By January of 2021, Lyka had soared to become the third most-downloaded app in the Philippines, beaten only by TikTok and Facebook.īut Lyka’s miraculous economy came to a screeching halt in July, 2021, just seven months after its popularity took off. In one viral video, a celebrated actress tearfully gifted her mother a nearly $70,000 Ford SUV - all paid for upfront, she claimed, with the Lyka currency. Even more interestingly, the coins were redeemable in real life, for anything from a luxury spa treatment to paying a telecomm or water bill. A basic task like uploading a photo earned users GEMs, the in-app currency. On the app, there was a reward for every interaction. Lyka promised the impossible: earn money just for being online. As a precaution, it is advised that you should opt to choose no when the app asks you for permission to access your SMS or camera storage.In early 2021, in Manila, a social media app called Lyka seemed to appear out of nowhere. They will use it for targeted ads, and although that may sound harmless, some companies may mine your information. Basically, while the app is free, what you give in exchange is your personal information so they will be able to track your interests, behavior and your contacts. In a YouTube video posted by Cryptors Cybersecurity founder Alexis Lingad, he talked about the privacy policy of the app. According to PEP.ph, iOS 14 users were concerned that the app could access their phone's cameras and microphones even when the app is closed. On January 14, LYKA released an official statement addressing the security bug that affected iOS 14 users. Since free apps requires you to log in your personal information, privacy has been a concern. Is it safe to use?ĭata privacy has been a controversial topic online. LYKA Mall is an e-commerce platform with the app where you can buy essential items like grocery items, load, gadgets and more. The LYKA app also has a virtual mall called LYKA Mall where you can purchase items with their partner merchants. You can also use them for massive ticket purchases as Ford, Vespa and Nissan dealerships in the Philippines accept payments in the form of LYKA gems. Currently you can use your gems instead of cash payments at retailers like Plains and Prints, Mango, New Balance, Guess, BLK Cosmetics, Happy Skin and restaurants like Brotzeit, Ramen Nagi, Senor Pollo, Barcino, Sushi Nori, Saboten, Tai Koo Roast, Tipsy Pig, Tap Station, Wild Flour, Tokyo Milk Cheese Factory, FRNK, Cold Stone Creamery, BLK513, Uncle Moe's, Kanto Freestyle Breakfast, Samgyup MNL, Persia Grill and Tim Hortons. You can also use your gems at partner merchant. Merchants also do giveaways sometimes and according to Yugatech 1 gem is equal to Php1, and that users can get five gems as soon as they create an account. You can also share and you can receive LYKA gems from friends who are also on the platform. You can collect them from uploading your own content to rating the posts of other people. LYKA app CEO Ryan Baird state on his LinkedIn profile that the app is shaping the future of work with a Social Wallet that pays the people for their passion.Īlso Read: China's Digital Currency Could Challenge Bitcoin and Even the Dollar LYKA Gems and where you can use themĮvery single action that you take on the app lets you collect gems.
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