Lympo: how does it work? User reward solution description
While Lympo includes three major parts, a user reward mechanism, a marketplace and a crowdfunding platform, rewards for a healthy lifestyle are at the core of the product and will be discussed in detail.
Please take a look at Lympo video first to get idea of the whole project
The Lympo ecosystem will use LYM token as a main facilitator of the user contracts and interactions. The unique user community and collection of the fitness/wellness data gives a wide range of opportunities for smart contracts and data exchange. The Lympo team takes user privacy very seriously, therefore all source code for the smart contracts related to the data exchange, will be fully verified by the Lympo developers. In addition, Lympo core will stay as authorizing entity for the agreements and rewards. Already at this early stage several examples of the smart contracts will be implemented:
Smart Contract — User Reward Program
User reward programs, will be made between the Lympo ecosystem participants, such as trainers/physicians/gyms/sports inventory providers and Lympo digital fitness wallet users. Let us look at a case of a fitness trainer and her client. In order to encourage users to live a healthy lifestyle, the fitness trainer will propose a contract on the Lympo platform, giving specific goals for the end user to achieve. The contract itself will be made using standard user interface. The components of such contract are the following:
- Account of the person/company which is creating a contract
- Account of the end user who will receive the rewards, after reaching the goals
- The amount of Lympo tokens, which will be transferred as a reward
- The detailed description of activities and goals, which needs to be met. This information will be hashed into one string, to limit the size of parameters sent to the smart contract.
The creator of the smart contract will use all the parameters from above and will sign the call to blockchain with his/her password. The smart contract will lock the reward tokens for a given number of days. After the user reaches training goals specified in the contract, the Lympo Core validates this information, and invokes the call to a smart contract, confirming transfer of the Lympo tokens to the user. If the goals are not met during the agreed time, the tokens will be transferred back to the Lympo platform or the creator of the smart contract depending on the conditions for the specific token reward program.
Training package using a Reward Program Smart Contract
The Lympo system will give options for the trainers/physicians to propose training packages, which automatically would include a reward program. The trainers will be free to choose how they advertise their services in the system, but to be competitive, the pricing might contain an option for the user to get back a specific percentage of payment. The implementation of the smart contract is very similar to previously defined model. However, in this case the workflow will have a few additional steps:
Trainer in the Lympo system creates a package to offer a customer. The package contains:
- Trainer services (detailed description)
- Price for a whole package
- The percentage which will be given as reward after goals are achieved
- Conditions to get the reward (similar as specified in the smart contract above)
- Trainer sends this information to the smart contract (signing with his/her blockchain account). Some parts will be set directly (like the price, percentage, etc.). Other details will be hashed into one string and stored in the smart contract as a proof.
- When a user finds a package which he/she wants to purchase, the Lympo system will additionally verify that the information signed by the trainer in the smart contract is correct.
- The user then makes a transaction to the smart contract using Lympo tokens. A part of the tokens is immediately transferred to the trainer’s account, but a specified percentage of them are automatically locked by the smart contract.
Unlocking is similar to the contract defined sabove: after the user reaches training goals specified in the contract, Lympo Core validates this information and invokes the call to a smart contract, confirming transfer of the Lympo tokens back to the user. If the goals are not met during the agreed time, the tokens will be transferred to the trainer.
Smart Contract — Custom reward program for check-ins
Various companies will be able to attract users by creating specific locations where users can receive LYM tokens just for showing up and staying during a specific time. The smart contract will be signed by these companies, and the main goal of it will be to have a specific number of tokens locked for the distribution to the end users. The components of this smart contract would be the following:
1) Account of the person/company which is creating a reward program
2) The amount of Lympo tokens, which will be shared by all participating users as a reward
3) The detailed information on the conditions and rules for sharing the tokens. This information will be hashed into one string, to limit the size of parameters sent to the smart contract.
All conditions related to the reward program will be detailed in the Lympo portal. Participants will use their mobile devices to track their location and will provide this information to the system. Lympo will offer a possibility to issue a security or a QR code to be placed at the location as an additional fraud protection mechanism. After the specified time, the Lympo core will use the information received from users, will calculate the rewards and will send the information to the smart contract per which accounts shall receive tokens.
Smart Contract — Data Access
The smart contract will be created by the data proxy companies in order to reward users, when the fitness data is fetched. The data proxy companies, could create interfaces for various data processing companies, who need such data. This data access contract will be created firstly in the Lympo portal. The user will sign a contract with the data proxy company to share the information. The components for the smart contract are similar to the previously detailed reward program:
- Account of the person/company which is creating a contract
- Account of the end user who will receive the rewards, after authorizing the access
- The amount of Lympo tokens, which will be transferred as a reward
- The detailed description of the agreement: which data will be used, who will get access to it, etc. This information will be hashed into one string, to limit the size of parameters sent to the smart contract.
The creator of the smart contract will use all the parameters above and will sign the call to blockchain with his/her password. The smart contract will lock the reward tokens. After the user inside the Lympo platform gives the authorization to access the data, Lympo core will check if all conditions detailed in the agreement are met. If everything is correct, Lympo core will invoke the call to a smart contract, confirming transfer of the Lympo tokens to the user. The data proxy company will be able to access the user data by using Lympo API and Data Access Engine component.
Find out more about Lympo solution in our whitepaper.
