In theory, the FuelPay is as innovative and mildly outrageous as the cryptocurrency-mining room-heater we saw two years ago, but it sounds like a pretty interesting theory, truth be told. Plug a device into your car’s cigarette socket and it uses it as an energy source while your car’s running to mine crypto coins. Those coins connect to a wallet on your phone that converts it into a currency that you can use to pay for fuel or a battery recharge (if you’re driving an EV). The more miles you drive, the more cash you mine, the less you pay for fuel. It sounds pretty good in theory.
Here’s FuelPay’s long explanation. Your car, be it a gasoline-powered one or an electrical one, gives off energy when driven. The FuelPay device uses that energy to validate cryptocurrency transactions in return for a reward. The exact amount rewarded for each individual validation varies – as it is based on a floating reward percentage and the exchange rate of the currency, however that’s where the FuelPay algorithm sorts it out… and although it may not be enough to entirely subsidize your fuel costs, it’s a small yet pretty interesting source of passive income that can be used with the FuelPay Visa debit card you get along with the kit. The setup, which costs $196 for the electric edition, comes with the FuelPay box that connects directly to your car’s cigarette socket and to your phone via Bluetooth, and a FuelPay card that gets topped off as you drive. The device comes in multiple variants, including separate variants for diesel cars, gasoline cars, and even a dedicated Taxi variant.
It’s an interesting setup for a variety of reasons, the most important one being its disrupt-ability. By giving you ‘fuel freedom’, the FuelPay is, quite rudimentarily put, comparable to the sort of freedom you’d associate with using a solar panel to harness energy… also in part because the FuelPay box is powered by a newer, more sustainable blockchain technology that allows each device to run on the same amount of energy as a lightbulb, using a small amount of otherwise untapped energy to make sure consumers don’t shell out too much of their hard-earned money for fuel. Sounds pretty good, doesn’t it?
Designer: Pål Lokøen
FuelPay – Generate Free Fuel
FuelPay generates free fuel for any vehicle, whether it runs on gas, diesel or electricity. Simply plug the FuelPay device into your cigarette socket (or USB) and connect it to a smartphone via Bluetooth. For every mile you travel your fuel costs will then be covered by automatic payments made to your account.
FuelPay works by using a small portion of the energy generated by your vehicle to validate cryptocurrency transactions in return for a reward. The exact amount you’re rewarded for each individual validation varies – as it is based on a floating reward percentage and the exchange rate of the currency – however, their algorithms take care of that. Realtime calculations ensure that for every mile you drive you’ll be generating enough cash to cover your fuel costs.
The money you make is accessed through your FuelPay account and can be instantly converted to cash – meaning you can use this to pay for fuel, or whatever you like, with your FuelPay Visa debit card at over 54 million locations worldwide.
FuelPay uses complex mathematical models and innovative blockchain technology to convert your vehicle’s excess energy into cash, calculating the amount needed to neutralize your fuel costs. But it doesn’t feel like it. This is a product designed to be used by anyone and all you need to do is plug it in. Then, you focus on the driving.
The idea was conceived as the two founders drove to work one day complaining about the high price of fuel. But, the cost of that particular journey was definitely worth it as, by the time they arrived at the office, FuelPay had been born. Over the next two years they turned it into a reality to save people from crippling travel costs and open the roads to all.