Movement App enters the pre-sale stage on the 15th of December. The proposal is to monetize physical exercise and allow people to earn cryptocurrency by walking or running.
The team is developing a mobile app that users can download from AppStore and Google Play. Like many other apps on the market, Movement App will support Smart Watch technology and integration with some of the popular activity tracking wearable gadgets (Fitbit, Google Fit, Apple Watch, Apple Health Kit and others). This type of app is not particularly new on the market. What is particular for it is the integration of an ERC-20 wallet, where users will receive coins and rewards as they move and run.
The team started working on the app at the beginning of the year. They published a whitepaper in October and they intend to have an alpha release in March of next year. The final product is to be released in June of 2018.
The coin behind this ICO is called MOVE and is not a utility coin. Inside the app, users will be able to gain RUN tokens for beating distances. The coin system is quite intricate, as these RUN tokens will be multiplied by the number of MOVE coins they own.
For example – if a user owns zero Move tokens, their multiplier is zero. So if they run the distance of 1Km, they will get 100 RUN coins. If instead the user owns one MOVE token, then they have a multiplier of, let’s say, x0.5, so for the same distance they run they will get 150 RUN coins (please note this is just an example and the numbers stated are quite arbitrary).
This feels a lot like a pay-to-win gamified app for running. The platform distributes these RUN tokens that can eventually be swapped for MOVE coins.
Developers intend to open a shop inside the app where RUN tokens can be swapped for sports gear or for MOVE tokens. At this point, there is no talk of listing the MOVE currency on exchanges and no intention to list RUN.
Maximum number of coins is fixed, issued automatically via Ethereum smart contract (public and available for audit on GitHub). Developers announced there will be no token minting.
On the Movement App website, the team has a more in-depth analysis that offers a glimpse into their long-term expectations. They expect the price to pick up by 2019 to around 2USD per coin and have a steady growth to 18USD by 2022.
Movement app - The ICO
There is a pre-sale for the MovementApp starting December the 15th and ends on December the 25th.
They intend to arise at least 240 000 MOVE coins and as much as 3 072 000. Coins accepted are ether, litecoin and bitcoin. Prices in the pre-ICO stage are as follows:
Prices in the pre-ICO stage are as follows:
The ICO stage starts on February next year and plans to sell 10 000 000 MOVE, at an exchange rate of 1ETH=600 MOVE. During the three weeks of ICO, there are early bird bonuses – week 1: Bonus +20%, week 2: Bonus +10%, week 3: Bonus +5%.
Coins that are not sold during the presale and ICO stage will be burned.
The Movement App team is based in California and comprises of five people:
- Founder Martin Holt
- Cofounder and CTO Robert Hawkins - Intel, Pandora and Movement Feed.
- Engineering lead James Latham – Buzz Feed, Amazon, Microsoft
- Web developer John Yates – Uber and Facebook
- Community manager Rose Harris