitcoin - is used to secure Bitwalking transactions."

Back story

The idea for a digital currency generated through human movement came about last year. Whyte says the company believes everyone should have the freedom, and ability, to make money. "Bitwalking empowers each individual by converting steps into digital currency. A step is worth the same value for everyone - no matter who you are, or where you are. What matters is how much you walk."

The previous year, the BW$ founders launched Keepod, a USB 'computer' that was funded through Kickstarter. The flash drive comes pre-loaded with the Android operating system and is configured to save all the user's personal files and settings to the USB, and not the desktop computer's hardware.

New digital economy

One of the main reasons behind developing Bitwalking was the impact it may have on those in developing countries.

Someone in the developing world, who potentially generates a lot of BW$ by walking long distances, is able to sell their BW$s to someone in the UK or Japan for their own currency. The money will be deposited into a PayPal account.

Someone from the UK or Japan would be interested in buying BW$s because the Bitwalking marketplace will offer exclusive deals for a limited amount of time.

Bitwalking manager for Malawi, Carl Meyer, has set up training centres where people are trained how to use the app and trade BW$ online.

When asked about the Bitwalking business model, Whyte said: "We are currently focused on user experience and user growth, not monetisation."

Health data trade-off

Retailers and health insurance companies are interested in collecting information about clients and incentivising healthier behaviour.

Discovery Health recently launched Active Rewards, which requires users to have an Apple Watch or fitness band that tracks their movements and rewards them accordingly.

Bitwalking hopes to partner with sportswear brands, medical aids, health services and others.

The company's Privacy Policy states: "By using the services, you agree to the collection and use of your personal information."

It says the information will be used to send users information regarding, "among other things, new products, features, enhancements, special offers, upgrade opportunities, contests and events of interest".

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