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Quoting Inventorspot, "High schoolers Ben Gulak and Jason Morrow, both 18, displayed their vehicle at a recent Intel International Science and Engineering Fair in Albuquerque. Besides being cool, the bike is also green. It produces zero emissions, and the inventors hope it will be used in cities due to its compact size."
My analysis suggests the bike uses information from a triple-axis accelerometer to ensure that it doesn't fall when you lean forward/back on it. In fact, the imbalance caused when you shift your weight is used to turn, accelerate and brake. The concept, although not new, is pretty neat and we can hope to see more applications based on this device. This one application is quite interesting - Remote measurements
This also adds another item to our list of devices with this technology at the heart -