Watch video announcement from CEO Ada Jonuse and read top AMA answers
Today, on October 31, Lympo CEO Ada Jonuse announced some news and then an AMA (Ask Me Anything) was held on Lympo’s Telegram channel. We invite you to watch the video and hear the news from Ada herself!
If you missed the AMA, we have selected some of the most interesting questions and answers regarding the company’s future and other topics. Note: some language was changed for clarity.
Q: Are there any initial discussions about partnerships with healthcare providers right now? The roadmap is saying there will be something in Q1 2019.
A: I have recently participated in the Global Blockchain in Healthcare webinar and there we spoke a lot about how we can cooperate with health care providers in the future. We will probably start with physical therapists and gradually work on more and more integrations.
Q: Will those who want to offer health services or training be able to raise funds to start up their careers with Lympo, trough the crowdfunding feature and also sell their services on the Lympo app?
A: Yes. We will definitely start with accepting more and more providers to our marketplace. Gradually, we will integrate more sports goods and then also enable offering services, like personal training and others.
Q: Is Mark Cuban an official investor?
A: No. He is the owner of the Dallas Mavericks team and we cooperate on so many great initiatives with the Mavs team. We will first focus on them. Enabling Dallas Mavs tickets purchase with LYM tokens will be a huge achievement!
Q: Can you share how you’re going to ensure that Lympo app will be adopted by US citizens? What’s the strategy?
A: We are starting a big marketing and PR campaign next month to reach as many users as possible, enabling all our partnerships, organizing competitions, working with fitness and healthy lifestyle influencers. It will be an awesome month!
Q: Have you held discussions with Vitality?
A: Insurances are very very interesting for us. However, we first have to reach a certain level of adoption, add new functionalities to the app, gather more experience before we are ready to target them. Vitality is a great example, we learned a lot from them.
Q: Seen your video with the two updates, both are very important. Take care as you are going to be a mom. But to be honest, I’m sad that you’re leaving the CEO position. I am a big fan of yours. You made me believe in this project. Don’t know what I should do — hold and trust the new CEO or shift to a new project.
A: I believe that we have built something sustainable here and if I did my job right, the team will deliver full speed with me being away for a few months. As mentioned, I will always be there for important strategic decisions, but you know, a CEO alone without a great team is nothing. With Lympo I care more about the company than about myself personally and I am sure that people who will stay in charge will be good for our company!
Q: Any partnerships coming with the Apple watch / Fitbit or Samsung Gear?
A: We are working on allowing more and more integrations on the app. And the mentioned products are on our roadmap.
Q: Congrats on the great news! After the US, where can we expect the app to be available next?
A: We have to see how the U.S. market reacts and we will then work on expanding to more and more countries. We have an amazing partnership in Hong Kong to enable more Asian markets to join and we are currently negotiating this, and the other two natural fit countries are, of course, the UK and Australia. And we have Australian advisors and investors on our team who are keen to see this happen.
Q: What about Brazil? I came around Lympo’s office and did a presentation for the guys there about the size and opportunities the Brazilian market offers.
A: Hey! Nice to hear from you! Yes, we were very impressed. We need more hands to conquer Brazil, so it will have to be a step by step approach. Entering a new market is a very important decision and we will make sure we do enough research before we take that decision. Brazil will be on our map to test potential adoption for sure. It’s a huge market and also a place where healthier lifestyle promotion is very desirable.
Q: Who can join Lympo challenges? Only Lympo staff?
A: Everyone who downloaded our app. It’s currently available in Lithuania and in the U.S., but we have so many smart users from all over the world who manage to download the app no matter their location and we see their activity. That’s very encouraging
Q: Where do you see Lympo in 5, 10, 20 years?
A: I believe that we will have many apps that belong to the Lympo ecosystem and reward people for being healthy and Lympo will become a No 1 place to start a healthy lifestyle, to recover after a surgery (rehabilitation use case), to get a better health insurance offer and just to have fun with your friends and family to inspire everyday fitness activities. We will also be able to issue personalized AI based healthy lifestyle advice and allow people their data ownership and secure data sharing and monetizing on our platform. Lympo = being healthy and smart!
Q: Since we are launching in the US, shouldn’t we be listing on the biggest exchange with the largest US userbase?
A: A good idea indeed! We are looking at all the options that are available and Binance is something that we are very interested in, of course.
Q: You may already know that Binance announced that they’ll donate all listing fees. According to cz, he looks to project not on which one pays high listing fees. He mentioned that you have to put your offer. They will judge by the project. So when do you think to offer on that? Also, I don’t want to offer decent money just for listing…
A: We have filled in all application details long time ago and are updating about our progress. What we hear from the insiders is that the listing fees are still huge, but maybe it’s just a rumour. We hope that having a real use case with a lot of users will definitely make exchanges see our project differently.
Q: Just launch in India, my dear CEO, the app will go viral in no time. I can definitely guarantee it. Let’s bet…
A: I’ve heard good things about the fitness market expanding in India very fast. This looks very positive and we will consider that.
Q: Hi Ada! Could I ask what extras the full app will have compared to the beta version? Will it already be hosted on blockchain (i.e. with real wallets/transactions)?
A: The problem with wallets is not that it is technologically difficult, we have some really good service providers whom we are in contact with and who are ready to implement this any minute. The issue is education. Out of the total of our users probably no more than 3–5% have actually a wallet and understand what you can do with the token. So, we want to increase adoption first which means features like social media sharing, status awards, referral links, more types of challenges, a possibility to compete with other users and similar.
Q: Hmm, but it’s a feature, not a prerequisite to enjoying Lympo :) I think the problem with the main exchanges might be related to the app not being a true dApp. It’s also good for transparency — now we cannot know whether the amount of LYM tokens you reward in the app do not exceed the number of tokens Lympo team has in the pool for this.
A: Yes. As a feature it will be enabled soon, it’s just not the No 1 priority now, but we have it on our midterm roadmap.
Q: Great to hear that, Ada. I actually think that’s a prerequisite when talking about ‘a real use case of cryptos’. Ability to withdraw LYM tokens from the app will attract scammers, who will try to push your anti-cheating security measures. I feel like this hurdle is important to jump over.
A: I share your opinion on this!
Q: So I have been curious about something. When you say 20% of the profits Lympo will do, is this 20% in LYM or $ for those who are utility share holders?
A: Lympo utility shares are a special award for our long-time supporters which include access to our Lympo club including our ambassadors and partners and various gifts and competitions related to that, voting on various Lympo related questions and many more special features. Profit sharing is something that is only enabled by a security token which we are not aiming to release at the moment.
Q: I am more concerned about the problem now. LYM’s attention is not enough. Such as investors. What we can see this month. There are 50 thousand more token addresses. This is a good thing. Because I have always seen the development of LYM in health campaign. Including users. What I am more concerned about is the concern of big institutions or big funds to LYM. There is also a blockchain investor’s interest in LYM. After all, what we can see is that the circulation of LYM has reached 75%. But market capitalization has always been 340 or 360.
A: We concentrate on the real use case of LYM tokens via increasing the number of users of our app and focus on app adoption. Without this we can only artificially try to increase the token value which is not sustainable in the long term and has never been our goal. With crypto markets sliding down all of these months, LYM managed to remain one of the best projects of 2018 (in terms of value in ETH) and we will continue to deliver what we promised.
Q: Any other partnerships or ‘influencers’ in the works, like Boxmining, etc?
A: We are in touch with Boxmining who enjoyed Lympo challenges a lot. He like everyone else in the space wants to see Lympo’s real use cases and we are happy that we can deliver and will be able to challenge Boxmining again on our app!
Q: Is there a plan to expand to Scandinavia? Healthy living is huge in Scandinavia and an app like Lympo would really work well there, I think.
A: We don’t have a roadmap on this now and we are working on a step-by-step expansion. To do everything at once we need to gather more experience first.
Q: What’s the next exchange to list LYM?
A: We have just listed in Coinzest: one of the biggest exchanges in Korea with a LYM-KRW pair, the first fiat pair for us. This is a huge achievement and we will continue to work on more listings.
Q: Looking into the number of US downloads, have you set a specific download objective figure that could be public and which all of us could try to help and achieve? Let’s say 90 days after the launch event… It would create some pressure, but also a success when achieved!
A: We have a target of 100.000 downloads in the upcoming 3 months. But downloads are not our KPI. We want daily active users who enjoy our app constantly, complete challenges and see the real value in it. This is what we aim for.
Q: Will the Squats feature be integrated into the Lympo app?
A: Squats will run as a separate app for now. In the future, people will be able to choose from a variety of Lympo apps and do all kinds of healthy lifestyle challenges.
Q: How much wiggle space financially do you have left to make challenges in the app before new clients start coming? If you run out of tokens for that before you start generating revenue, will you buy tokens in the market? Not trying to say that will happen, just curious about reserves and strategy :)
A: Community empowerment tokens are planned for 3 years with the second portion unlocking end of February. We have a sustainable long-term plan.