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The San Francisco-based dockless bikesharing startup Spin has announced a $30 million ICO for the "Pin Protocol," becoming the latest startup to pivot to the blockchain.Spin is one of the smaller players in the booming bikeshare sector, with $8 million in funding from lead investor Grishin Robotics and 500,000 rides clocked in its 24 markets—compare that to rival Ofo’s reported 10 million bikes spread across 200 cities worldwide and more than $2.5 billion in funding.The ICO for the Pin Protocol, a blockchain-based reputation and rewards system, is scheduled for March. In simple terms, the protocol will incentivize riders to take care of the bikes and leave them in acceptable places (i.e., not in trees or lakes) by awarding Pin tokens, which can be used to pay for rides, at the end of each month for good behavior. The protocol also has built-in arbitration and voting protocols to allow for self-governance among the token's users. While the system's initial use will be with Spin's bikes, the protocol also has higher goals, aiming to offer an alternative to credit scores as a way to measure consumer responsibility.In the short term, the hope is fewer bikes will be left like this:Poor bicycle etiquette has been a growing problem in many cities across the globe where bikesharing has exploded. One reason is a surplus of supply due to competition in the space. Ofo, Mobike and LimeBike— which raised $50 million in October —have distributed thousands of bikes in various cities.According to Spin co-founder and president Euwyn Poon, they've gone overboard, dishing out more bikes than there is demand.Spin, on the other hand, has kept its bike fleet to a modest 12,000 and is "close to profitability."Poon has a history in the blockchain space. His last startup, Delta Financial, raised money from Winklevoss Capital to create interest-bearing bitcoin accounts. So, he says, he isn't just another startup founder with bitcoin fever."We wouldn't do anything unless the product we are creating made sense for us and our users," Poon told PitchBook. "We only decided to pull the trigger when it all started to make sense. We've all seen the crazy stuff, like Bananacoin and others adding blockchain to their name . There is a lot of attention and excitement in the space but I think that the right projects that make sense ultimately will be the ones that prevail.""It's sort of the same as the dot-com era, you will get a lot of excitement but the ones that shine have a real use case."Spin is actually the second dockless bikesharing provider to step into the crypto space: Singapore's oBike will introduce its own digital currency in 2018, per reports from December. It has partnered with blockchain startup Tron to allow riders to accumulate a token, called oCoins, that can be spent on online products from Tron's platform and other digital content.This article has been updated to reflect Spin's new ICO target of $30 million. The previous target was $50 million.