Conceptually, the system appears to be very similar to the Social Bicycles model that we wrote about earlier this summer as part of our Insert Coin series, though that US-based prototype includes a u-style lock, for securing the bike to a post or tree.
Our Insert Coin: New Challengers competition takes our long-running series about the most promising crowdfunded hardware and puts it on stage, with live product demos and a competition where your vote and our panel of judges combine forces to pick the best of the best.