Re: So how exactly will this work...
Will you cancel all your plans just because of that? Well, will you?
How immunocompromised are any of the people I'm likely to meet? What is their susceptibility to adverse Covid outcomes? I get that this application will end up mostly pointless and possibly unworkable, however, notification of potential exposure may influence my plans for any number of reasons.
The real problem is that your phone won't start beeping one day before the event, it'll have been beeping constantly from the moment you turned on the app and started collecting data.