Top 10 Q&A questions answered by Lympo CEO Ada Jonuse on July 31, 2018
On July 31, a Q&A session was held on Lympo‘s Telegram channel where CEO Ada Jonuse answered various questions about the company and the recently announced tokenized utility shares program. We have picked out the 10 most interesting questions and answers from the session for you to enjoy.
We also invite you to participate in an AMA (ask me anything) session on Friday, 11:30 AM (GMT +3) with CEO Ada Jonuse on Lympo’s Telegram channel.
Note: some language was changed for clarity.
1. Q: How about the LYM implementation into other apps, like Freeletics, Madbarz and what can we do to help?
A: We are reaching out to many apps that have reward systems in points, for example, and talk with them about integrating LYM. We will reach the markets in a step by step manner, however, it is currently hard to predict the speed.
2. Q: What is the ratio between our LYM token and the new token? Let say I have 1 million LYM, how many new tokens am I going to get? Also, are these new tokens tradable?
A: Hey Dale! This will be specified for all registered users. The new tokens will not be tradable. They will grant you access to the benefits of being a Lympo utility shareholder.
Editor’s note: you may read all about tokenized Lympo utility shares here.
3. Q: Do you have a plan to move the token ecosystem from the Ethereum Network to your own blockchain?
A: Yes, as mentioned earlier, we believe that NEO would be a great protocol.
4. Q: Can you also tell me How are you planning to achieve your goal — stand out off all fitness and health apps with lympo app? I have to say it is nice to see how many great, high level deals you’ve signed already!
A: We are currently one of a very few apps that reward people for exercising with their tokens. This is the main value proposition. Of course, we do this because we believe that this extra motivation will help people to have fun while getting fitter.
5. Q: Another question! What is your idea to ramp up the Lympo community? How are you going to create a critical mass adoption?
A: It is a step by step work. We will start in Dallas, USA, a city where we have great visibility and an incredible partner — the Dallas Mavericks — which will help us a lot. Then we will enter other parts of the US like California, Florida and New York, working with influencers and our business partners, such as gyms, sports events, fitness goods sellers, etc. In Asia, we plan to work via partnerships. We have just closed a deal with OliveX. This is a subsidiary of Animoca Brands, a company that runs the CryptoKitties app in China. OliveX operates in China, Hong Kong, Taiwan and other Asian countries. We believe that this is the best way to address this market.
6. Q: Are there ever any money back for Lympo? On which products? Thank you, Ada
A: We will charge companies for organizing challenges on our app, for listing and selling their products in the marketplace and in the future, we plan to offer premium profiles for our users as well.
7. Q: Does monitoring the wallet affect the amount of shares I receive by the end of the year when I move in or out tokens after August 15?
A: Yes. I mean, if you will have less than the initial amount of tokens at any moment from the snapshot date (August 15), until the distribution date, you will no longer qualify to receive the utility shares. If you had, let’s say, 20,000 LYM at the snapshot time and then less, you will not be eligible for the shares.
8. Q: Hey Ada, I am really impressed with your team, you guys did an amazing job! Could you tell me, based on what qualities did you choose your CTO, CMO, CPO and CSO? And which ones do you think are the most important at this level?
A: For the CTO, obviously, having experience with releasing tech products and tech management skills are crucial. A CTO does not have to be an amazing engineer himself, but he should have worked with various technologies long enough to understand what to use and how and to manage the whole process. Our CMO Gintautas is a new person who showed with his very hard work and constant learning that he will be a worthy team member. I think Gintautas is one of the hardest working people in the team. CPO Marius is also amazing: I met him a while ago and it took me some time to convince him to join Lympo. Marius used to be a professional athlete in the Lithuanian athletics team himself, until he had a trauma. And then he transformed to this amazing IT/web development/marketing professional. He knows the world of sports best and spends a lot of time in the gym. I am happy that Marius is in charge of the product as this combination of qualities is very rare.
9. Q: When will the app be launched?
A: As promised, the test version of the app will be launched on September 9 in the 15,000 runners Vilnius Danske Marathon in Lithuania. These marathon runners will be rewarded with LYM tokens for their efforts! Later on, we will work to improve the app, based on the user feedback and add new functionalities for the full launch in the US.
10. Q: What is the progress in the Baltic states — Estonia, Latvia?
A: The platform to find the best personal trainer — Lympo.lt — is currently planning to enter these new markets later this year. Currently we are in the preparation process.
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