Frequently asked questions

Lympo aims to create an ecosystem powered by user-generated and user-controlled fitness and wellness data allowing the exchange of value through the introduction of LYM utility tokens. Lympo’s goal is a marketplace where data itself is used efficiently by ecosystem members and everyone is rewarded fairly.

The ecosystem is composed of three main parts: 1. The Lympo digital fitness wallet and user reward mechanisms; 2. Lympo marketplace; 3. Lympo crowdfunding and investment platform.

The Lympo digital fitness wallet and user reward mechanism is at the core of the Lympo ecosystem. Lympo fitness wallet functions as an entry to the ecosystem and allows a user to create their profile, fill in their health data and connect it to their favourite sports and health tracking apps. The individual data submitted via Lympo fitness wallet will be accessible to its user and can be viewed or shared by storing a permission on blockchain.

The rewards issued by market players interested in having direct access to Lympo digital fitness wallet users can be of two different types:

•A reward for achieving a healthy lifestyle goal, i.e. running 5 kilometres or following a precise diet and submitting app records to Lympo profile.

• A reward for checking into a particular location for a specified amount of time, i.e. joining a gym class or attending a karate competition.

Lympo team unites passionate entrepreneurs, sports and health professionals and tech talents. Lympo advisory team are experts in tech, marketing, cryptoeconomics, blockchain in healthcare and business and asset management.

The Lympo health wallet will be rolled out in multiple steps. In order to bring the product to the market as soon as possible, Lympo tokens will be first used as utility tokens on the existing Lympo platform to buy online and offline training sessions with the best fitness trainers, including training or any sports coach sessions, consultations by a physical therapist or a dietician. Lympo users will be able to utilise the Lympo fitness wallet to get reward tokens for achieved training goals. As more partners join, Lympo tokens will be used to access a wide range of healthy lifestyle products and services like sports clothes and shoes, healthy food and gyms with a possibility to reward achieved health goals with the help of smart contracts.

A part of the tokens reserved for the ecosystem empowerment will be allocated to Lympo Blockchain for Sports Foundation. The aim of this foundation is to support various sports events and initiatives around the world with the goal to promote Lympo fitness wallet and to encourage a healthy lifestyle.

The foundation board, composed of famous athletes, Lympo partners and leaders in sports communities from various countries, will oversee the foundation activities. Lympo token holders of at least 1,000,000 LYM (the amount will be adjusted in two years based on community vote) will be able to vote on funding proposals. The composition of the board and foundation governing principles will be announced before the Lympo token sale in the first quarter of 2018.

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