There are things you don't need but are fun to use, build, and learn.
Yet another LED blinker (YALB). There are so many LED blinking projects out there, why another boring blinker? This is a different one. At least, it has more LEDs (32 RGB-LEDs ) than an average blinker and the LEDs are controlled in real time (reaction time less than 270 μs to switch 96 LEDs). But there are more technical concepts to explore. I2C communication between main MCU and peripherals (pressure meter, accelerometer). Asynchronous serial communication between main MCU and the bluetooth subsystem. USB serial communication (terminal console) for testing purposes. Applied low power techniques (control and charging LiPol battery, real time clock, wake up through motion detection). Definitely a good project to learn how embedded systems work.
The project name Velo Bling-Bling consists of Velo (bicycle in French/Swiss or velocity in English) and Bling-Bling (flashy, ostentatious, or elaborate jewelry and ornamented accessories).
The first project name (working title) was eWheel. The e stands for Euler:
See also on Hackster.
Cool video on youtube Building a replica of the Velo Bling-Bling (Bicycle POV DIY project) from Dmitry Pakhomenko.
Highlights
Built in cyclocomputer, w/ pressure altimeter
Configuration via Bluetooth Low Energy (BLE, Bluetooth 4.0) by Smartphone (Android 4.4+, iPhone)