Everything You Need To Know About PayID, And What Ripple Aims To Achieve With It Moving Forward

What is PayID?

PayID is a peer-to-peer payments platform that was recently launched by the Open Payments Coalition. The latter comprises more than 40 companies and organizations, and Ripple happens to be a member of the coalition.

Some of the other organizations that are part of the Open Payments Coalition include Brave, Huobi, Mercy Corps., Flutterwave, BitPay, GoPay, and Blockchain.com. These are some of the most notable organizations in the blockchain and cryptocurrency community. The 40-plus organizations have jointly developed and released the platform as their solution through which they plan to improve peer-to-peer payments.

How does PayID work?

Just as its name suggests, PayID is designed to allow users to use a personal ID that can be their phone number, email address, or any other type of identifier. This ID will allow them to send or receive payments securely. Users can also link their ID to their bank accounts, which means that integration into traditional finance systems will be supported for more convenience.

PayID is part of the coalition’s plan to move towards achieving a unified or single global payment network. This will allow anyone to take advantage of the network and its convenience so that they can transact as many times as they would like in a day. This will apply for both small and large transactions. The goal is to ensure that there is no fragmentation between networks, and bridging that gap will eliminate some of the complexities and problems involved in remittance.

Ripple’s PayID is not the same as the PayID banking solution in Australia

The PayID solution developed and recently released by the Open Payments Coalition should not be confused with an Australian banking solution that goes by the same name. The PayID backed by Ripple and other organizations in the Open Payments Coalition, aims to make peer-to-peer payments across the globe easier. The Australian PayID is a banking service that is designed to connect customers between banks. However, some functions are quite similar such as the easy-to-remember ID.

Ripple’s critical role as part of the Open Payments Coalition

The coalition's plan to create a single payment platform that can widely be accepted across the globe sounds like a great idea, but it is also a huge undertaking that will require strategic moves. Having Ripple on board increases the chances of achieving the intended purpose. This is because Ripple has already established itself as a formidable force in the fintech segment thanks to its promising and well-thought-out blockchain-based solutions. Ripple’S On-Demand Liquidity should be a great fit for PayID.

Ripple already has great exposure, especially in the traditional banking and finance segment, where it has teamed up with numerous banks and companies. This means it is in a position to encourage those banks and financial institutions to jump on board with PayID. Ripple's leadership in remittance will also provide strong backing for the coalition, and it will also help to push PayID in the right direction.

What the future could look like if the coalition brings PayID into the mainstream

Based on the aforementioned characteristics of PayID and the Open Payment Coalition’s plan, it is clear to see what kind of potential income the solution may offer. For example, individuals could use their ID to interconnect between payment platforms such as Bitcoin Wallet, Western Union, Paypal, and banks. This would eliminate the need to create multiple accounts if you want to receive money from different platforms. This would deliver a level of remittance efficiency that has not been experienced before.

PayID will work for both fiat currency, and cryptocurrencies as part of an extensive interconnectivity plan. In other words, it presents yet another convenient bridge between the world of fiat and cryptocurrencies. The coalition’s focus on the use of email addresses or phone numbers as one’s ID will also make it easier for users to remember.

Leveraging an open protocol

The coalition has also developed PayID with an open protocol so that it can facilitate easy integration with other companies that may want to get onboard. Companies such as Square and Venmo can join the platform to be a step ahead of the risks associated with closed payment networks such as the ones used by Facebook’s Libra or the WeChat network.

The open protocol will also play a critical role in ensuring that no single company will assume control of the network or even set the terms for being part of the coalition. This move is also aimed at achieving organic growth.

PayID will be integrated into RippleNet

Ripple will integrate PayID into its blockchain network known as RippleNet, and this is a critical part of achieving the intended goal of a secure, cost-efficient, and open global payment network. It also highlights yet another reason why Ripple is the cornerstone of the coalition.

The RippleNet integration will facilitate more interoperability, especially as far as cross-border payments are concerned. Ripple’s vision for the future of cross-border remittance thus aligns with the Open Payments Coalition’s vision for easier payments across the world. It is also part of the ongoing measures aimed to provide more value through the internet.

PayID’s role in the future of money remittance and peer-to-peer payments is quite clear. It is the sharp tool that the coalition will use to sever the metaphorical chains that hold back the remittance industry from achieving its full potential. It also comes at an opportune time when fintech solutions are bringing drastic improvements into the financial industry, which has suffered from huge inefficiencies in the past. The solutions also highlight how the focus has shifted towards delivering more efficiency for the individual user.

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PayID: Sending Quick And Easy Payments In Australia

PayID is a service that is making sending and receiving money fast and straightforward in Australia. In its purest form, it is a piece of information, which can be a mobile number or email address, linked to people’s bank accounts. Once linked, people can hand over the memorable piece of information to other people to enable easy and fast transfer of funds.

Therefore, PayID acts as a replacement to bank accounts that are not easy to memorize, let alone share. If you need to send someone money, all you need is a recipient’s PayID to complete a transaction right from a mobile app of your banking institution.

PayID Genesis

PayID came into being in response to the Reserve Bank of Australia's push to address some of the major pain points that had made it difficult for people and businesses to transfer funds from one financial institution to another in real-time. As the central bank called for financial institutions to collaborate and enable easy and fast transfer of funds, PayID came into being as a brainchild of New Payment Platform .

Likewise, Australians no longer have to look for bank account details to transfer money from one financial institution to another with the new payment system. With a simple PayID, people can now send and receive money electronically regardless of the financial institution involved .

New Payments Platform is the service provider behind PayID. On its part, New Payment Platform is an industry-wide payments platform based in Australia striving to enable fast, flexible, and data-rich payments. It launched the opt-in account service PayID as a scheme for making it easier to share bank accounts in place of BSB and account numbers.

Therefore, PayID is a key capability made possible by New Payments Platform designed to transform how Australian send and receive money. Its primary goal is to enable real-time fund transfers, among other benefits to people, businesses, as well as government departments.

PayID basics

A PayID is not any random number or address. Instead, it is a number or address that is unique to a given user. In this case, it can be a landline or mobile number. Some institutions allow people to set their PayID using Australian Business Number, Australian Company Number, or Australian Registered Scheme Number.

It is also very much possible to create as many PayIDs as possible as long as one can prove to their financial institution that they are the rightful owner of the information. Similarly, one can link different PayIDs to different accounts at different financial institutions. However, one must first check with the financial institution to see which PayID they support.

A financial institution cannot create a PayID on behalf of their clients without consent. A PayID is created upon an account holder in a participating financial institution, making a request.

How It Works

Once a PayID is created and linked to a bank account, all one needs to do, is share it with other people. Any person looking to send money will be able to use the payment ID to do so regardless of whether they bank with a financial institution that supports PayID payments.

Likewise, to send money, all one needs is a recipient’s PayID to use in a mobile banking app or internet banking to complete a transaction. Instead of entering recipients BSB or account details, a PayID will direct payment to the right recipient.

Therefore to send and receive money, all you need to do is register a mobile number or email address as PayID. More than 60 bank and credit unions are part of the New Payment Platform enabling the PayID payments. Some of the notable banks include Commonwealth Bank (Command), National Australia Bank (NAB), and ING.

PayID enhancing Business Transactions

PayID is changing the way firms do business, send, and receive money as part of their day to day operations in Australia. Gone are the days when businesses had to memorize account or BSB numbers when sending invoices out, to complete transactions. With the help of Bpay’s Osko, PayID has enabled real-time payments relieving businesses the burden and hustle of having to wait for days for transactions to go through.

Similarly, customers can also leverage the new payment system to pay for goods and services with ease right from their smartphones. PayID and Osko allow customers to make online payments in real-time while adhering to the highest security measures.

With PayID, there is no risk of payments going to the wrong accounts. Whenever a customer wants to make a payment, the name of the business for which a payment is intended pops up on the screen, allowing users to confirm if it is the right address before pressing the send button.

PayID Benefits

PayID has changed the way people send and receive money by enabling fast payments. Gone are the days when people had to wait for days for payments to be processed. Real-time transactions now continue to fuel the payments and business landscape.

With PayID, gone are the days when people had to search for people’s bank accounts or BSB numbers to send them money. A PayID is all that people across Australia need to send money right from their mobile devices.

The easy to remember PayID means fewer mistakes when it comes to sending money. Likewise, the system comes with some of the highest security measures that ensure people’s money is protected all the time.

A simple registration process is all that stands in the way of people enjoying fast and simple transactions with PayID.

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Everything You Need To Know About China’s New Digital Currency

It has been known for a while now that China has been working on a government-backed digital currency. Some reports published last year suggested that the country was gearing up to launch the digital currency in 2020. The year has been quite disruptive, especially for the Chinese economy and the global economy at large, and this may have sidelined plans for the digital currency. However, new reports suggest that the country is on track for the launch.

Interestingly, China has had a rough relationship with cryptocurrencies in the past, to the extent that the Chinese government banned the trading and mining of cryptocurrencies at some point. Speaking of cryptocurrencies, if you are like most people, you are likely wondering whether the upcoming Chinese digital currency is anything like Bitcoin or altcoins. You are also likely curious as to whether it will be based on blockchain technology. Fortunately, we have some of the information you need to know about the new Chinese digital currency.

What is it, and how will it work?

According to insiders, China will treat the digital currency as a digital version of the country's sovereign currency. It will also be known as the Digital Currency Electronic Payment (DCEP), and its use cases are in its name. This is because the upcoming digital currency will be used to facilitate rapid daily payment activities, including banking activities such as deposits, withdrawals, and payments. All these will be facilitated by a digital wallet through which the people will store and access the digital currency.

The electronic wallet on which the DCEP will be handled will be backed by the People’s Bank of China (PBOC). This will also facilitate the linking of the wallet to a bank card, which Chinese residents can then use for transactions at ATMs or merchant outlets. More importantly, they will also be able to transact through their smartphones.

Will the digital currency replace the fiat Yuan?

The latest information regarding the upcoming Chinese sovereign digital currency suggests that DCEP will be the digital equivalent of the Yuan. This means that the fiat Yuan will remain in operation and will be used for physical transactions, while the DCEP will cater to digital transactions. You will also be able to have the Yuan converted to DCEP on a one to one ratio. The digital currency will also not require users to have a bank account for them to hold the digital currency or conduct transactions with it. This means that the government is focused on encouraging people to use the digital currency.

How will DCEP be different from digital payment platforms like WeChat and AliPay?

Numerous aspects differentiate DCEP from AliPay or WeChat. For example, unlike the two Chinese payment platforms, DCEP will function and allow transactions even if there is no internet connection. This will be possible through the “touch and touch” feature, which will facilitate transactions. For example, if one user wishes to transfer funds to another, they can simply touch their smartphones, similar to how NFC functions to transfer data.

The advantage of this approach, especially for users is that there will be no record of a transfer in a banking system or with third parties, thus facilitating privacy. The approach that the Chinese government aims to take with the new digital currency is one that seeks to introduce more liquidity into the market. The move is also aimed at making it easier for regulatory authorities to monitor the country's financial system and payments. This is because the digital currency will also make it easier to trace cash flow in the economy.

Will the upcoming currency pose a threat to Bitcoin and other cryptocurrencies?

Judging by the above reasons for which the digital currency has been created, it is clear that the goal is not to compete with cryptocurrencies such as Bitcoin. That being said, DCEP will have an advantage over Bitcoin and altcoins when it comes to use cases. The first major advantage is that the country's central bank supports it. It is also the equivalent of a stablecoin that is pegged on the value of a fiat currency.

The fact that DCEP is state-backed also means that adoption will not be an issue. Cryptocurrencies have struggled to gain traction as a means of exchanging value since their introduction. This largely has to do with the fact that most merchants have not widely accepted them. They are also not regulated, thus contributing to their highly volatile prices since they are heavily used for speculative purposes. DCEP will be stable since it will hold the same value as the Yuan. It will also be used to facilitate payment and exchange of value.

The government revealed that the digital currency will be operated on a system with blockchain underpinnings. This means that there are some similarities with cryptocurrencies, such as Bitcoin. DCEP will be backed by blockchain-based services such as asymmetric cryptography and smart contracts. This means that it will be highly secure since the technology is immutable and cannot be hacked. It will also enjoy other blockchain advantages, such as rapid transactions. The system can transact 300,000 DCEP per second. However, it will not be centralized, unlike its cryptocurrency counterparts.

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Taking Advantage Of The Flywheel Effect To Drive Success In Your Business

The flywheel effect is a concept that was introduced in the book “Good to Great,” authored by Jim Collins to describe the process that most successful businesses go through before achieving success. We shall thus focus on how to leverage the flywheel effect to achieve success in your business endeavors. But first, we must understand the concept and the inspiration behind it.

If you are mechanically inclined, then chances are that you know what a flywheel is, but if you are not, then worry not because we are about to get into it. A flywheel, in its basic definition, is usually a round or wheel-shaped device that stores rotational energy efficiently. The concept particularly gives the nod to the old days when trains had a huge flywheel that weighed as much as 2 tons.

Getting the flywheel to rotate required a lot of energy, but once it got going, the rotational energy was used to turn the wheels, thus allowing the train to start moving. This concept is what Collins used to coin the term ‘flywheel effect.’ Starting a successful business can be a daunting task that requires a lot of effort. You have to keep working on it even if there are little to no results at first, but if you keep going, the proverbial flywheel will start turning. Eventually, running the business will become easier and more success will come.

How does one apply the flywheel effect to their business pursuits?

The flywheel effect can be applied in all types of businesses. It can be witnessed in some of the most successful startups in history, such as Airbnb, Tesla, and even Amazon. These are companies that have all achieved unicorn status before going public, and this is what many business people dream of when they commence their startup journey.

The flywheel effect basically sums up the business lifecycle. Building a successful business from scratch requires strategic planning and laying a strong foundation. This usually means having a solid product or service, marketing that service, securing customers, and then selling that product or service to customers. Somewhere along the way are other, more complicated measures aimed at ensuring that the business has a sustainable revenue-generating model and a strategy that allows the product to keep up with competition and remain attractive to customers.

Your business will likely go through a phase where it struggles to break even. This is equivalent to the process of trying to get the flywheel in motion, and it is usually the trickiest or most difficult part of the business process. The moment the business breaks even and starts to generate a profit is called the breakthrough moment, and it is where the wheel starts to turn. The wheel that is your business will continue to turn faster if you keep working on it and will be characterized by more revenue for your business.

Dissecting the flywheel

The above image demonstrates the different stages of how the flywheel effect takes place. It includes the key aspects involved in ensuring that the business moves from the period of not making a profit. It also highlights the all-important buildup that can be equated to the creation of a strong foundation, and then there is the breakthrough point where profits start coming.

The non-profit area of the business flywheel is where the business owner has to line up the dominos. This means raising capital, investing wisely, ensuring proper management, and staying disciplined to the cause. Good leadership is a key factor leading to success.

How to use the flywheel effect in your business

There are several steps involved in the flywheel effect that you should consider to achieve the desired results.

• Evaluate the market place, identify potential opportunities before you commit to an investment, and check which advertising options are available to you.

• Focus on making sure that product advertising results in more sales. You can do this by ensuring that you have a differentiated product that is attractive to the market, thus allowing you to enjoy strong demand.

• Up your advertising game so that your products have exposure, they can also keep up with the competition. Also, consider having a strong campaign structure to help you optimize your reach and increase your chances of success. You can have both manual and automatic campaigns. Remember that a more efficient adverting strategy will boost your conversion ratio and allow you to increase sales rapidly. Buyers cannot purchase what you are selling unless they know about it. The focus should thus be on making sure that your product or service has maximum exposure.

• Be patient with the business, and keep in mind that the profits will not come overnight. It might take some time before you get to the desired level of profits. In the meantime, make sure that you focus on achieving success with the business through activities that will boost sales. Try not to be discouraged if the business is not doing as well as you expect, especially when you start. Remember, the first part of the flywheel effect in business is characterized by a slow start while building up for the eventual success. Expect high costs and negative margins at some point, especially when making sure that the product reaches the consumers.

• Keep track of important metrics that will measure your progress and determine how your business is doing. You can do this through various ratios such as the Return on Ad Spend or ROAS, which shows the ad expenditure vs. ad revenue.

• Closely monitor your ad expenditure and make sure you spend just the right amount on your ad campaign.

• Once you achieve a substantial customer base in your target market, start thinking of how you can expand your reach to other markets. Reaching a wider audience translates to more revenue.

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The Economics Behind Growing Global Pacemaker Market

Technological advancement has made it possible to control abnormal heart rhythms, an abnormality attributed to millions of deaths in yesteryears. Thus, it does not come as a surprise that pacers are the latest masterpieces, fueling one of the fastest-growing segments in the healthcare sector. Pacers, which are simply electrical pulse devices, are at the heart of treating arrhythmias, a condition associated with abnormal rate or rhythm of the heartbeat.

Pacemakers are designed to relieve heart problems that lead to fatigue or fainting. Similarly, they help people with abnormal heart rhythms resume an active lifestyle, by speeding up or slowing heart rhythms. The electrical pulses devices also help control abnormal or fast heart rhythm.

Pacemaker Market Size

Demand for pacemakers to control abnormal heartbeats has been on the rise in recent years due to an increase in sudden cardiac deaths. Doctors are increasingly prescribing the electrical pulses devices to control heart rhythms as the race to arrest cardiac deaths heats up.

According to the World Health Organization, the number of deaths resulting from cardiovascular diseases stood at 17.5 million as of 2012. As much as 40% or 38% of the diseases were caused by coronary disease or stroke due to abnormal heartbeats

The High incidence of and mortality rates associated with cardiac conditions is seen as one of the key drivers behind the strong demand for heart pacers. Likewise, people above 60 years of age have emerged as a target market for the devices as they are prone to chronic disorders such as CVDs.

According to Fortune Business Insights, strong demand for essential electrical devices has given rise to a market growing at a compounded annual growth of 3%. The market for pacemakers was valued at $4.1 billion in 2018.

The market is poised to clock highs of $5.1 billion by 2026 as more people resort to using pacers to monitor and regulate heartbeats. Ease of use, as well as a comfort that some of the devices come with, could explain why they are in high demand as people become more health-conscious when it comes to cardiac matters.

North America continues to account for the biggest share of the global pacers market at more than 30%. This is due to the regions developed healthcare sector as well as the reimbursement sector that makes the devices readily available to patients at affordable costs.

North America also accounts for the biggest share of global pacemakers sales due to higher per capita healthcare spending and increased awareness of advanced technologies. While Europe comes a close second, it is the Asia Pacific, which is expected to exhibit sturdy growth over the next few years. Government initiatives in the region continue to drive free and open markets for the devices.

Pacers Growth Drivers

The development of technologically advanced pacemakers has been a key driver of the global pacemaker market. However, increased approvals are also emerging as a key driver of the market. In the U.S, for instance, the Food and Drug Administration has eased off the regulation process of the devices.

The easing off of the approval process has made it possible for companies to come up with unique products that continue to drive the market. Boston Scientific is one such company that has made impressive strides in the development of one of a kind of pacemakers that have gone a long way in securing regulatory approval.

The Boston-based medical devices company has already secured approval for Ingenio and Advantio Pacemakers launched to match the heartbeats of related patients with few precise activities. The Ingenio pacemaker, for instance, comes with a respiratory rate trend that monitors respiratory activities. The pacemaker also examines heart failure diagnostics, thus improving the patient’s outcomes.

Pacers Products Insights

Implantable pacemakers dominate the global pacemaker market, accounting for more than 50% of total sales. The segment is also expected to experience the most growth as the devices enable normal physiological functioning of the heart with fewer post-operative complications.

Single pacemakers, which involve a single, lead being implanted into one of the heart's chambers, account for the biggest share when it comes to implantable pacemakers. However, dual chambers devices which come with two leads placed in the right atrium are projected to experience the most growth in the implantable pacemaker segment.

Biventricular devices consisting of two or three leads ideal for patients whose hearts lack synchronization are also expected to account for a substantial share of the implantable device segment.

Pricing Challenges

Amidst technological development in the development of heart pacers, pricing is still a big problem. Most of the devices in the market are beyond the reach of most people, seen as one of the reasons curtailing growth in the pacers market.

Most people are able to purchase the electrical pulse devices thanks to insurance plans. Reimbursement for implantations has greatly reduced the financial burden that comes with the purchase of the devices. However, that has not been the case for a large subset of the population, given the lack of such covers.

The cost of a pacemaker can rise to highs of $10,000, which is beyond the reach of most people. Medicare plans in the U.S reimburse as much as $7,500, reducing the overall cost significantly. While reimbursement plans are available in other parts of the world, such as Germany, Canada, and the U.K, the same cannot be said in most countries.

Increased reimbursement plans around the world should make pacemakers relatively cheap for most people's reach. Similarly, this is expected to foster growth in the market, a development that should lead to further growth of the global pacemaker market.

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The Economics Of Fitbit

Fitness is a key focus for many people across as they seek to have more control over their health. This has fueled the demand for technology that helps them monitor their fitness activities more accurately for maximum output. Numerous companies have been taking advantage of this demand by providing wearable fitness devices.

Fitbit is one of the leading companies in the wearable fitness devices segment. The company has earned itself quite a strong reputation in the past few years, thanks to its offerings. It even competes in the same wearable space with other industry juggernauts such as Samsung and Apple, who also have premium fitness devices.

Fitbit devices

Fitbit sells a variety of products, which include the popular Fitbit Ionic and Fitbit Versa, models. The Fitbit Ionic smartwatches are the company’s premium offerings with prices at around $249.95 while the Versa smartwatches are priced slightly lower. The Fitbit watches also come with some fitness and lifestyle features, which means that they can be used for fitness purposes. For example, the fitness devices can measure the wearer’s heart rate, the distance they have walked, the calories burned, and even monitor sleep.

Fitbit also sells fitness trackers that have features that specifically target individuals that want to maximize their workouts with the help of fitness devices. One of the company's most popular offerings in the fitness tracker segment is Fitbit Charge 4, which sells for around $149.95 for the regular version and $169.95 for the special edition. The Fitbit charge 4 is marketed a one if the most advanced fitness trackers. Its battery can last up to 7 days, and it has an in-built GPS.

Some of the other fitness trackers that are less pricey include the Fitness Inspire, which goes for $69.95, the Fitbit Ace 2™ which goes for $69.95, and the Fitbit Inspire HR which costs $99.95. Fitbit has also expanded its product line to include the Fitbit Aria Air, which costs $49.95 and the Fitbit Aria 2, which costs $129.95.

In addition to the devices, Fitbit also offers a variety of wristband accessories, which allows users to customize the look of their devices. The company has also expanded its offerings to include fitness apparel such as performance shirts for both men and women, tank tops, track jackets, and even headbands.

Fitbit Sales

According to Statistica, Fitbit has enjoyed solid sales figures from 2010 to 2019. The company’s sales particularly experienced impressive growth from 2010 to 2014, during which the company went from selling around 60,000 units per year to more than 10 million units annually.

The company’s sales were improved so much that it controlled 35 percent of the wearable device market in 2015. This was thanks to the fact that it managed to secure its position in the market at a time when the demand for wearable devices was skyrocketing. In fact, smartwatches and fitness trackers grew so popular that they took over more than half of the wearable industry sales.

To put the company’s revenue figures into perspective, Fitbit reported its Q1 2019 revenue at $272 million, which was courtesy of a 117% year-over-year increment. This means that year kicked off with a higher demand for wearables than the demand reported in 2018. In comparison, Fitbit’s revenue for the entire 2014 fiscal year was around $300 million. In other words, the 2019 sales revenue for one quarter was almost equal to the revenue the company made for an entire year four years prior.

The company’s revenue has undoubtedly grown over the past few years, and it is an indicator that there has been a growing demand for the company's products. Interestingly, the demand is not just because the company makes good-quality fitness tracking but also because it is a luxury brand that people want to be associated with.

The potential in the fitness industry and Google’s acquisition of Fitbit

Fitbit’s impressive growth and revenue figures over the past few years have demonstrated the impressive potential of the fitness wearables segment. It is an industry that has not yet achieved its full potential and still has a lot of room for growth. Internet and technology giant Google has also noticed the untapped growth potential as well as Fitbit’s growth, and that has largely fueled its decision to acquire the fitness wearables maker.

Google has been eyeing Fitbit since 2017, but it finally announced an acquisition deal in 2019. The tech and internet giant acquired the fitness tracking company for $2.1 billion in a deal that will allow Google to tap into the fitness segment. It will also allow the company to compete more effectively with its main rivals, such as Samsung and Apple, which also have deep roots in the luxury fitness device segment.

The two parties agreed to a deal through which Google acquired Fitbit for $7.35 per share. This was also one of Google's largest acquisitions, and such a big company does not make such buys without knowledge that the fundamentals will support future growth and presence in the industry. In other words, the acquisition highlights the fact that the fitness wearables segment is still expected to continue growing in the future. Major companies are aligning themselves to leverage the growth opportunities that will present themselves.

The segment has continued to advance thanks to the advancement of technologies that make it easier and cheaper for companies such as Fitbit to make efficient wearable devices that are practical and fashion appeal. The next five years will be particularly interesting for the segment, especially with the forecasted growth opportunities.

Other companies are also looking to cash in on that growth, and the competition in the segment is getting intense. Nonetheless, Fitbit and Google are confident that they will be well-positioned to take on the rivals in the highly competitive segment. The acquisition by Google will also provide more resources in terms of capital and technology that will allow Fitbit to become even more formidable. The acquisition will particularly benefit Fitbit because it will get more access to Google's software and data, allowing it to introduce more smart features potentially.

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The $100 Billion Fitness Market Presenting Unique Investing Opportunities

The need to stay fit and healthy has given rise to a multibillion industry growing at an impressive rate every year. As people around the world strive to stay fit and avert lifestyle diseases, the fitness industry has become an important facet driving some of the world's biggest businesses. Likewise, investors are increasingly looking to tap into opportunities that continue to crop up in the nascent industry.

Fitness Market Size

Growing at an impressive 7% rate annually, the global fitness industry is valued at over $100 billion. The robust growth does not come as a surprise given that people are willing to spend thousands of dollars on fitness equipment and workout programs made available by digital apps.

The U.S fitness industry is the largest in the world, accounting for nearly a third of total revenues generated each year. U.S fitness market is estimated at $32 billion growing between 3-4% every year. The market is not only big in terms of revenues generated but also in terms of members joining health and fitness clubs.

Globally there are close to over 180,000 fitness clubs believed to be generating over $80 billion from over 140 million members. In America alone, more than 20% of adults have signed up for fitness club membership underscoring how staying fit has become part of people lifestyle.

Europe plays host to the second-largest fitness market in the world, valued at about $26 billion. The market is believed to be growing at an impressive 4.6% annually, with most of the growth coming from Germany, Britain, and France. The number of fitness club members in the region is believed to be close to $62 million, backed by an annual membership growth of 3.5%.

Emerging Trends in the Fitness Market

One of the key drivers in the health and fitness industry is the emergence of new trends that continue to fuel people’s urge to stay fit. Unlike in the past, where people had to get to the gym and sign up for expensive subscription programs, working out from home and signing up for digital programs on apps has continued to gain traction.

Working-out from Home

Gone are the days when people had to sign up for expensive gym memberships to stay fit and healthy. Working out from home is a new trend in the fitness industry. The emergence of startups with exciting products and solutions that encourage people to work out and stay fit from home continues to grow.

Companies such as Peloton, valued at over 10 billion, continue to spearhead working out from home programs.

Community Gym Work-outs

Community gyms have cropped up in numbers tapping into the growing need for people to work out, a stone throw away from their homes. Community gyms are turning out to be more popular, given the social experiences that people stand to enjoy in these places.

Similarly, the ability to interact with professional fitness instructors also enticed people to sign up for such programs.

Technology Development

Advancements in technology around fitness equipment and programs also continue to offer support to the multibillion fitness industry. While technology has led to the development of unique equipment fueling home workouts, it’s the impact it's having on fitness apps that appears to be driving growth in the fitness market.

Fitness apps have cropped up in numbers making it possible to carry out workouts while on the go and at any time. The apps have solved one of the biggest problems with physical gyms, whereby people had to be in constant contact with gym instructors to work out.

Fitness apps continue to crop up in numbers and charging subscription fees that are relatively cheap compared to gym memberships, conversely drawing in a good number of people looking to stay fit.

Fitness Apps

Whether you are looking for a fitness app to stay motivated while working out or to switch up a working routine, you are sure to be spoilt for choice. Fitness apps are cropping up by the day, all in the effort of enhancing the way people work out regardless of place or time.

The fitness market features a wide variety of apps for people trying to lose weight, gain more muscle, and look to exercise more consistently. Likewise, there are fitness apps designed to push people to higher intensity workouts.

Johnson & Johnson Official 7 Minute Work-out is by far the best fitness app for looking for short workouts. If you are looking for an app that gives you access to workouts on-demand with high-quality instructions, you are better off with Nike Training Club and Shred. Some of the best fitness apps for tracking nutrition include MyFitnessPal, MyPlate, and Noom.

Fitness Market Outlook

The fitness market is projected to grow at an impressive 7% thanks to a rising urban population worldwide. Increasing health consciousness among people should continue to drive the sale of fitness equipment.

In addition, working out from home is poised to be the new thing in the fitness industry. The need to go about work out sessions at any given time will see more people investing in in-house equipment to continue working out from home.

Health awareness programs pushed by the governments is another trend likely to fuel growth in the fitness industry. Governments around the world are under immense pressure to encourage people to stay healthy and fit in a bid to avoid lifestyle diseases and reduce spending on healthcare.

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Tonal Home Gym: The Future For Home Work Outs

If there is one thing COVID-19 has taught us is that the future could as well be about doing everything from home. Companies with game-changing technologies that allow people to stay fit without stepping out of the house are reaping big. Tonal is one such company that is revolutionizing the multi-billion fitness sector by making it possible for people to work out from home.

Tonal is a brainchild of Aly Qarady, who has set out to change the way people lift weights. After struggling with weight issues since childhood, Aly backed by an able team has gone on to establish a series of workouts and equipment for consistent strength training.

Backed by a group of builders, thinkers as well as creators and junkies, the fitness startup has set out to make the world a healthier and happier place. With Tonal fitness equipment and solutions gone are the days when people had to pay thousands of dollars in gym memberships to stay fit.

Tonal Exceptional Fitness Equipment

The integration of smart technology and electromagnetics has allowed Tonal to come up with an electronic resistance system that replaces a good chunk of the equipment found in most gyms. Digital weight machine is at the heart of Tonal ambitions of changing the way people go about weight lifting all in the effort of achieving a lean and fit body.

The digital weight machine has unlocked endless possibilities in addition to enhancing work out sessions. The connected machine is programmed to know what people are doing, responded adequately when one is in stress, and coach people using it.

The patented digital weight system is designed to deliver a smooth weight lifting experience never seen or heard before. It achieves the same by making thousands of calculations to ensure that each action has a desirable impact on the body. With just magnets and electricity, the system can deliver up to 200 pounds of resistance ideal for weight training.

With Tonal equipment, gone are the days when people had rack and rack metal weights all in the effort of achieving a given weight. With the digital weight system, you can lift as much as 200 pounds with a simple machine adjustment.

In this case, you can go for any weights without needing another pair of hands. The machine is designed to detect whenever one is struggling and self-adjusts, thus ensuring that one completes a given set more comfortably. Advanced weight modes in the form of Chains, Eccentric, and Burnoir are also on offer for people looking to unlock new ways of challenging the muscle.

The machine also comes with a six-axis gyroscope that tracks every rep. Bluetooth technology integration makes it possible to turn the digital weight on and off wirelessly. Likewise, the digital weight system leverages advanced technology to eliminate inertia and provide resistance to the entire body. This way, each body part gets worked on, thus ensuring people get the best of each work out more efficiently and effectively.

In addition, Tonal grants people an opportunity to get the most of the equipment by adding dozens of additional movement. All this is achieved by adding smart accessory made up of smart handles as well as a smart bar.

Tonal has sought to differentiate itself from other fitness equipment companies by offering a 24-inch touchscreen display. Connected to the internet, the display allows users to access a wide array of work out exercises. All one has to do is select a program and follow along as an instructor motivates in every step of the workout.

Purchase and Installation

Once a purchase is made, Tonal will have the digital weight machine delivered and installed within two to four weeks. However, given the strong demand as more people resort to working out from home orders, it could take up to 10 weeks to deliver an order.

The machine requires professional installation, one of the reasons why Tonal is currently not shipping out of the U.S. For installation; one needs a 7' x7' floor space and 7' unobstructed wall space with a ceiling height of about 7'10.

In addition, Tonal requires users to have reliable Wi-Fi signal strong enough to stream audio and visual if people are to get the best of the digital eight systems.

Tonal Work out Sessions

Tonal weight machine is like nothing else in the market. It can learn from your body and adapts guidance in real-time, thus ensuring people get the most from each session. Whether you are looking to build muscle or lose weight, the digital weight system is a must-have as it comes with a vast array of programs curated for each session.

Subscribers can choose from hundreds of guided workouts. All you have to do is take a Tonal strength assessment upon creating an account. Tonal will then choose the weight for you. Thanks to advanced technology integration Tonal weight machine automatically adjusts the weights in real-time, thus ensuring people get the most of each work out session. In addition, it is very much possible to create a workout program to make good use of the patented weight machine.

Tonal offers a high degree of convenience and flexibility as people can access workout classes anywhere and anytime. Restrictions on when to work out is a thing of the past with Tonal equipment and solutions, which explains why they are a big hit in the space.

Tonal coaches are always at hand to provide on-screen instructions for every move and program that people undertake with the weight lifting machine. Similarly, the tonal app on offer is always at hand, making it possible to track all the progress made every day and every week. With the app, users can uncover new programs as well as meet new coaches to unlock new work out programs.

Conclusion

Tonal is on the cusp of something big as it continues to revolutionize the fitness sector with its patented digital weight system. The need to work from home presents a perfect business opportunity for the company backed by a proven, patented digital weight system that is changing the way people lift weights.

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Peloton: The Fitness Startup That Is Redefining The Cardio Landscape

Technology advances in recent years have presented opportunities for startups and businesses to thrive in traditional areas by introducing a hot take on things through the incorporation of technology. This is the trend that fitness startup Peloton was able to tap into so that it could leverage massive growth in the past few years and has grown to become a huge business valued at around $4 billion. The fitness sector, in particular, has seen an influx of startups that introduce smart fitness equipment that is connected to the internet. Let us take a look at how Peloton was able to achieve its incredible growth.

What is Peloton?

Peloton is a New York-based fitness startup that was born out of the need to maintain an active and competitive fitness lifestyle, even in the comfort of your home. It was founded by a group of friends back in 2012 after they had a hard time managing to get to the gym to do their favorite workouts. It was then that they realized there was a niche market for fitness products that could help bring the competitive and motivational atmosphere of the gym to the comfort of people’s homes.

Peloton's products include a bike and a trend mill, which are ideal for its target audience (lovers of cardio). However, it is the way they combine the fitness equipment with the power of smart technology and the internet through the Peloton app. What makes the approach work is that Peloton provides a digital instructor through the app and an interface with tools that allow the user to digitally and effectively monitor their workouts. This where the users can digitally monitor their progress.

The monetization process

Peloton makes money through multiple avenues. The first revenue stream is the sale of fitness equipment, which includes bikes and treadmills that are fitted with a tablets that can connect to the internet. The exercise bikes are the flagship product, and each unit costs about $2,245. However, sustaining the sale of such equipment is not easy, especially in a market that has no shortage of gym equipment suppliers. This is where the Peloton app comes in.

The app allows the users to access a variety of workout classes but at a monthly fee of $39. The classes are meant to help users maximize the use of the bike or treadmill and keep users motivated as they keep up with other users digitally. In other words, internet connectivity creates a scenario where people can work out socially even if they are working out from the comfort of their own homes.

People want to work out from home, but many need an instructor to keep them motivated and to make the entire experience more exciting. At the same time, they also want to enjoy the comfort of working from home and at their own schedule. This is why Peloton's strategy works so well because it brings the best of both worlds. Users can get their workout at whatever time that is convenient for them while also getting some guidance through the classes available on the app. They also get to enjoy all that at a competitive monthly fee of just $39, which is notably lower than what they would have to pay for a regular gym membership.

How the Peloton bike and treadmill work

The two types of equipment are similar to the traditional ones that are available at the average gym. However, the difference is that both the bike and the treadmill are fitted with a 22-inch touchscreen tablet that is WIFI-enabled and can stream on-demand or live classes. This is where the social aspect, even when at home, comes in.

The live classes allow the user to connect with friends or like-minded users and even to compete with them. This is the winning formula that Peloton used to achieve success by first making sure that users will be motivated to continue working out even from home. The classes also provide the necessary instructions that help them optimize their workout sessions.

Tapping into the connected fitness sector

Peloton was one of the first fitness companies to venture into the connected fitness experience, it has managed to achieve huge success thanks to its unique approach. The company revealed in its IPO prospectus that it had 511,000 users subscribed to its services by the end of 2019. It also revealed that it managed to retain 95 percent of its user base. The company has so far sold over 550,000 machines

The numbers are a clear indicator that there is a strong demand for this type of internet-connected fitness services. This also worked out well for the company as far as attracting investors is concerned. Other than the focus on gym equipment, the company has also shifted its focus towards fitness accessories. The company also sells fitness shoes called Circuit Runner on its website with options for men and women. The shoes sell for $125 a pair. Peloton also offers other items such as heart rate monitors, workout mats, earbuds, resistance buds, and a few other items that are listed on the company’s website.

Getting investors to jump on board

Peloton managed to achieve its impressive $4 billion valuation thanks to its ability to attract investors who quickly saw the potential in its unique market approach. Fortunately, the approach and the execution proved to be a winning formula, and that allowed the company to achieve impressive growth. The company’s expanding product line is aimed at boosting its revenue, and this has arguably contributed to attracting more investors.

Summary

The idea that Peloton’s founders had to penetrate the fitness sector through a digital approach that takes advantage of the internet created a winning formula. Peloton has been so successful that other startups such as Mirror have also gone down the same road. They introduce a fitness product that is internet-connected to target those who want to maximize their workouts at the comfort of their homes.

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Abstract

Digital assets have the unique ability of fractionalization, while still retaining their intrinsic value. This property enables micropayments to take place. The micropayment is a disruptive technology that enables fractions of value to flow instantly from point A to point B in a transparent and traceable manner. By coupling these micropayments with smart contracts we can evolve the top down monetization models that exist today into something more decentralized.

Web monetization is one area where digital assets coupled with smart contract based micropayments can be applied. Digital assets have enabled a paradigm shift to occur within this space. Micropayments enable an unobtrusive payment mechanism that could, once adopted, remove the ad cluttered content space we exist in today. The traditional web monetization model is centralized, obstructive, and rewards content creators for clickthroughs rather than engagement. New web monetization standards have been built using digital assets that rely on smart contracts and micropayments in a way that will revolutionize the way we consume content. This new model rewards creators for developing value added content as payments are distributed based on engagement. Furthermore, payment streams created by this content are reallocated from the few to the many providing instant value direct to content creators.

Another, perhaps more important application of micropayments in the Web Monetization space could be for conditioning.

Micromotivator intends on applying micropayments to condition human behavior. Our theory is that micropayments will allow for conditioning to occur more efficiently than when applied through traditional means. Furthermore, we theorize that a conditioned behavior will be adopted over a shorter timeframe and with more permanence than when applied through traditional means. Conditioning human behavior through the use of micropayments is the focus of this white paper.

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