Yes, people. Gone are the days when only professional athletes got paid for breaking sweat and improving personal bests.
Here is the plan for you in a nutshell:
BEAT – a network of companies – uses blockchain technology to “incentivize sports, improve health and with this will hopefully increase the number of heart beats every one of us can enjoy in his or her lifetime”.
Basically they act as a “bridge of trust between sportspersons and sponsors”.
Ow woow wooooow – hold on – what’s blockchain?
A blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. – Wiki
And that’s all I will say about that. Find out more here on this World Economic Forum video:
Umm, you were saying something about getting paid for working out?
Yes, so here is how it works basically:
BEAT – who are they?
BEAT is a network of companies, with a common desire and goal to get you to practice the sports you love even more. You know how they say: ‘ if it sounds too god to be true then it isn’t true’ ? BEAT however, is one of those few exceptions to this rule.
What do I need to do?
All you need to do is create an agreement with a sponsor. In that contract you need to define goals that you will reach together. When you reach those goals, you get rewarded by your sponsor through a trusted third party.
Ok, sponsors, third parties, me. Who else is in this?
The four entities that are involved are you – the sportsman (you), the trusted third party, the beat blockchain, and your sponsor.
Here is BEAT describes all three parties:
“A Trusted Third Party is any legal entity providing infrastructure to capture and verify sports activities reliably and who is willing to extend it in order to fulfill various requirements.”
“A Sportsperson is any private person doing sports. The BEAT Blockchain shall enable this person to store the activity and health data of this person anonymously in an encrypted way in the BEAT Blockchain.”
“A Sponsor is any private, legal or political entity offering targeted rewards for reaching certain health and sport activity goals. “
“The BEAT Blockchain is hosting the activity and health data of the sportsperson, the verification of such data, keeping track of the BEAT Tokens transferred, supporting the offering of BEAT Contracts, their acceptance by the sportsperson as well as the execution of the BEAT Contracts.”
Interesting so far? When I heard about this I jumped straight to their site do know more:
What if I don’t want to be rewarded in tokens?
So you are not interested in getting BEAT tokens as you are not a cryptocurrency kinda guy. That’s ok!
BEAT clearly states in their white paper: “The sponsor and sportsperson can also agree on a reward outside of the BEAT Blockchain”.
So there must be some kind of app thingy to track my activity right?
Not just apps dude! You know what? I am just too excited about BEAT to think straight right now.
Why don’t I just let them tell it to you. Straight from the horse’s mouth:
Now go get it: