Gym Rewards Project
Gym Rewards is a solution that will allow you to get paid just for exercising. The solution consists of a Proof of Exercise system as well as an exchange to bring everyone together. While the GYM Reward ICO token is an Ethereum based token, the app token comes from the Plata blockchain. The app token is essentially minable through PoE. Benefits of using the Plata blockchain include PoE, free contract submissions, and transactions fees that are based on the token instead of the coin.
The idea is to compensate people that are putting in the extra work to take care of their body by paying them in cryptocurrency. It will be the first coin that can be mined with your body instead of through tons of rigs. This way we can keep big dogs with money from collecting all of the coins. It also becomes a great motivator for those that find it difficult to convince themselves to go to the gym. Picture running on the treadmill and accumulating cryptocurrency which can then be exchanged for whatever you like. Burning fat and becoming healthier and earning currency seems like a really good deal.
Tokens are able to be redeemed at gyms that participate or can be traded on exchanges. Another way to earn is to set up events on the GYM Rewards website and collect referrals at the event. 0.5% of their earnings will also go to you. You can also sponsor a gym and earn 0.5% of all cryptocurrency earned through the referrals. This will also continue to produce 0.5% of the cryptocurrency that the referral earns.
GYM Rewards Application
The GYM Rewards application is useful in my ways. It can be used as a cryptocurrency wallet for managing earnings. The application also allows you to monitor your heart rate and log your exercises. Using your geolocation and heart rate, the application will be able to tell how many tokens to reward you with.
Below are some screenshots of the GYM Rewards application provided by GYM Rewards.
Token Sale Information
5% of the coins are for long-term reserve. The team will receive 5% of the tokens. 4% is used initially for bounties and airdrop. The bounty campaign will come to an end on the 15th of May. 10% will be distributed in the token sale. 3% of the coins are for partnerships. Lastly, 73% of the tokens are for mining. There will be a total of 2 billion tokens. The tokens that do not sell during the ICO will be moved to the 73% that is already allocated for mining. The token sale began March 2018.
You can purchase 1 GYM Reward for 0.0001 ETH. The GYM Rewards exchange and merchant services will eventually allow gyms to accept all cryptocurrencies. Gym memberships and other products sold from gyms could potentially be purchased through the exchange with tokens. Another goal for GYM Rewards is to list upcoming ICOs on their exchange.
If you are interested in this ICO, check out their whitepaper.
You can also visit their bounty campaign: https://bountyhive.io/join/GymRewards
Written by: soulstreak @ http://workingcrypto.com