This Healthtech Mobile Application Rewards Users For Remaining Fit BeFaster is a blockchain-based, decentralized fitness and lifestyle mobile application which will likely be available for both Android and Apple users soon
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.
BeFaster—a mobile application with a unique "run for cash' system powered by blockchain technology—has created quite a buzz especially given the fact that industry titans such as Herbert Sim, The Bitcoin Man; and Maik Thies, a professional athlete and national coach, are backing the project as advisors.
The founders of BeFaster are Irina Manilitsch, CEO; Maximilian Jurtz, CFO; and Frank Schulze, CTO.
BeFaster is a blockchain-based, decentralized fitness and lifestyle mobile application. The BeFaster app is likely to be available for both Android and Apple users soon wherein users can receive monetary incentive for living a healthy and active lifestyle—receiving money by simply running. The application utilizes a unique bonus and rewards system.
For Manilitsch, who is a lawyer by profession, her tasks naturally lie in viewing all processes in a legal light. "I am responsible for the formation and implementation of corporate strategies and corporate alignments. I maintain a complete overview of all processes and am the link between all departments and essentially work towards further development of BeFaster," she said.
Manilitsch is looking forward to the coming growth of BeFaster, the connection of new employees and the worldwide development of markets. She is convinced that the "run for cash' system represents a revolution in two markets—the sports market and blockchain technology or rather its worldwide acceptance.
Meanwhile, Jurtz's expertise includes financial planning, financial and profitability analysis and accounting. In the past, as an independent financial advisor, he has served both private and corporate clients.
"My experience includes the support of medium-sized and large companies in their corporate growth and the associated review and optimisation of available resources and financial foundations. My passion is indeed controlling and dealing with human resources, especially the formation and management of a well-balanced team," he said. Jurtz attaches great importance to personal qualifications and aptitudes and makes it his task to recognize and promote these qualities in the employees.
Schulze is one of the founding members of Tron Europe. Tron Europe is a service platform for blockchain companies and supports them in project development and implementation. This was also the basis for BeFaster. "Access to the information led my two business partners and friends and me to start our own project, rather coincidentally when Irina once asked the question after sport: "Is it possible to combine sport with blockchain and somehow pay people for their efforts? The idea was born," he said. At BeFaster, Schulze is responsible for the creative and technical part. He practically gives BeFaster the acting face and is responsible for the technological implementation of the add-ons and gadgets.
Talking about the technology behind BeFaster, Schulze added that the basis is a normal pedometer that records the natural walking movement. This is programmed as a "mining process' and leads to the release of BeFaster Coin during normal walking and running. This can either be exchanged for Fiat currency or used at the retailers and service providers in the region for a cheaper purchase. The combination of blockchain and sport and the fact that people all over the world earn money by running and can connect with each other through the challenges and has a mass-adaptive effect, Schulze believes.
"Our application appeals not only to passionate runners, but to virtually everyone and offers solutions for almost every type of sport and fitness. These factual and economic facets will lead to mass adaptability. This is where we will now intervene and incorporate simple and understandable approaches to the whole topic of blockchain and digital currencies," he said.
This gives BeFaster, founders believe, the chance to introduce whole generations to an exciting and promising topic in a playful way.
In terms of financing, BeFaster counts one of the blockchain industry's top influencers Herbert Sim, a.k.a. "The Bitcoin Man', founder of Crypto Chain University and chairman of FortuneZ.com – iGaming, Crypto, Market news publication, as a backer. The private sale of the BeFaster cryptocurrency, digital currency tokens—BeFaster Holder Coin (BFCH), which started on April 1, 2020—is receiving massive traction, and the founders are excited that it is about to be sold out soon even before the private sale ends, while stocks last.
In the private sale, investors have the opportunity to participate in the unique concept of BeFaster and to share in its success. "Our platform economy is based on a unique InApp token movement, which provides great benefits and savings for all parties (users and marketing partners). But BeFaster is also a treat for investors," added Jurtz.
They have the opportunity to participate in BeFaster's successes without being shareholders or liable to make additional contributions. With the purchase of the BFCH, investors receive a partial participation right in the profits of BeFaster and can also sell the BFCH separately. However, this does not exist yet. "We are therefore creating an opportunity here as well that the blockchain market does not know in this form. We are convinced that with Herbert's support this investment opportunity will be well received worldwide," said Jurtz.
Explaining the roadmap and plans for the future of BeFaster, Manilitsch explains that starting April 1, 2020 till July 1, 2020, the company will conduct private sale. At the third quarter of 2020, the app will be released. "As soon as possible, a Samsung Galaxy Store connection will be established, which in turn will ensure a large user stream. More will follow," she said.
The geographical development will be done step by step. The integration of other sports, such as cycling, swimming and weight training, means that the digital and analogue dimensions of BeFaster are unlimited. The commercial sector is also almost unlimited, as new business ideas and areas, technical innovations and opportunities are constantly pouring into the global market, believe the founders.
The user circle is subject to a hardly finite distribution due to the multiple integration of recommendation link structures. At the end of the year, the company plans to start the development of the gadgets. There will also be a BeFaster Run Game.
This will extend the user circle to another sector. Also planned are own fitness studios with a chip system. "But that is dreams of the future. First, step by step," said Manilitsch.The result of the private sale decides how quickly BeFaster will be available worldwide. "Unfortunately, it is not possible to explain the complete BeUniverse (because that is the name of the platform economy) here, so we are happy to welcome you on our homepage," she said.