Many areas in crypto are saturated with coins attempting to solve the same problems. There are numerous privacy, supply-chain, social platform, energy, decentralized internet, and identity coins/tokens.
This is the fifth article in a continuing series focusing on crypto assets that are entirely unique.
Coming from a health and fitness background, I’ve been waiting since September for a token which focuses on fitness rewards and exercise adherence.
What is it?
“HEALTHY LIFESTYLE ECOSYSTEM POWERED BY USER-GENERATED AND USER-CONTROLLED SPORTS AND WELLNESS DATA” ¹
Lympo is many things.
Lympo is a health data aggregator:
- Allows users to monetize their recorded health data in the form of LYM tokens. Whether it is Facebook or Fitbit, you do not own your data and do not profit from its collection. Health and fitness data is often spread out across multiple platforms, with no incentive for the user to aggregate their data. Lympo aims to be a central point where all health+fitness data is stored, owned by the user. With Lympo, your data is yours. LYM tokens have several uses:
“These tokens can be used to purchase goods and services in a marketplace starting from an existing Lympo platform uniting more than 500 fitness professionals and later expanding to a broad network of sports, wellness and health goods and services providers. Finally, LYM tokens will be used on the Lympo crowdfunding platform to invest in innovative data driven companies in the industry which will contribute to the growth of this new ecosystem.” ¹
- Example of user data generation:
“1. Athletic shoe producer publishes a 5km running challenge.
2. User decides to participate.
3. The agreement is registered.
4. User completes the challenge and submits the app tracking data
5. LYM token rewarded”
Lympo is a marketplace for users, fitness professionals, and businesses:
- Marketplace for users: purchase premium features (health advice, reminders), discounts for supplements, health and fitness products.
- Marketplace for trainers and businesses: purchase enhanced profile options, advertising exposure, and for listing products and services.
- In the future the marketplace will expand with the option to sell your generated data to companies:
“At this later stage, the user-generated data marketplace will open for businesses such as health insurances, research institutions, and big data companies within and outside of the sports and wellness industry that are interested in accessing the data of Lympo digital wallet users. The users will be enabled to decide whom they trust their data to, to know what exactly they are sharing and to earn tokens by doing so.” ¹
Lympo is a health and fitness rewards system:
“ A new boxing club in the city notifies users in this city that a certain number of tokens will be distributed to those attending their first boxing class for beginners. Users check-in to a club location at the specific time using their Lympo account and get LYM reward tokens.” ¹
Sally is working with Joe, her personal trainer. They both agree if Sally goes for a 30 minute walk, three times a week, she will get 100 LYM tokens as a reward. This reward is given automatically via a smart contract:
“The smart contract will lock the reward tokens for a given number of days. After the user reaches training goals specified in the contract, the Lympo Core validates this information, and invokes the call to a smart contract, confirming transfer of the Lympo tokens to the user. If the goals are not met during the agreed time, the tokens will be transferred back to the Lympo platform or the creator of the smart contract depending on the conditions for the specific token reward program.” ¹
Lympo is a crowdfunding platform:
“The third arm of the Lympo ecosystem is a crowdfunding and investment platform allowing LYM token holders to invest in the most promising fitness/wellness/health start-ups which are Great incentives for a healthier lifestyle Data-based management decisions powered by clients’ data 15 reviewed and rated by Lympo ecosystem members who know what the industry needs best. LYM token holders will be able to receive company shares for the tokens contributed.” ¹
With the ability to purchase large amounts of data from LYMPO users, companies have a head start in the collection of data. This provides the company with a lower market entry cost and allows them to have a better understanding of what users need.
- Companies frequently sell user data, sometimes without the users knowledge (Facebook). Giving data back to the user and allowing them to monetize it is a powerful thing.
- Lympo is a self-sustained and aggregated data ecosystem. All in one, all in your hands.
- Exercise adherence is an incredibly complex and difficult problem to solve. Financial incentives are one possible solution. ²
- MASSIVE growth potential. Data recording fitness platforms like Fitbit have seen explosive growth.
Note: These strengths are all contingent on accurate data being uploaded to Lympo. Cheating a common fitness device is as easy is shaking it in your hand. After speaking with a team member, its clear Lympo has no method of determining whether data is accurate or fake.
- Gamification for clients. In any field this helps. Duolingo (levels, gems), Fitbit (step challenges).
- Already has a successfully operating business:
“We also already operate a business, and generate revenue where we currently have 500+ fitness professionals on Lympo.lt and 3000+ professionals on Gympro.com, our partner which offer a client management tool for fitness professionals.” — Private Conversation with Telegram Admin
“Today at Lympo.io I made everyone’s salaries, including mine, public to everyone in the company. That was unusual. Scary. Some people were upset, some lost, some indifferent. In the future, the teams will meet and decide on everyone’s salary within that team together. I want us to shift from the employee/employer to a co-creation model. Everyone in the company should know what they have to do and why and how much value that creates. If there is a lack of skills, our company is ready to help to acquire them. Only strong, independent and creative people willing to learn will thrive in these conditions. And only these people will be able to build a billion dollar company. Does that create or destroy trust within a company? Does truth create or destroy trust in a relationship? I believe in trust based on transparency and truth, and I would not be afraid to hang on the cliff with my team!”
I spoke to an admin in the Lympo Telegram group on the shortcomings I see in the project:
- Fiat on the platform.
“LYM can already be found on a variety of exchanges, where tokens may be converted to USD/EUR. Additionally, on our platform we will start by allowing purchases with fiat as well to get the product going for those unfamiliar with crypto.”
Purchases of LYMP with fiat? Can you withdraw to fiat as well?
“Purchases of LYM with Fiat. = Yes.
You can withdraw your tokens right from the App/Digital Fitness wallet, to an exchange and convert them to Fiat as I mentioned; we already have several listings. (KuCoin, Gate.io, IDEX and Cobinhood), and this is possible with LYM tokens already, prior to the app being launched.”
Considering the target audience is not one that uses exchanges, having to withdraw to an exchange, then to another exchange capable of withdrawing to real USD is quite a lengthy and complicated process. Is this something Lympo has considered?
“We are definitely considering additional options in the future. However it’s important to note a couple things. Firstly, the process is actually quite easy. Many years ago, not very many people used the internet, E-Mail, or Facebook, and these were regarded as ‘lengthly, complicated processes as well’.
There are direct USD Pairings for LYM available on our exchanges, so it is only necessary to use a single one for the entire process, and there are a variety to choose from to suit different individuals.”
The USD pairings are for USD Tether, or are there direct LYMP to fiat?
Of course, I’m not saying these problems should be fixed ASAP. Just looking for your thoughts on if they are problems, and if the team is considering a future solution.
“USD Pairings refer to the fact that within that exchange, you may directly sell LYM for USD; without having to first convert the LYM to ETH for example, making the process quite simple.”
Sidestepped the question of USD vs. USDT. For the average person uninvolved with cryptocurrency, LYM cannot be easily converted to real USD, end of story. Tokens are fun to collect, but LYM will never be more than a collectible token if it can’t be converted to cash. Finding businesses willing to sell items for a highly volatile asset is going to be difficult. Businesses that currently accept cryptocurrency usually accept only BTC or other large marketcap coins. Even so, some companies have stopped accepting Bitcoin.
- No real reason to invest in LYMP, makes much more sense to generate tokens via use of the platform. I think LYMP would be a much stronger if it was a stable token. Clients are interested in financial rewards, not so much in cryptocurrency volatility. One step worth $.01 today and $.008 tomorrow is not ideal.
“Regarding stability, it is indeed important to understand that LYM is a cryptocurrency, and markets are of course affected by supply and demand. That being said we are very confident in our mission to help people live happier, healthier lives, and have structured our token metrics in the best way possible.”
- Physical fitness data can easily be manipulated. Having to purchase a physical device to record data also prevents access to the platform for many.
“Manipulating physical fitness data is not actually easy, at all, in 2018. While there may be some lesser-used apps/trackers that have not updated their tracking software and mechanics, we have already implemented a variety of measures to prevent this, on top of the advancements that have been made in the industry over the past several years.”
This is simply untrue. It is a hardware problem, not a software problem.
- Receiving rewards from a personal trainer requires the user to pay for training services, which is something unaffordable for many.
“Finally, regarding having to pay for training services; With the Lympo App, a user will be able to earn tokens to cover the cost of training services if that is the reward they would like, by completing tasks and challenges.”
Training services are affordable enough that you can earn enough tokens to use them?
“There will be a variety of options on our platform for trainers and services for users to chose what works best for them with regards to price.”
Their roadmap shows plenty of expansion in the years to come. Pretty much gives dates of releases for the above goals of Lympo, as the platform is still under development. Also includes upcoming partnerships. (Page 17) ¹
Competitors, if any:
Dozens of online health and fitness marketplaces. Online personal training. Lympo is quite different than these competitors, but the clients and users are Lympo is competing for are the same.
Ada Jonuse, co-founder, recently disclosed the teams salaries. This is enormous for the crypto community as a whole. This has never been done. The transparency she brings by doing this cannot be understated, and hopefully will encourage other teams and projects to do the same.
With my exercise science background I thought for months on how to create a token that rewards users and boosts exercise adherence. I always ran into the same problems, the most critical being inaccurate tracking of physical fitness. Any fitness tracking device can be manipulated. Put it in the dryer, put it on your dog, give it to a friend who runs 10 miles a day. I wanted desperately to create a fitness rewards token, but realized it wasn’t possible to do given the current state of fitness tracking hardware. It is impossible to get past this problem.
The other major problem was cutting out a segment of the population which needs health and fitness intervention the most: poor people. Requiring fitness trackers or smartphones to use the platform cuts these people out.
Maybe I’m a perfectionist, but I couldn’t conceive a successful future for my idea of a tokenized fitness platform with the above problems. I don’t see how a rewards based platform can work if rewards can easily be faked.
There are dozens of online platforms connecting trainers with clients. Lympo truly stands out and is unique. However without tackling the problem of easily manipulated fitness tracking, I don’t see how it can be successful.
Disclaimer: I was not paid to write this article, currently do not hold any LYM tokens. My thoughts are my own, always DYOR. Not investment advice.