Activity wristbands have been trending for a while now and Fitcoin is one of the currencies that emerged to take advantage of that new market. Its functioning is simple: we wear a fitness tracker (wearable), the installed application counts our heartbeats and converts them into fractions of this new digital currency.
Its functioning is innovative, which may be the reason why their success has been limited, but I am confident that in the future this type of cryptocurrency will re-emerge, so let’s take a closer look at the fusion of traditional sports and cryptocurrencies.
How FitCoins work
- POHW: This can be defined as a digital currency that is a proof of human work, since we will generate coins through our effort while walking, running or performing any other sport.
- Purpose: This coin is dedicated to the world of fitness; therefore, we will be able to spend it on anything related to this industry. Imagine how cool it would be to run on the treadmill and then pay the gym’s monthly fee with what you have generated.
- Security: They comply with the fundamentals of all cryptocurrencies. Information transfers are encrypted and any transaction needs to be validated by the network.
- Decentralization: FitCoins have no owners; these currencies and their code belong to the community, which may improve them, create new applications and audit them.
- Digitalization: They work anywhere in the world via internet, so where you are while engaging in sports does not matter.
The ease of measuring all of our activities through technological devices such as mobile phones or activity wristbands is creating a new information market, and these forms of reward initiatives will most probably end up taking hold one way or another.
I work as a software developer and for several years I started to get interested in the blockchain technology and Bitcoin cryptocurrency. I have decided to create this blog as a guide in which anyone can start acquiring knowledge about cryptocurrencies.
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