Lympo: Revolutionizing the Global Health Data Industry

nicholas83 (56)in #cryprocurrency • 7 years ago

One of the major problems in the sports and wellness industry has to do with data collection. Reason being; there is not one platform where individuals participating in wellness activities can store their data. Additionally, under the present system, it is not possible for users to monetize their data. The result is that much of the data that is collected is annexed and exploited by large corporations that earn profits from selling the data they collect from their users.

This tends to go unnoticed by the everyday user who merely wants to be healthy. Most people’s lives are defined by 9 to 5 jobs. Throw a family and other responsibilities in there and one understands how taking care of one's health much less keeping tabs on ones data can take a backseat to what might be deemed more pressing issues. For while staying healthy is cheaper in the long run, in the short-term, it can be daunting, especially for the cash strapped individual who has to fork out money for gym membership or the other things that come with maintaining a healthy life style.

Now, Lympo, a blockchain inspired innovation, which just completed a successful ICO is revolutionizing how users interact with their health data. Lympo is solving the aforementioned problem by making it possible for wellness seekers to monetize their health and wellness data.

Founder's Update

What Exactly is Lympo?

How it does what it does, is, in my humble opinion, the more important question. As stated, under the present system, health data is collected on a number of apps and used by corporations to do a number of things:

Improve their services
Cater to the user
Gathered information

While this is good for the collector of the data. This robs the user of agency in the sense that there is absolutely no mechanism by which the user can decide how that data is used, if at all. And as is the case with the organizations that operate under this present system; central control is paramount, and hence corporations keep users’ data and exploit them for their own ends. And of course, the user is short changed because s/he cannot tabulate his/her stats and sell it for a profit.

Lympo operates under a different paradigm, which means it is not circumscribed by these shortcomings. The Lympo ethos is that the data belongs to the user and he/she should exercise power over what happens with it, and that that decision should be accompanied by some sort of compensation.

And so Lympo pays users with Lympo tokens (LYM) for their data. This is principle is built on one of Lympo’s three pillars the Lympo Fitness Wallet, that is used to store one’s coins. In my introduction I mentioned that cost can be a deterrent to pursuing a healthy lifestyle. With LYM, the user can purchase “a host of health and wellness related services and products.” This brings us to the second pillar, the Lympo Marketplace; which reduces the cost of that gym membership, that trip to the chiropractor, or purchasing those supplements. It won’t burn such a big hole in the users’ pocket seeing that LYM eases some of the burdens of the user who is selling his/her data.

Still Compensating

The things mentioned above were proposed before the launch. One assumed that this was the best Lympo could have done re: compensating its users, however, recently, Lympo has sought to up the ante and is now giving a fifth of its shares to token holders. I have dug quite hard to find another organization that is doing this and I was hard pressed to find one; simply because Lympo is the only one.

This 20% distribution of tokens is going a step further than merely compensating token holders. Through this Lympo is strengthening their promise of bringing transparency to a space that has had its fair share of shady characters who fleece unsuspecting clients. The 20% approach mitigates against this because it gives the user more say in how the organization is run. This is where agency meets transparency. As a holder of LYM I know that I have a vested interest in the survival of the company because I have skin in the game. Now, with hundreds of ICOs being released every month, it is easy to become schizophrenic about the number of coin offerings. Plus, if one is not into health and wellness in the first place, it is possible to see token holders offloading tokens as soon as they can if there is no incentive to keep them. Additionally, no holder can own over 1%. The rationale is that it will ensure that no one person can dominate.

Place Lympo Should be Implemented

Making this wonderful innovation accessible to more people is of paramount importance. This is especially at a time when non-communicable diseases are the leading cause of death according to the WHO. The WHO reports that poor lifestyle choices cultivated from childhood is a major culprit. Given this, it would make sense to implement Lympo in educational institutions, as early as junior high school. It might seem far fetched to introduce these products to children, but who better? After all, habits honed at this early age is likely to follow them into adulthood. Of course, logistics and regulations will have to be taken into consideration but this is something Lympo should consider. Furthermore, one does not see this as a hard sell. Telling a teen that they can earn money to supplement their weekly allowance should be an easy sell.

There are also the typical areas like gyms and health food stores. These are great locations. But Lympo should note that places like churches and community centers are locations where people often gather to engage in physical activities. Earning to keep health should be an easy sell.

Privacy and Security

A hallmark of the blockchain is the use of smart contracts. This trustless system is governed by math. Given the choice between human error and that of algorithms is a no-brainer. The blockchain is bullet-proof. Lympo has made this technology accessible to the person seeking health. And in so doing will make the present system of data collection obsolete. Lympo, however, goes further and adds a human element. “To ensure the confidentiality of the data, or prevent data from unauthorized disclosure everything will be encrypted. Lympo will also limit access to the database and conduct periodic checkups and backups.”

VIdeo Summary

The Team

Before investing in any product, it is prudent to VET the team. Having researched these individuals for a second time, I can conclude that this is an all-star one that boasts decades of combined experience. Their expertise is deep and varied. From fitness to technology to finance to communication, they exude a competence that is not only restricted to the blockchain.

An example of their competence lies in their foresight. Presently, Lympo has 500+ fitness professionals, a number that will grow with their expansion into the USA and Australia. This goes hand in hand with their proposal to use “LYM tokens to invest in innovative data-driven companies and hence aid in growing the ecosystem.” Since the launch of their ICO, they have added nine new people and has included an IPO. Again, few others have done this. It shows how serious they are. In addition, Lympo has partnered with Cobinhood a zero fee exchange. They are also listed on gate.io, a top thirty exchange.