Checkcoin is the new ‘social cryptocurrency’ from Dutch Bitcoin ATM company BitSend. It caters to the trend for adding social networking features to cryptocurrencies, thought by many to be the next frontier.
Check-in weary traveller
Checkcoin works in conjunction with various phone apps such as GPS navigators, allowing users to ‘check-in’ as they travel to new locations around the globe. Each time a user checks-in the event is shared on social media and they are rewarded with Checkcoins. It is hoped that this approach will help the coin gain exposure and introduce a fun social element to the currency. Businesses that accept Checkcoin will be able to set their location as a checkpoint and reward users who visit with currency units.
There is a fun game incorporated into the system in which users engage in a ‘treasure hunt’ type scenario. They have to travel around finding designated checkpoints and being rewarded with coins in the process. It is likely that donors will be able to construct these checkpoint games and amuse themselves by sending people on Checkcoin-chases and seeing photographs of the result.
The currency also supports augmented reality software such as Google Glass which will presumably allow a user to ‘see’ a checkpoint as they travel towards it. The headset will display wallet information and for example how many checkcoins a user has received. This should make it easier and more fun to find checkpoints in areas where holding a mobile phone is problematic.
One can imagine such a scenario involving a mountain or motorbike race around a city which awards users as they race through checkpoints. Or perhaps a climbing game involving checkpoints placed across a mountain offering larger rewards for completing more difficult climbs.
The Checkcoin concept is actually a very old one in cryptocurrency which has been seemingly doing the rounds forever. However, this is the first time it has been brought properly into being. The currency is also the first to be fully GPS integrated and designed primarily for phones and tablets.
The software itself is a standard blockchain-based alt with X11 validation, so its success will largely depend upon whether the fad for finding checkcoins catches on. The project was funded by an ICO that sold 14 million out of 100 million checkcoins. It currently has a market cap of around $100,000 USD.
A worthy investment?
While Checkcoin sounds like a great idea, we have to wonder how secure the GPS checking system is from hacks and exploits. It is not hard to imagine a hacker coming up with a way to fool the system into believing that they have travelled to many places and reaping the rewards. However, the coin is marketed well and backed by a strong company. It is traded on many exchanges and integrated into social networking websites. It may go sky high if it is able to catch the mobility zeitgeist.