Lympo ICO Review
WHAT IS LYMPO?
Lympo is a fitness ecosystem that uses the blockchain technology https://lympo.io/
HOW DOES IT WORK?
Lympo monetizes sport/wellness data generated by the user. The data is gathered in an eco/fair blockchain system that rewards the user either with LYM token which can be used on their platform that offered a good lifestyle for a better tomorrow. The same data can also be used with your family doctor and insurance company to "sustain a truly healthy society".
PROJECT RATING
POSITIVES:
- Unique (current there is only Sweatcoin which based on my research users are not happy with)
- LYM is a utility token, i.e. a token with which you will be able to receive goods and services and spend it within the ecosystem
- It might not solve a problem but definitely it will help build a better tomorrow, lots of people don't have the motivation to go to the gym, and lots of people are afraid jumping into the crypto world, will this solves both, let get rich working out
- There are working on API that is compatible with health and fitness wearables (Fitbit, Samsung Gear, Apple Watch)
- They already have partnerships Gympro.com, a client management tool for fitness trainers with 3000+ users, Smackway.com, a wholesale healthy food marketplace and we recently got backing from a German venture capital firm Insurtech.vc
- The token price right now is 0.02 cents. 1 ETH = 50 000 LYM
- The smart contract that was built for the ICO, it was unbelievable, you send your ETH and you will get your LYM tokens within 15 sec
- Team and community on telegram are very friendly and down to earth
NOT SO POSITIVES:
- 1B total supply (Yes this might stay at 2 cents for a long time but when it catch the train nothing will stop it)
- The token sale there was whitelist with two stages (early access) then pre-public sale which is open to everyone, then a public sale which is also open to everyone
- No KYC required but the terms & conditions stats that user "is responsible for ensuring that he/she complies completely with its own local, national, state or country laws concerning participation in the token sale or/and usage of LYM tokens. Company will not be responsible for any transactions in territories where such activities are deemed illegal."
NEGATIVES
- Major red flag as it was not communicated at the start is https://coinpoker.com/ two ICOs running at the same time, same web layout, with shared team members, so how with they deliver on time?
Justas Kregzde: CTO & Smart Contract Developer at CoinPoker and Smart Contract Lead at Lympo. In his Linkedin account, there is no mention of working with Lympo even though it brought up on the telegram group by one of the investors and admin advised that they will reach out to Justas Kregzde to update his Linkedin, as of today nothing been updated. he is also Project Manager + Mobile Application Developer at TonyBet. Maybe it's just me? Or, maybe he can manage 3 full-time jobs?
WOULD I INVEST?
Yes, I believe in the project (if delivered) will help build a better tomorrow. Also, at 2 cents! IF (big if with long hold) this moon you will be set for life
The token sale is live at https://lympo.io/ 1 ETH = 50 000 LYM. There is no minimum; Maximum contribution is 250 ETH
There is competition in this field. Check out TeamMate and gymformed, both are actually are farther along I feel. They are still in stealth mode. Both are based in Silicon Valley USA. https://www.youtube.com/user/StillW1ll .
That being said, i do not see why Lympo app is an improvement that the already hundreds of other health app's that already exist and provide real discounts and markets; the Under Armor app and 24hr app i use both and love; and they both have features not even listed in lympos whitepaper.
In addition, i am thinking even though the blockchain might be able to solve problems they listed in their whitepaper - i question regardless of their solution on whether it will be HIPPA or EU's insanly restrictive laws compliant. Vital signs even by a fitbit IS health info. In the USA all health data (p23 refercing physician) must legally be transmitted via VPN and encrypted; even having escaped ENCRYPTED data outside your network is illegal - huge fines and requires notices to affected patients (bottom p23 is wrong per HIPPA). Soooo.... this product/feature/app - as stated in the white paper - will never be used inside the US or EU for legal reasons by physicians, health care companies, insurance companies?!
Thoughts???
There are other countries that will allow this and the market is so big for one company to take the hall pie, so why won't they succeed
Submitted.
Not a bad project, but in my opinion it's more promising to invest in Tokengo, there are much better conditions there. Although, if you understand, you can invest a small amount.