Blockchain is the new buzzword in the world of technology. In a short span of time it has garnered unprecedented level of attention with people from all walks of life and businesses hoping on the bandwagon to get their slice of the proverbial pie. Lympo is another iteration of this revolutionary technology which was formed to specially cater to sports and health industry data.
The usage of health and fitness data for computing and compiling statistics isn’t a novel proposition but for the first time an individual user has been empowered by Lympo to reap monetary benefits by making their fitness aspirations, goals and achievements available to other’s in the industry. This shared data can be distilled, modified or used as it is in a wide range of applications.
What is Lympo?
In a nutshell Lympo is a convergence platform, an ecosystem which harnesses the power of Blockchain to interconnect various stakeholders.
Lympo is comprised of multiple robust tiers each having its distinct functionality:
- At the first tier there’s the mobile app which takes wellness and health goals achievement input from users and rewards their efforts by dispensing LYM or Lympo tokens. These inputs are recorded in Blockchain ledger.
- At second tier is an elaborate and meticulously crafted market place where the accumulated LYM tokens can be expended to obtain health care products and services.
- The third and last tier in Lympo hierarchy is platform which is crowdfunded. This platform showcases the most propitious upcoming startups which are centralized around health and fitness. LYM token holders can scrutinize these startups and invest in them.
Apart from mobile phones Lympo is also works with wearables giving it scalable cross platform functionality.
Blockchain technology powering Lympo:
Lympo has Ethereum Blockchain at its core which is open source, public distributed platform and operating system. Being open source and public further adds to the overall transparency and credibility of the setup. Each user joining Lympo network is segregated according to the scope of their involvement and market standing.
Benefits of Lympo:
- Like mentioned earlier, Lympo empowers owner of the fitness data to benefit monetarily. Before the advent of Lympo, this privilege was reserved for the companies which owned health related apps and in most cases didn’t seek the consent of data owner. With Lympo the consent of the data owner is committed to Blockchain beforehand.
- Dissemination of data to the right recipient is one of the key attributes of Lympo. Lympo ensures that the data which is harvested through its platform makes it way to the rightful recipient and hence is utilized to its maximum potential. Before this there was no tangible reason to share one’s personal fitness aspirations and goal achievements with numerous users on a platform.
- Even though the user data is being disbursed over a wide network and to multiple recipient, the individual user remains the owner of their data and has total authority. This all happens without interruption of data free flow to all stakeholders. The LYM tokens are awarded when owner of the data decides to give access (after due scrutinizing) over the Lympo network.
- Last but certainly not least, Lympo is a viable and very effective marketing platform for businesses associated with the health and wellness industry. Simply initiating a campaign under the company name and dispensing LYM tokens to users to reward completion of mile stones, stages and achievements will broadcast a business name to a vast range of audience. The data obtained from Lympo can also be leveraged to retain clientele by customizing and streamlining products and services exactly to their demand.
Who are the stakeholders in Lympo?
Apart from the individual user, Lympo stakeholders include people associated with the fitness and wellness industry. Personal trainers, wellness coaches, gym, dieticians, nutritionists, physicians, health insurances, data processing companies just to name a few are all participants and recipients.
One of the major concerns when data is being distributed over a network is security. Lympo provides foolproof data security and backup. All to and fro communication from the network is encrypted by latest algorithms and is protected by TLA. The main database containing the records will be regularly backed up and will go through strict scrutiny to ensure data integrity and shield it against breeches. The entire system architecture will be subject to thorough and systemized routine checkups to identify performance bottle necks if any and eradicate any potential bugs.
ICO and current market value
The project ended their ICO for LYM tokens on February 28, and the project raised approximately $16.8 million.
Although the project has been through turboil through the unstable bear market, the project is currently worth $19.6 million, which means that the return for ICO investors so this year is 11%. The token reached its highest valuation at June 1, with a market cap of over $99 million.
How does one become a part of Lympo?
If this article has piqued your interest and enticed you to learn more about the project, or keep up with the development, visit the official website at https://lympo.io.
The website contains a plethora of information and a signup section where you can become a tester and contribute to the development of the product.