

4/10/2018

Gym Rewards is an innovative program that rewards users with Gym Rewards tokens while they exercise at a gym. Gym Rewards gives users an incentive to exercise, the user earns while also improving their health.

I will review the details of the Gym Rewards Whitepaper. The Gym Rewards Initial Coin Offering is ongoing at the time of this writing 4/7/2018.

Let us start with the Executive Summary Statement of the Whitepaper.

“The GYM Rewards project consists of an entire solution to support getting paid for exercising. From the Blockchain that supports Proof of Exercise to the GYM Rewards Exchange for gymnasiums and other partners to come and exchange GYM Tokens and Merchant Services. There is no need to wait for exchanges to support GYM and there is no need to take the risk of getting stuck with useless tokens”

The Executive Summary Statement also makes clear the initial focus of the GYM Rewards program will be large Gyms inside the United States. Partnerships with Large Gyms inside the United States have already been established.

The Gym rewards app will be able to distribute GYM tokens inside the app to Gym Reward users that have completed exercise task.

The Gym Rewards Project Scope.

The image above is from the Gym Rewards Whitepaper. It list 5 key components of the Gym Rewards System.

1. Blockchain

2. Mining App

3. Gym Partnerships

4. Gym Rewards Exchange

5. Insurance Company Partnerships

We will review each component starting with the Blockchain.

Plata Blockchain

You may know the GYM token offered during the ICO is an ERC-20 token native to the Ethereum Network. In an interesting twist, the Blockchain that will be used in the Gym Rewards System is not Ethereum, but an Ethereum fork named “Plata”.

The Whitepaper details the reasons for using the Plata Blockchain instead of the Ethereum Blockchain. The GYM token on the Plata Network will reward users with “Proof of Exercise Mining”. This is not possible on the Ethereum network.

This will result in two types of GYM tokens. The ERC-20 token native GYM token purchased in the Initial Coin Offering, and a Plata Based GYM token used in the Gym Rewards System.

Mining App

Using the Gym Reward app the smart contact reward system will be activated when the user is inside a Gym participating in the Gym Rewards Program.

Once the Apps geolocation feature has established and the user is in a participating GYM “Proof of Exercise Mining” can begin.

The white paper gives details on the number of Gym tokens that can be earned with excise.

Running 10 minutes: .1666667 GYMs per Minute

Running 1 hour: 10 GYMs per hour

Source – GYM rewards Whitepaper.

The Gym Rewards app will give users the ability to track their exercise, improve their health and get paid to do so. This will be a powerful incentive to improve health.

Rewards will be paid to users inside the Gym Rewards App in Plata Based Gym Reward Tokens.

Gym Rewards Exchange

The Gym Reward Exchange serves a key function inside the Gym Rewards system. Plata GYM tokens can be exchanged for Ethereum GYM Tokens on a 1 for 1 basis. Plata GYM tokens can also be exchanged for Bitcoin or Ethereum. The Gym Rewards team also has opened the exchange to other Initial Coin Offerings. New ICO tokens will also be traded on the exchange. Gym Rewards users will be able to access the exchange from their app, with zero trading fees. Users will also be able to pay for the Gym fees with Plata tokens earned by exercise.

Gym Partnerships

As of the date of this writing, no Partnerships are listed in the Whitepaper. In my opinion, major Gym chains will line up to get their locations entered into the Gym Rewards program. In the very competitive US Gym membership market any product that brings in new members is welcome.

Insurance Company Partnerships

No details are listed in the Whitepaper. Health insurance companies inside the United States have expressed interest using Blockchain technology to reward members for exercise.

In closing the Gym Rewards Whitepaper is well thought out and is a solid blueprint for success.

The Gym Rewards Team Management Team:

Jose Barrales Co-Founder

Carmelo M. Sanchez Co-Founder

Yuzzel Alexis Dominguez Martinez – Lead Developer

Gym Rewards Website

Written by: icomasterether

Bountyhive.io ID:icomasterether

copyright: icomasterether.com