Online medical service provider Ask The Doctor plans to create a pedometer app that burns Shiba Inu Coin when SHIB holders walk over 10,000 steps.
The company, which added $1.5m worth of SHIB to its balance sheet, follows on from burn projects such as Bigger Entertainment’s Shiba Burn Party which helped the community burn a combined 2 billion SHIB in November.
Planet Crypto spoke to Ask The Doctor’s CEO, Prakash Chand, to learn more about the company’s plans for SHIB.
Burning Calories To Burn SHIB
The Shiba Inu burning pedometer, currently named Steps, will burn SHIB for every user that hits over 10,000 steps in a day, using advertising revenue.
“We have reached out to a few major advertisers who obviously want eyeballs and are willing to pay for them with ad space,” Chand said. “We simply will convert these funds we get - minus expenses - into SHIB and burn them.
Ask The Doctor posted a tweet on December 7 seeking an iOS developer for their pedometer.
As for the reasoning behind the decision, Chand, who bought Bitcoin at $1.07, said the circulating supply is too high. “I get frustrated when people talk about SHIB going to $0.01 - some of these YouTubers don’t understand economics. It just can’t reach there with the supply,” he said.
Much like NOWPayments’s decision to accept SHIB, the community was the driving factor for Ask The Doctor. “I’ve never seen a community in all of crypto rally so quickly, not even Dogecoin,” Chand said. “SHIB doesn’t rely on one individual or celebrity, no matter how big they are. SHIB holders have shown strength in numbers.”
Since accepting SHIB, this community response has not waned, and Ask The Doctor has completed pharma transactions using SHIB. “I never expected this kind of loyalty,” said the CEO.
“As a business, I’ve realised we need the SHIB community more than they need us.”
However, Chand did note that SHIB has room for improvement. “I feel like we have a long way to go to make this a valid form of payment - most importantly in transaction costs and volatility,” he said. This is a sentiment shared by many in the ShibArmy awaiting the launch of Shibarium.
Read More: SHIB Accepted By Crypto Travel Agency
[Image: Usman Yousaf/Unsplash]