Former NFL quarterback Tony Romo and Mark Cuban, owner of the Dallas Mavericks. (Photo by Ronald Martinez / Getty Images)
The Dallas Mavericks of the NBA, owned by the serial entrepreneur Mark Cuban, have launched "the nation's first blockchain app" with partner Lympo.
The app, called Lympo, uses a cryptographic token-based incentive platform to reward users for healthier lifestyles. The founders, the CEO of Cuban and Lympo, Patrick Brown, have declared that the app is the first to reward the exercise with a token that has a real monetary value. By leveraging gamification, tokens are distributed when users complete certain challenges on foot and in the race.
The token of the LYM utility is different from a cryptocurrency, like bitcoin, which can be exchanged for fiat currency. Users exchange their LYM token for specific quality sports and fitness products within the Lympo Shop in-app, the "first online store" to accept fitness token payments. Over time, a wider range of health-related products and services will be available in the store, such as personal training sessions, gym memberships, diet and exercise programs, or fashionable workout accessories. The token is based on Ethereum to ensure security and technical stability, which means that its value will fluctuate with variable market conditions such as cryptocurrency movements and traditional currencies.
In a joint statement, Cuban and Brown have defined the free application a "new revolutionary concept in personal well-being and technology".
"Lympo is a perfect tool to motivate people to become healthy and adopt an active lifestyle," said Brown. "By improving the well-being of people around the world and providing tangible incentives through our unique technology, we aim to bring together fitness and wellness communities everywhere."
Although not yet available, Lympo said it is developing the option to synchronize data with various fitness and health trackers to analyze activities and offer personalized health and fitness advice to users. In the end, users will be able to receive tokens in exchange for their fitness data, allowing them to essentially monetize their personal health and fitness information.
Lympo's challenges are offered both by Lympo and by partners such as coaches, wellness brands, influencers and various health, sports and fitness associations. Users can choose which ones they would like to try. When the distance to a challenge is covered, users are rewarded with a predetermined amount of tokens. They can track their LYM quantities through an in-app portfolio and see data like the monetary equivalent of tokens like dollars or euros.
"Lympo aims to make positive changes by taking small steps towards a more active lifestyle," said Cuban. "Lympo does not force you to change your daily habits drastically, but it's a great incentive to get real prizes, like Mavs tickets and equipment, for your fitness efforts."
Lympo is looking for partners to build an ecosystem, promising opportunities for partner companies to increase brand awareness through sponsored challenges. The Mavericks will act as Lympo partners and will create challenges that may be exchanged for Mavericks prizes, such as game tickets and merchandise.
Behind the scenes, Lympo said he is actively collaborating with elite athletes, including world record-breaking champion Andrius Gudžius, and professional tennis player Caroline Wozniacki. At the start of this year, Lympo was the first app to reward users for finishing a marathon in the Vilnius Marathon in Lithuania.