Cryptocurrencies are a booming market with more people getting in on the action every day. However, generating a profit from them requires extensive knowledge on market analysis and trading, creating the need to understand complex concepts and terms that are new to experienced investors, let alone someone who’s never done so before. However, GYM Rewards is a new platform that’s looking to promote both cryptocurrency investment and a healthy lifestyle, creating the first way to mine cryptocurrency with your body.
Have you ever dreamed of getting paid for exercising?
GYM Rewards is an app that looks to make cryptocurrency mining and healthy lifestyles synonyms. They’ve done so by creating what’s called Proof of Exercise mining, which is something we’ll evaluate soon enough.
To achieve this, GYM Rewards has formed partnerships with some of the most notable gyms in the US, and it’s expecting other countries to follow suit. Additionally, the app is powered by an Ethereum contract and token that helps improve the efficiency of the platform and ensure accessibility to its benefits.
To give you an idea of how this platform will work, we’ll proceed to evaluate several points related to both cryptocurrencies in general and the specifics of the project.
So, join us and learn how to mine cryptocurrency with your body.
What Is Mining?
Seeing you came here to know about a new blockchain platform, we’ll skip right past the basics of what a blockchain is. That is to jump straight into what GYM Rewards is all about.
Mining is the process where transactions are recorded into the blockchain; you may already know this. However, mining is also what earns people freshly generated coins. That’s what GYM Rewards based its platform off, to make it possible for you to get paid for exercising with cryptocurrencies.
How Does Mining Work?
Now, we’ll get a little more technical.
A miner is tasked, specifically, to find new blocks for transactions to be logged into. They do this by solving complex equations and giving proof of the legitimacy of said operations.
Traditionally, miners dedicate their equipment to solve those equations so they can find blocks continually. Each time a new block is uncovered, the miner proceeds to record into it. We know this generates income for them through the fees charged for prioritising some transactions over the rest.
However, miners also generate new coins from block discovery, which are set by code to be directed towards whoever discovered said block. That is where GYM Rewards comes into play.
Proof Of What?
Since legitimacy is what validates trades and provides with, well, proof that the miner has done their job, the methods for crypto-mining are called “Proof of [Something]”.
The most popular ones are Proof of Work (PoW) and Proof of Stake (PoS).
On the one hand, we have PoW. It is the “traditional” mining method where miners dedicate their computing power to feed the blockchain and this, in turn, gives proof of the fact that they’re working.
PoS, on the other side of the spectrum, refers to the act of staking or “ageing” coins. Here, miners lock their coins with a unique function on their wallets. Once secured, the coins must remain that way and not be spent. The longer the staking, the higher the rewards.
However, GYM Rewards is looking to introduce a new concept, Proof of Exercise, exclusive to its platform, which we shall evaluate now, to teach you how you can mine cryptocurrency with your body or, in other words, get paid for exercising.
The GYM Reward App and Token.
GYM Rewards, as previously stated, has partnered with some of the leading gyms in the US and comes in the form of an app which functions similarly to heart rate apps that monitor your physical performance. The thing is, said tracking is done to give the aforementioned Proof of Exercise.
The Proof of Exercise works by detecting when an app user is located in one of the supported gyms. Then, it proceeds to monitor heartbeats to provide the Proof of Exercise and give out the mining rewards after a determined time of work is met.
To make this possible, the app is divided into three parts:
- A heart rate monitor, to provide the evidence of your work.
- An exercise log, to help you evaluate and program your routines.
- And a cryptocurrency wallet, so you can keep the tokens you’ve earned.
Additionally, the options available to you for mining cryptocurrencies with your body are also divided into three:
- GYM Rewards Through Your Gym.
The standard use of the app and the easiest way to get paid for exercising. This option just requires you to visit your local gym (if it’s partnered with the app) and start up the app.
All you’ll need is to acquire the GYM Rewards app and start the heart rate monitor.
- GYM Rewards for Events.
You can become an event manager and submit events to the GYM Rewards website and try to get it approved. Once done so, you may promote it and get participants to download the app through a referral mechanism which will register as your referenced and earn you 0.5% of their earned cryptocurrency from the event.
- Submitting Local Gyms.
Additionally, you can register your local gym into the GYM Rewards platform and become a sponsor for it. That will entitle you to a percentage of all earnings made inside the gym.
That is done in the same way as the previous method.
The GYM Token is an ERC20 token, which means it can be stored in MyEtherWallet and other wallets which support this model of coins. It will be used to pay for fees and users can trade it for other cryptocurrencies.
To finish funding for the platform, GYM Rewards is launching an Initial Coin Offering. Advantages include distribution of transaction fees among investors.
10% of the coins will be assigned to the ICO at an exchange rate of 1 GYM per 0.0001 ETH.
We would greatly appreciate it if you can Use Our Referral Code to Purchase Your GYM Tokens: BTCUpload
Claim your Share of GYM Tokens: GYMRewards.io
Join GYM Rewards Bounty Program: https://bountyhive.io/join/GymRewards