GoMineWorld is a wrist-based wearable that rewards you with tokens in exchange for traveling a certain distance. Find out how it works today in our GMW review.
What is GoMineWorld?
GoMineWorld is a wearable fitness tracker. The tracker conveys information about the distance traveled to the decentralized GoMineWorld servers, then charges a proportional number of tokens to the account of the owner of the bracelet.
There are two versions of the bracelets, including GMW and GMW PRO.
Ultimately, GoMineWorld is a set of fitness trackers that can transmit information to a decentralized, blockchain-based network, then reward you with tokens based no your activity.
The ICO for GMW began in October. As a GoMineWorld token holder, you’ll receive 50% of the profit from each sold bracelet (proportional to the number of tokens you hold).
GoMineWorld offers all of the following features:
Heart Rate: Monitors your heart rate 24 hours a day, then provides detailed heart rate data to help improve your health status.
Activities: Tracks daily activities, tracks exercise in real-time, measures progress, and tracks calorie consumption.
Automatic Sleep Monitor and Alarm: The GoMineWorld fitness tracker monitors deep sleep, light sleep, and wake time data. It also wakes you up at the best possible time of the morning, based on your sleep cycles.
Earn Tokens: Obviously, a number of fitness trackers have the same features mentioned above. The ability to earn tokens is what makes GoMineWorld different. GoMineWorld lets users earn tokens based on their distance traveled. This data is sent to the decentralized GoMineWorld network. Then, a proportional number of tokens are charged to the account of the person.
Call Alerts: GoMineWorld will display the caller’s name or caller ID on its OLED screen.
Remote Camera Controls: GoMineWorld doesn’t have a camera of its own. However, you can remotely control la camera by lifting your wrist 90 degrees, then pressing the device key.
What Problems Does GoMineWorld Seek to Solve?
GoMineWorld is primarily designed as a way to motivate people to move, reducing the risks of a sedentary lifestyle.
The other problem GoMineWorld seeks to solve is the lack of mass adoption of cryptocurrency. Despite the significant successes of the crypto world, most people do not currently use cryptocurrencies. GoMineWorld will put cryptocurrencies in the hands of users, encouraging mass adoption of other cryptocurrencies.
GoMineWorld Tech Specs
There will be two versions of the GoMineWorld bracelet, including GMW and GMW PRO. Here’s a brief overview of the tech specs for both:
- Supported Operating Systems: Android, iOS, Windows Phone, and OS X
- Material: Silicone
- Connectivity: Bluetooth 4.0
- Monitoring: Distance and time
- Sensors: Accelerometer
- Battery: Lithium polymer
- Battery Life: 168 hours to 180 hours
- Charging Time: 120 minutes
- Charger Type: USB
Meanwhile, the Pro version of GoMineWorld comes with a mobile chip that supports GSM (850/900/1800/1900) and UMTS/HSPA+ (850/1700/1900/2100). The Pro version can also be used independently of your smartphone, while the original GoMineWorld requires constant smartphone pairing. The Pro also has slightly longer battery life.
GoMineWorld hasn’t announced final retail pricing. However, the whitepaper lists the estimated cost based on the price (in USD) you’re paying for tokens during the ICO. That makes the bracelets look very inexpensive:
- GoMineWorld: $19.90
- GoMineWorld Pro: $39.90
The GoMineWorld Timeline
The GoMineWorld fitness trackers have not yet been developed. The company first launched in March 2017, then announced its product and ICO in September. The ICO launched on October 7.
By December, the developers plan to start production of bracelets. The platform will launch in January 2018, with the first bracelets sent to backers in February 2018.
By March 2018, token holders will receive their first profit sharing payment. 50% of profits from the sales of GMW bracelets will go to investors.
By summer 2018, the developers plan to issue a GoMineWorld debit card. With that debit card, users will be able to withdraw USD in any ATM. They’ll withdraw money equivalent to the USD value of GMW tokens at the time.
Who’s Behind GoMineWorld?
GoMineWorld is led by David Zibelman, COO, an entrepreneur with 20+ years of experience. Other key members of the team include Moshe Leykah and A. Hoegheg.
The GoMineWorld Token Sale
A total of 50 million GMW tokens will be issued. 7 million tokens are reserved as charges for miles traveled (which will be given to bracelet owners).
Every 100,000km, the number of tokens passed to all bracelet owners will decrease. At the beginning, you’ll receive 10 tokens for every 1 kilometer traveled, for example. After the total network surpasses 100,000km, that number will drop to 9 tokens. By the time 1.9 to 1.99 million km have been walked, users will earn 0.09 tokens for every 1 kilometer.
The ICO began on October 7, 2017 at 14:00 UTC and ends on November 7, or until the hard cap of 37,000 ETH is reached.
As a GMW token holder, you’ll receive 50% of profits earned by sales of the bracelets. Profits will be distributed every quarter.
Of the total available supply of 43 million tokens, 85% are available for the crowdsale, 10% are reserved for bounties, and 5% are for consultants (there’s a total supply of 50 million tokens, although 7 million are reserved as charges for miles traveled to bracelet owners).
GoMineWorld is a fitness tracker built on a decentralized network. The fitness tracker measures the number of kilometers you travel, then rewards you with GMW tokens for your effort.
Overall, the whitepaper for GoMineWorld doesn’t have a lot of details about how the platform works. It provides a basic overview of the tech specs for GoMineWorld, including GMW and the GMW PRO. However, we know very little about the “decentralized network” part of the device – like whether they’re developing their own blockchain or building on another blockchain (the company is using the Ethereum blockchain for its token sale).
Furthermore, there’s no GoMineWorld prototype available at the moment. The company plans to start developing the device in December 2017, then launch it early next year. They’re also aiming at a production cost of $20 to $40 per unit (at least, that’s how much they’re collecting from investors during the token sale).
Overall, GoMineWorld seems like an ambitious project. However, if the company can make a fitness tracker that genuinely rewards wearers for walking, it could be the next big thing in health.