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It's called the Pavlok. It seems to be able to monitor a variety of criteria, some fairly smart.
I think this has the same problem than any kind of self-conditioning. I watched the video and the social community and gaming thing seem actually motivating, but I'm not sure about the punishment because you can always take the wristband off. Maybe there's a commitment and social pressure not to take the wristband off, but ultimately you yourself are responsible for keeping the wristband on your wrist and this is basically self-conditioning. Yvain made a good post about it.
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