Amr Saleh, CEO of Integreight and Co-Founder of Elk, believes he has developed the solution for the tech worlds exercising woes. The cryptocurrency punching bag makes money the immediate price on the line for missing a workout.
The user of the cryptocurrency punching bag enters into something called a smart contract. The user enters an amount of cryptocurrency, such as Ethereum, set for potential forfeiture every day. He commits to a certain amount of punches per day on the bag, selects the length of the contract, and then goes to work on the bag.
The punching bag is wired with an accelerometer to count the punches. An accelerometer is a device used to determine acceleration and vibration of a specific object. It measures both to determine actual acceleration, rather than mere movement. Therefore, the punching meter cannot be tricked into counting mere swaying of the bag as punches. It will measure for both the vibration of the punch and acceleration that follows.
The accelerometer logs each punch into a board, which sends the information to an Oracle database. Once the predetermined set of punches is achieved, then the Ethereum is released back into the users account. If the user fails to meet the contracted agreement of punches, then the predetermined days-worth of Ethereum is sent to a charity of the user’s choice.
For example, say Allan learns he has high cholesterol from his doctor. The way to reduce it is through exercise. Allan purchases the cryptocurrency punching bag and signs a smart contract. He sets a one-month daily goal of five-hundred punches per day. He locks in three-hundred Ethereum for the entire duration of the smart contract. That three-hundred Ethereum is removed, per the contract, and Allan begins his commitment. Every day he meets the five-hundred punches goal, ten Ethereum releases back into his account. Every day he misses the five-hundred punches goal, ten Ethereum is forfeited to a charity of Allan’s choosing. When the duration of the smart contract is up, all three-hundred Ethereum have been divided per the contract terms.
Amr Saleh developed the product, through Elk, for two purposes. First, he wanted to prove a point of the direct link between action and monetary benefit and, second, to create another incentive for improved health for the overall human family.
