In case you haven’t stumbled across Lympo yet, it is a blockchain-based project that aims to monetize sports and health data. It is a highly valued asset for both individuals and professionals in sports, health, and wellness industries. Yet, to this day, there hasn’t been a smart solution for fairly rewarding the owners and gatherers of the information. Lympo’s goal is to fix this problem by creating an ecosystem, consisting of digital fitness wallet, own utility tokens (LYM), and crowdfunding platform. App users will thus be rewarded for achieving their goals. Tokens then can be used in the marketplace to buy lifestyle goods and services, including consultations of professional fitness trainers. By now, Lympo has already closed their pre-sale and achieved their hard cap of 5.5 million USD. Here, we take a slightly deeper into Lympo:
The Problem Of Mobile Health
It is estimated that by 2020, the market size of digital health will surpass 2 billion USD. In 2016, there were 3.2 billion downloads of mHealth apps. More than half of smartphone owners gather – and store – some sort of health-related data on their devices. So where is the problem, you may ask. It is the ownership, or lack of, therefore, of the data. Technically, the data belongs to the person who gathered it. Yet, it is commonly used by the companies that have created these products. World Economic Forum has classified health-related data as one of the most expensive assets, thus owners of it should be rewarded fairly for sharing it. To fix this problem, Lympo has come up with a system that will allow users to really own their data. The app users will know that their information is being used by the third parties. Yet, they will simultaneously get their fair share for it.
Health And Blockchain
Health-related data is not only highly valuable – it is also very sensitive. Disclosing such personal information is not something most of us would volunteer to do – even if we get paid for it. Blockchain, on the other hand, is praised for its safety and anonymity. That is why the founders of Lympo have decided to base their project around blockchain. There is no central authority to control the information (or possible breach the privacy). End-to-end encryption ensures that any interaction is safely achievable without previously established trust between parties. Blockchain-based smart contracts will allow for assurance that all the previously agreed upon conditions are met. Because of recent data protection regulations, the sensitive information will not be stored on the blockchain. Alternatively, it will allow to effectively deliver payments and permissions to dispose the data. It is also worth noting that such technology will allow the health-related data usage beyond the mHealth app. Sources might expand to hospitals, clinics, and doctors that tend to have plenty of electronic medical records.
What Will Lympo Do
Having acknowledged all the problems, Lympo offers a solution for them: the Lympo ecosystem. Powered by user-generated and user-controlled fitness and wellness data, Lympo will allow the exchange of value through the introduction of LYM utility tokens. Lympo’s digital fitness wallet will act as the core of the whole system, providing access to it as well as allowing to collect the rewards. LYM will be used as a currency on the platform for purchasing goods and services. The tokens will also be needed for the crowdfunding platform, orchestrated for investing into innovative data-driven companies of the industry. Uniting companies and individuals in such manner will allow to create a big and constantly expanding, ecosystem.
Lympo: The Action Plan
Unlike many ICOs, Lympo has a clear action plan to achieve its goals. What matters even more, it is already being executed successfully, thus showing that the company is on the right track. Having started the development in the late 2016, Lympo has already launched the platform MVP, which you can find at www.lympo.io. However, the true milestone, and proof that Lympo is on the right track, was the pre-sale. It has quickly sold out, reaching the hard cap of 5.5 million USD. This is a clear indicator that Lympo’s idea is widely accepted by the public and shows the demand for the service. The professional team behind the company, together with experienced advisors, is a confident assurance that this ICO will be highly successful and longevous.
Lympo token sale starts 17th February at 4.30 PM Indian Time.
Note - This is not a Financial advice. Please DYOR before investing 🙂
Personal Disclaimer: I participated in the presales.
Affiliate Disclaimer: The post contains affiliate link and the author or Bharatafinance may earn a small commission.