Digital currency #1
After researching about banks and understanding how reserves work. I realised that currencies are competing against each other and that nations are holding reserves of other countries as a way of controlling the value of their own currency. Then, I looked into how GDP works and thought about how cryptocurrencies are not directly affecting our GDP as it’s not calculated as part of its formulae. Maybe since it’s value is constantly changing and unpredictable but it could also be that cryptocurrencies are helping are GDP as people could accumulate more money. As a user of the App Sweatcoin, which generates tokens based on the number of steps a user takes in exchange for discount offers. I saw an opportunity to create a cryptocurrency which also utilises a physical activity and disguises how people save money, therefore, having more money just by cycling. I came up with idea Cycloin and planned out my project:
Purpose of the project: Cycloin, is a digital currency generated by peoples physical activity to redeem rewards, a project developed over the summer break. This application is needed as a way of improving our transport system as a whole, for local economies, for social inclusion, and for public health. Thus, the development of Cycloin encouraging and rewarding cyclists.
Research: In April 2017, the Government published a £1.2 Billion plan to increase cycling and walking. To make it a normal part of everyday life, and the natural choices for shorter journeys – such as going to school, college or work, travelling to the station, and for simple enjoyment. As part of their aim to build a society that works for all, offering more people to have access to safe, attractive routes for cycling and walking by 2040. What is the money going towards?
£50 million to provide cycling proficiency training for further 1.3 million children
£101 million to improve cycling infrastructure and expand cycle routes between the city centres, local communities, and key employees and retail sites
£85 million to make improvements to 200 sections of roads for cyclists
£80 million for safety and awareness training for cyclists, extra secure cycle storage, bike repair, maintenance courses and road safety measures
£389.5 million for councils to invest in walking and cycling schemes
£476.4 million from local growth funding to support walking and cycling
Noticeably cities that have invested in cycling have seen a significant increase in the number of cyclists. Between 2000-2016, the number of cyclists in London has increased by 154%
“As the days are becoming longer and warmer we want to encourage people to make cycling and walking the natural choice for shorter journeys – improving people’s health, reducing travel costs, cutting congestion and cleaning up the environment in the process,” said by Transport minister Andrew Jones
Benefits of cycling:
- For motorists – by reducing congestion and conflict through traffic segregation and reduction in the number of vehicles on the road.
- For pedestrians – by taking the opportunity to improve footways and crossings when implementing cycling infrastructure, and reducing emissions where there is a mode shift from motorised traffic.
- For the vitality of local businesses and high streets – by improving access to employment sites, local shops and leisure facilities.
- For schools – encourages independence from students as well as making them more alert and reduces congestion by the school gates.
- For the environment – already around a quarter of domestic carbon dioxide and other greenhouse gas emissions in the UK coming from transport. To reduce the UK’s greenhouse gas emissions, and will also improve air quality. It has been estimated that shifting 10% of short urban trips from car to bicycle in English and Welsh urban areas outside London could save over 100 premature deaths from air pollution-related illnesses annually.
Target audience: Regular cyclists such as students, employees and popular small local businesses initially specifically in cycling cities. Once, I have targeted the younger population (16+) I will promote products that would appeal more to adults. Then, target families when family package offers are arranged. Allowing individual family members accounts to be linked to each so it becomes a family effort to redeem a reward such as a holiday.
Reference:
Broxap (2019)Benefits of cycling to school. Accessed from: https://www.broxap.com/2016/06/benefits-cycling-school/
Gov.uk(2017) Government publishes £1.2 billion plan to increase cycling and walking. Accessed from: https://www.gov.uk/government/news/government-publishes-12-billion-plan-to-increase-cycling-and-walking
Gov.uk (2018) Cycling and Walking Investment Strategy (CWIS) safety review. Accessed from: https://www.gov.uk/government/consultations/cycling-and-walking-investment-strategy-cwis-safety-review
Ofcom (2017)Media lives by age: a snapshot. Available at: https://www.ofcom.org.uk/__data/assets/pdf_file/0020/108182/children-parents-media-use-attitudes-2017.pdf
Oxford city council (2019)Oxford cycle city. Accessed from: https://www.oxford.gov.uk/info/20077/cycling/854/oxford_cycle_city