Chaotic Moon Studios has created a new application that offers new incentives for fitness training.
A new application called FitCoin (not to be confused with a number of other applications with the same name) was presented at the South by Southwest Interactive Festival by Chaotic Moon Studio. It measures the length and intensity of your physical exertions during workouts and converts it into CPU time necessary to mine bitcoins.
FitCoin needs to be synchronized with the user’s fitness tracker, which needs to have an open API and measure the heart rate, to monitor the workout. The algorithm of the app then determines how many bitcoins the user earned by their efforts. The app also reports on improvements the user’s and their wallet’s health in real time.
The application was demoed by its designer Grant Nicol. Working on a treadmill with a Mio fitness tracker on his wrist for almost four minutes, he earned about 5 cents.
said Ben Lamm, the CEO of Chaotic Moon.
Chad Derbyshire, the director of marketing at Chaotic Moon, hopes to secure a partnership with Adidas. According to him, the company could consider selling some special types of sports equipment exclusively for bitcoins earned with FitCoin.
Jon Werner of Adidas Digital Sports remarked:
Currently, the application is still in the alpha testing stage.