Are you tired of spending so much on fuel costs? Well, you’re not alone. The two Norwegian founders behind FuelPay are, and they want to make sure we never have to pay for fuel again.
Recently, the price of petrol on the international market dropped below zero. It reached -$36. So why is it that we’re still paying so much for gas? Well, the current petrol price is probably only temporary and only caused by reduced communication owing to the novel Coronavirus COVID-19 pandemic.
FuelPay isn’t concerned with the petrol price at all, however. They’ve been working on their solution for years and finally have a working prototype. They’re now raising funds to cover the costs of mass production, servers and ecosystem.
The way FuelPay works is like a regular crypto miner. Except unlike computers that have a regular, steady supply of energy, cars only generate power when burning fuel. So the more fuel you burn, the more power you generate.
Of course, the majority of a car’s energy is used to run the car itself. But if you’ve ever used the cigarette lighter port, you’ll know there’s excess energy there being otherwise wasted.
That’s where FuelPay comes in. You plug it into your car and it automatically starts using your car’s excess energy to mine their proprietary cryptocurrency.
From the FuelPay app on your phone, you can choose your fuel type to make sure your payout accurately reflects your usage. Beyond that, it uses GPS data to determine the distance you’ve crossed and uses “mathematical algorithms” to calculate your costs.
Alright, so how do I get my money?
If you’re wondering where this payout goes, that’s likely the main purpose of the smartphone app. As your crypto wallet, it stores your funds and even converts them automatically into your local currency. You can then load them onto your FuelPay pre-paid Visa card and use them to pay for whatever you want!
That’s right. You’re not limited to spending this money on fuel. The idea is merely to pay you back your fuel costs. You are then free to use that money to buy more fuel, or something else entirely.
Speaking of money, FuelPay has understandably generated a lot of buzz. They’ve raised over $34,000 on Indiegogo, which is several times higher than their original funding goal of $5,500. The device itself costs $200, so it should easily pay for itself fairly quickly.
FuelPay really wants to set itself apart from other cryptocurrencies. They avoid using the term “mining” and instead say “validate transactions of the blockchain”. They even contrasted themselves to Bitcoin, saying the latter requires far more energy to run because it uses older “Pro-of-Work” blockchain technology. As opposed to FuelPay that uses “Prof-of-Stake” allegedly requires the same amount of energy as a light bulb to run.