GymCoin Review January 24, 2018 – Posted in: Reviews
THE MAIN IDEA/MISSION
GymCoin is aiming to create a reliable global payment solution for the fitness industry and, thereby, solve an important problem of the gym accessibility for those who are travelling. Literally, the platform allows gym users to pay for the fitness training directly via their smartphones with GymCoin, a peer-to-peer, decentralized digital currency. Another aim of the GymCoin is to raise the interest in fitness by improving the industry’s infrastructure.
GymCoin is a solution that is mutually beneficial for both gym users and gym owners. Thus, it allows the users to pay personal trainers directly through their phones and access the gyms wherever they are, including travelling, holidays, or even being in another part of the city. The gym owners who are striving to drive more customers and increase the revenues will also benefit from the GymCoin as they will get an improved fitness infrastructure and the raised interest in fitness in general. All in all, GymCoin will help people start and stay committed to their fitness routines by providing them with an ease of access to over 20,000 gyms worldwide that has never existed before. Here are some of the gyms that GymCoin plans on approaching in order to launch: Virgin Active, Anytime Fitness, Planet Fitness, Fitness First, World Gym, Snap Fitness, PureGym, and others. Only Anytime Fitness has 3,000+ locations worldwide…
USE OF ETHEREUM SMART CONTRACTS AND BLOCKCHAIN
GymCoin makes use of ERC20 contracts, which allows gyms to collect payment via GymCoin on a monthly basis and only charges a fraction of what banks charge. Thus, GymCoin replaces the entire costly payment infrastructure that eats the revenue of gyms and provides them with a method of payment that allows them to keep a much higher percentage of the money they are paid by gym users. Gym users can simply store GymCoin tokens on their mobile devices. Each gym user who acquires GymCoin tokens will be given a unique QR code they can use at any of the partner gyms around the world. The QR code is much safer than the card payments as it will store nothing but the user’s GymCoin tokens and emergency contact info.
GYMCOIN APP FEATURES
GymCoin application will be used created with an intuitive interface that will allow gym users and owners manage their GymCoin through pressing just a few buttons. For example, GymCoin app will have a location feature letting users to find the gym wherever they are. Or, the app will also let the users to send and receive GymCoin to other GymCoin users. The app will be constantly updated and have the exchange rate between GymCoin and membership fees updated.
|Token Name/Ticker||GymCoin (GYM)|
|Price per token||Pre-ICO
Token exchange rate stage 1 (January 25th to January 30th): 1 GYM = $0.10
Token exchange rate stage 2 (January 31st to February 5th): 1 GYM = $0.15
Token exchange rate stage 3 (February 6th to February 10th): 1 GYM = $0.20
Token exchange rate stage 1 (February 11th to February 19th): 1 GYM = $0.20.
Token exchange rate stage 2 (February 20th to February 27th): 1 GYM = $0.30.
Token exchange rate stage 3 (February 28th to March 6th): 1 GYM = $0.40.
|Accepted payment methods||Visa, Mastercard, ETH, BTC, LTC|
|Pre-ICO Dates||January 25th – February 10th, 2018|
|ICO Dates||February 11th – March 6th, 2018|
|Additional Info||GYM tokens will be instantly sent to your private Ethereum ERC-20 wallet after the transaction is received by the smart-contract. The remained/unsold tokens will be stored in escrow for further bonus and affiliate schemes.|
The total supply of GymCoins will be distributed as follows:<
- token sale (15%)
- bonus, bounty and affiliate program (5%)
- the management team and developers (20%)
- additional supply for circulation (60%)
The company has decided that the funds generated from the launch of GymCoin will be reinvested into the certain departments and strategies, such as marketing and advertising (37%), product development (37%), administrative and general (14%), business analytics (11%), and user bonuses (6%).
Kishan Modha, Founder & CEO
Rasim Deveci, Co-Founder & COO
Drs. Hans Koning