I have already been working on similar projects, this one really is the next step of an earlier project. See:
And before we get started, we should have a demonstration of the finished effect (the video is when the bike wasn't yet covered).
I have seen many different attempts to “pimp the ride” by decorating a bicycle with LEDs. Some are better than others. I hope mine falls in on the right side of the scale.
-Programmable: this is based on an Arduino and the WS2118 Chipset. There are an endless number of possibilities that can be implemented.
-Water RESISTANT: The LEDs are covered providing a certain level of weather protection.
-Discrete: The same covering hides a lot of what is going on and from a distance, the bike looks to be unmodified.
-Expandable: Adding sensors (eg: accelerometers, Bluetooth, hall effect sensor) allow to expand the capabilities.