Would you work out if you knew you’d be rewarded with crypto?
Exercising = Crypto Rewards
We’re probably about to see a lot more cryptocurrency enthusiasts working to get in shape thanks to the latest exercise tool: a punching bag that rewards you with cryptocurrency for accomplishing workout goals.
It’s hard to stay motivated when working out. Often, we have several other concerns and ideas in our heads, whether they’re work or family-related, but the bottom line is life can be very busy, and it’s quite simple to get distracted by the many goings-on of everyday living.
In addition, working out isn’t very exciting. Think about it: wouldn’t you rather spend time reading a really great book, catching up on your favorite show or playing the latest video game in your favorite franchise? Heck, we all would, but let’s face it… If we got paid to work out, the situation would probably be a lot easier.
The punching back was invented by Amr Saleh, who has decidedly put together a proof-of-concept that ultimately requires cryptocurrency miners to stay in shape if they don’t want to lose their investments. Here’s how it works: a miner locks up a set amount of ether tokens into a smart contract. That smart contract continues to hold onto that investment and refuses to let go of it until the miner commits to a certain amount of punches to the bag each day. Once that goal is reached, the investment is released and once again placed in the hands of the miner.
In a Medium post describing the idea, Saleh said that he was primarily inspired by his own lack of motivation regarding staying in shape, as he thought this would set him on the right track and keep him straight when it came to hardcore exercise.
He writes:
Knowing the rule of loss aversion, and that losing money hurts more than gaining muscle feels good, I thought, ‘Why not add a financial motive to help me stick to my exercise plan!’ I wanted to challenge myself, so I locked $100 worth of ether tokens in a smart contract and committed to 500 punches a day for ten full days. If I finish my exercise routine on schedule, I get my money back, and if I don’t, the money goes to charity.
How Does It Operate?
The money going to charity is something that Saleh set up for his account. This will not apply to everyone who uses the bag.
The bag uses what’s known as an accelerometer to count one’s punches. It also contains a light bulb that burns brightly if the person using the bag completes their exercise goals. In addition, the bag is also hooked up to what’s referred to as an “Elk board,” a piece of hardware that Saleh invented through his new startup called Elk.