The tokenization trend has led to the creation of many different cryptocurrencies that are designed to reward users for specific actions. Steemit, for example, aims to promote higher levels of social media content quality by allowing users to reward each other for quality posts. Other cryptocurrencies that work in a similar manner allow users to share items and goods with one another, or reward other gamers in online games.
A new cryptocurrency, however, is aiming to reward bicycle riders for warning each other of hazards on the road around them. CycloShieldCoin is a new cryptocurrency that is about to launch an initial coin offering that will be used to gather capital for an interesting project- helping riders keep safe on the road.
The CycloShieldCoin is the brainchild of the team behind CycloShield, a recent successful Kickstarter project that offers bike riders and advanced threat perception and warning system. The Cycloshield is able to detect the approach of vehicles or other threats to cyclists and warn them about it.
The CycloShieldCoin aims to take this concept further, and is intended to reward cyclists every time they warn other riders of threats such as road states, safe routes, and black spots. In this article, we’ll take a look at CycloShieldCoin and find out what it plans to achieve, as well as breaking down the specifics of the CycloShieldCoin ICO to help you determine whether it’s worth investing in.
What is CycloShieldCoin?
CycloShieldCoin has the goal of rewarding cyclists for providing each other with information on the best and safest cycling routes. This is achieved by rewarding them with the CYS token, which can also be used and traded like a traditional cryptocurrency.
CycloShieldCoin will also make it possible for corporate users to purchase CycloShieldCoins with fiat currency and then purchase advertising on the CycloShieldCoin app, which is where the information gathered by users will be displayed.
Interestingly, CycloShieldCoin plan to maintain the stability of the value of CYS tokens by periodically burning 20% of the total token revenue gathered through the purchase of CycloShield nano devices and ads purchased with CycloShieldCoin.
The CycloShieldCoin ICO
CycloShieldCoin have not yet released a date regarding the CycloShieldCoin ICO, but do provide detailed information regarding the amount of tokens released and their distribution on the CycloShieldCoin webite.
CycloShieldCoin have also not provided details on the total amount of CycloShieldCoins that will be generated, nor the specific conversion rate of ETH to CYS. The website does state, however, that the ICO will be limited by a hard cap of 10,000 ETH.
When assessing an initial coin offering, it’s important to determine whether the market for the target demographic is large enough to sustain your investment. In the case of CycloShieldCoin, it’s necessary for a large portion of cyclists to being using the CycloShieldCoin app immediately for the CYS token to increase in value, or for potential advertisers to invest in advertising on the CycloShield app.
While the CycloShield Kickstarter campaign may have been successful, without further details on the CycloShieldCoin ICO it’s impossible to determine at this stage how successful it may or may not be.