Ofo users in Singapore have noticed a new feature in their ofo app on 28th March. This appears to be part of their ‘Ride to Mine’ campaign, where users will be rewarded tokens upon completion of their rides, with the project being based on the blockchain technology.
Here are a few screenshots from the ofo Singapore app. As illustrated, ofo users will receive GSE tokens by riding, and are able to use these tokens in different scenarios within the broader sharing economy or trade with other tokens in the near future.
This will not be the first time where ofo attempts to venture into blockchain technology projects.
According to Li Xiaolai, self-proclaimed “richest Chinese in Bitcoin”, who disclosed in a WeChat group that ofo seems to be preparing for an ICO. Subsequently, Chen Weixing, who is in the same WeChat group, stated that ofo has discussed with him on numerous occasions pertaining to the best practices to conduct blockchain trials. It was later confirmed that ofo never considered an ICO and simply wanted to use blockchain and token to design new production relations.
Referencing the above information, ofo’s venture into blockchain appears to be true. They have chosen to do a trial run in Singapore because the blockchain technology environment there is more flexible. Combining the concept of sharing economy with blockchain also allows ofo to be more competitive and ambitious in its long-term business plan.