GYM Ledger: Cryptocurrency mining meets wearable health technology

Health and fitness has become one of the main areas of application for wearable technology. With the help of IoT devices, individuals who wish to lead healthier lives have received access to reliable up-to-date metrics, including heart rate, calorie burn and level of physical activity. But knowing the information about your medical status is only half the battle. Finding motivation to act on it consistently can be a challenge in and of itself, but without it, having all those those stats would prove nearly useless.

https://gymledger.com/main-html/

GYM Rewards, LLC has developed an app that would allow its users to mine tokens through exercise. The next step in this project, GYM Ledger, will upgrade this solution by adding a sophisticated product consisting of an IoT health band feeding data to the GYM Rewards app and an integrated multi-currency hardware wallet. Users will be able to use their mined tokens to purchase fitness products through a specialised e-commerce platform.

How will GYM Ledger reward you for exercising?

The GYM Ledger device will monitor a wide spectrum of fitness stats, including heartbeat rate, blood pressure, calorie burning and the level of physical activity, syncing it with other devices and providing suggestions of the optimisation of workout routines. On top of that, it will upload this data to the GYM Rewards App, which will use a “proof-of-exercise” algorithm to provide users with GYM EOS tokens based on their heartbeat, geolocation data confirming movements and the calories burned. Existing wearable devices that track those stats could be, and currently are, used for mining as well. GYM's mining algorithm will be based on a proof-of-work model, but the system as a whole will rely on the EOS blockchain and its delegated proof-of-stake algorithm to support transactions. The GYM Rewards App may be used to manage mining and join mining pools, including those for other currencies. Users could increase the GYM EOS reward size by up to 20% by staking a certain amount of GYM Ledger (LGR) tokens.

LGR, GYM EOS and the previously-issued GYM ERC20 tokens could all be swapped for each other or used to buy fitness goods and services in the GYM Marketplace. Its offerings will include sportswear, protein shakes, gym membership plans and GYM Ledger devices. Participants in the LGR token sale that acquire an amount of tokens equal in size to 1 ETH would receive GYM Ledgers for free. GYM Ledger's health band will also function as a secure hardware wallet that could store and manage all of GYM Rewards' cryptocurrencies, as well as several others. To access the currencies kept within, the owner would simply need to plug it into a computer or phone.

What are the advantages of GYM Ledger?

GYM Ledger creates tangible incentives for people to earn and spend money through taking better care of their bodies. This helps construct a viable and coherent ecosystem that may some day grow to include all parts of the health and fitness sphere. Its device conveniently combines multiple functions, including mining and secure storage of cryptocurrencies and fitness-related tracking and suggestions. As a result, the project should find it relatively easy to tap into two currents of popular enthusiasm for technological innovation: those related to cryptocurrencies and to IoT-powered healthcare.

GYM Rewards has been partially funded through a previous ICO. Since then, the app was developed successfully and launched earlier this year. Like the previous project, GYM Ledger is being worked on by a team of business professionals and developers with an emerging track record of success. They are working with several prominent exchanges to allow all of their tokens to be traded before the creation of an internal exchange. Influencer marketing methods will be used to reach out to a broader audience.

https://gymledger.com/main-html/

Token sale details

A steadily advancing fitness product

While GYM Ledger has a very broad offering, its main attraction is that of being paid for leading an active lifestyle. This is a promising angle, both for fitness advocacy and for marketing a product. Together with its hardware cryptocurrency wallet functionality, this may just let GYM Ledger compete effectively with both other wearable healthcare devices and other hardware wallets - assuming that the technology holds up.

Although GYM Ledger suffers from somewhat messy and confusing, or sometimes lacking, documentation, this is partly compensated by existing results that speak for themselves. It may be assumed that it has learned from past successes and setbacks. Of course, it is hard to tell for now whether its device will find that many buyers, and whether it will turn out to be worth it. But the company has shown its persistence and readiness to settle down for the long haul, gradually scaling its product into something bigger. If it succeeds, it may usher in a new era for wearable healthcare.

Links:

Website: https://gymledger.com/main-html/
WhitePaper: https://adobe.ly/2Pn29aJ
Telegram: https://t.me/gymrewards
Facebook: https://www.facebook.com/gymrewards.io/
Twitter: https://twitter.com/GymRewards/
Medium: https://medium.com/@gymrewards
ANN: https://bitcointalk.org/index.php?topic=5039138.0
Author: https://bitcointalk.org/index.php?action=profile;u=980049

Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.