Shine, the wearable from the former Apple CEO

Following Jawbone, FuelBand, and Fitbit, another wearable device called Shine will be available in Apple Stores this week. On its website, it is described as "the most elegant physical activity tracking device."

The casing of Shine is made from aerospace-grade aluminum, and the 1,560 laser-cut holes around it help make the device waterproof without affecting light penetration. Shine also features a three-axis accelerometer and comes with various bands. The battery is quite durable; according to the website, a single charge can last for four months.

John Sculley, the former CEO of Apple, is the biggest highlight outside of the product itself, now serving as a co-founder of Shine. Shine is a product of the startup Misfit, which successfully raised $8 million in previous rounds of financing from Peter Thiel's Fund and Khosla Ventures.

Wearable devices are expected to spark the next wave of device innovation. Industry observers predict that 500,000 wearable devices will hit the market this year, and possibly 5 million next year. Wearable devices secretly developed by Apple, Microsoft, and Google are all set to enter the market next year.