MENS SANA IN CORPORE SANO (A healthy mind in a healthy body)
In the last episode we talked about NFTs, we went through what is the concept behind non fungibility and made some examples of what they can represent and what they are. Just to continue this topic now that we have already dug into the theory let’s see in practice how NFTs can be integrated, and how to use them at our advantage.
Today I want to talk to you about a project called “STEP’N” that I discovered a while ago. the reason why I want to talk about this Australian Company is to show a real example of how new technologies are finding a way to fit in our everyday life. This project, for the performance that it is having and for the concept that it is presenting, is more than disruptive because it might completely revolutionize the future of fitness, especially if the project will continue to evolve, like it is doing, and if its community will continue to grow. This Move-To-Earn Application built on the Solana Blockchain is already conquering the heart and especially the wallet of its users.
Solana Blockchain
We have been talking already about what a Blockchain is, Solana is exactly like Ethereum and Bitcoin in terms of concept, a blockchain with its own functionalities, work mechanisms, validation and verification protocols, and its own coin called SOL. It works a bit different from the main two existing blockchain. I like to say that Solana is bringing the best qualities of both blockchains in one unique ecosystem, improving the whole structure for the sake of its users.
Bitcoin exists as a censorship-resistant store of value and as a medium of exchange that has a secure, fixed monetary policy. Ethereum is a smart contracts platform with the general-purpose of creating computer programs that will run on its decentralized blockchain. Ethereum focuses and has the capability of having all kinds of apps built in its network, from games to social media everything is possible. Ethereum’s coin Ether has many utility purposes, like managing assets, sending or receiving information, paying gas fees, and allowing its community to interact with decentralized applications (DApps) on the network.
Solana is a new blockchain generation, built with the purpose to improve and solve the problems that existing blockchains have. We are talking mainly about Network Speed and Cost of each Transactions. Other main goals will be to address and take care of whatever security and privacy concerns the crypto community still has. Bitcoin and Ethereum have become so popular, that the amount of issues discovered and tried to be addressed are increasing everyday. Their ecosystem has become expensive, due to transaction costs and gas fees associated, and let’s not forget that it is also slow (this because the number of people using it has increase, but its capability in terms of computational power didn’t). Ethereum is able to handle up to 15 TPS (Transaction Per Second), while Bitcoin only 5TPS.
Solana blockchain has implemented a different verification protocol that is called POH “Proof of History”, that is addressing the issues listed above. Security, speed and affordable fees during a transaction have been the top priority for Solana developers. With this new protocol Solana is able to verify up to 50,000 transaction in a second
Ethereum and Bitcoin use as a verification protocol, a system called POW “Proof of Work”, where miners who are responsible for the validation always choose the most lucrative transactions instead of the smaller ones.
Just to give a brief explanation and for don’t enter in too much technicalities, the Proof of History Protocol must be seen as an automated method, that is recording all the transactions that happen in the blockchain, and each one of those is marked with a timestamp, that will allow the system to validate and to verify all transactions in real-time. The high computational speed in the verification is given also by an additional factor, the combination of another verification protocol that is called POS “Proof Of Stake”. To make it simple when these two methods are combined, POH and POS, what happens is that as soon as a block is validated the network is able to choose immediately a new validator for the next block verification, decreasing already in the way the time used.
Last but not least, is the contribution that the Solana ecosystem gives regarding the matters of making our world greener and more eco friendly. We know very well that multinational companies or governments will not play their part in making this world better, entrepreneurs and new technologies are trying to address this problem. Blockchains like Bitcoin and Ethereum consume a lot of energy, and even if 75% of it is coming from renewable energies, it is still a lot of energy that is being consumed for every transaction. Energy that of course will be translated into high transaction fees. Just to make an example, on the Bitcoin Blockchain average fees are around 20$ per transaction, while Solana is able to keep its fees at 0.01$ per transaction. This result is achieved only because of the technology that lies behind the blockchain itself.
STEPN
STEPN is a health app with integrated GameFi elements. The main purpose of the GameFi concept is to integrate financial systems into games with the goal of rewarding players who interact in crypto-based games. These types of games use blockchain technology, which allows its users to be the real and unique owners of their virtual elements in the game.
If you think at the moment so many different fitness apps exist, but they all do the same thing, which is collect your data, entertain you with targeted commercials (if the app used has been downloaded for free), and are equipped with poor user experience. The outstanding idea here is to use the potential of the Blockchain for creating an environment where its community it’s also the main investor of the project itself. Users get rewarded and in this way they have more incentives in using the app, interacting on their platform and of course staying fit.
With STEPN players can profit from their actions when walking, jogging or running outdoors. After buying the NFT sneakers, players convert their efforts into GST tokens (Green Satoshi Token), making in this way money out of it. With the NFT sneakers that I bought and that I use daily, I started by making an average of 25-30$ a day, and today after one month of using and upgrading I am able to achieve 80-90$ a day of profit, by just fast walking for 20 minutes during the day.
This DApp has a Swap feature that allows you to instantly convert your GST earned into other coins like USDC, SOL or their GMT token (230% growth in the last week, 1577% in the last month). The NFT shoes can be upgraded, bought, sold and exchanged. It is like a video game, but integrated in everyday life. Best of all, there is a new feature coming out soon that will allow shoe renting (rumors are September 2022), this means that you own the NFT, but somebody else can use them and the profits made are shared. This feature is great because it will allow everyone who is still scared to approach crypto, to have a chance to discover it and enjoy it without having the duty of buying or investing in the app. The idea of being able to make money out of your daily routine will make even the laziest people excited and active.
If this is your first experience in buying an NFT on the Solana Network don’t worry, you can create a new wallet right in the product app. If you already have a Solana Wallet it can be restored. But remember that you need to buy Solana SOL on a centralized exchange like FTX, Binance, CoinBase, and then transfer them into your Wallet to be able to buy the Shoes. Starting price for buying 1 NFT sneaker is around 10 SOL.
Upcoming
The app is still in its Beat Launch, so of course a lot of features are being improved while it’s being used (that’s why huge involvement from its community is important), and despite all is steadily gaining traction along the way. Big news is in the air, major partnerships are about to be announced, rumors are that big brands like Nike or Adidas will be involved with this company. Adidas started in early December 2021 to buy plot of lands in the Sandbox Metaverse, while Nike is already creating products as NFT to be integrated in new Metaverses that are being launched as we speak. Both brands seem to have understood that something is moving in virtual realities and decided to be involved and show to its younger and passionate users their futuristic approach to technology.
Another big moves made by Adidas has been the one to purchase a BAYC NFT #8774 (link to the NFT OpenSea Page) and to exercise the right to use the NFT as a new way of commercializing its brand and creating hype behind the investment made.
STEPN is a cool project, innovating the all environment beyond just the possibility of being a running or fitness web3 app. It is everyday clearer how their efforts are establishing a strong, tied and interoperable network that will increase the platform’s value for years to come. Moral of the story is that staying healthy always pays.
Useful Links if you dig more information about this project:
Disclosure: At the time of writing this piece, the author owned SOL and other cryptocurrencies, including GST and GMT.
The future is bright, ladies and gentlemen, and it’s just around the bend
