New app balances NFT energy costs with bike power

Compass UOL’s Cryptobike Rewards Bike Users for “Tour de Terre,” an Eco-Friendly Use of Cryptocurrency

New YorkAnd the September 23, 2022 /PRNewswire/ — Digital transformation company Compass UOL today announced its new Cryptobike mobile app, an innovative way to inspire large organizations to use the latest technology to help reduce global carbon emissions and reward people with non-fungible tokens (NFTs) for using their own bikes.

Cryptobike users will get a new NFT when they ride each of the four stages of the Tour de Terre at 103 miles, 206 miles, 620 miles and 2,067 miles.

Tour de Ter

distance: after

Stage name

103 miles

the plants

206 miles

rocks

620 miles

ice

2067 miles

coral

The Tour de Terre is similar in distance to the 2,200 miles of the famous Tour de France The circuit, but instead of completing it all at once, Cryptobike users will log their miles when cycling to work or at the park.

Cities across America have invested in bike paths to make it safer to pedal at work, but 76 percent of Americans still prefer to commute by car versus 10 percent by bike. In contrast, Tour de Terre uses cryptocurrency to help ordinary people do something for the environment themselves.

The creation of digital assets such as NFTs, called crypto mining, has already accounted for 1.7 percent of the country’s total energy use according to a recent report from the White House. The report says that crypto-mining in the US uses between 120 and 140 kWh annually, compared to the energy needs of entire countries such as Denmark.

Faced with this new reality, tech companies, investors and enthusiasts are looking for ways to develop the transformative applications enabled by cryptocurrency while mitigating its environmental impact.

“Cryptobike delivers a win for the planet because the energy saved by replacing cars with bikes is greater than the energy needed to create NFTs to give riders touring Terre,” Alexis RockenbachCEO, Compass UOL. “This shows how a small choice can have a big impact on the planet and how technology can be used to make the world a better place.”

By choosing to use bicycles, about 1 ton of carbon dioxide is not emitted into the atmosphere, a pollutant that a small car might release on the same track for just over 2,000 miles.

The Tour de Terre also provides partnership opportunities for organizations working to meet Environmental, Social and Governance (ESG) investment standards. Businesses can offer their own rewards on community milestones, such as scoring your first million miles.

The Cryptobike app is available for iOS and Android at no cost. Once installed, it connects to the popular Strava app to access the user’s ride records, upon which exclusive NFT coins are minted upon completion of each stage.

About UOL . Compass

Compass UOL is a visionary organization that develops transformative business platforms for large global organizations using the latest technologies. Our mission is to help our clients enhance their business success and create turbulence to build leadership positions in their industries. We combine principles of digital transformation, cloud-native technologies, cognitive computing, immersive mixed reality technologies and more, into an agile mindset model. To learn more, visit https://compass.uol.

UOL Source Compass

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