What is STEPN?

STEPN is a popular altcoin among investors. However, before you Trade STEPN, it is vital that you understand what you are investing in. Let's find out what's STEPN and how it functions.

STEPN bills itself as a Web3 lifestyle app built on the Solana blockchain that incorporates GameFi components. It fuses elements of play-to-earn games with those of fitness apps, giving rise to the new subgenre move-to-earn games. Users invest in a pair of NFT sneakers and put them to use by walking, running, or jogging in order to accrue virtual cash for use in the game.

For millions of people, STEPN might be a game-changer in the fitness app industry by providing the motivation they need to make healthy choices. The software addresses many issues, including proof of movement (i.e., evidence that users engaged in physical activity) and the absence of a reliable GPS system. In addition to its positive impact on the environment and the economy, STEPN also offers monetary incentives to its users and proposes the incorporation of social reward features.

The app took only five months to develop from its inception stage to its open beta version, and it is now accessible for both Android and iOS. Following the success of its initial coin offering (ICO) in March 2022, STEPN intends to enhance its in-game features and eventually launch on several more chains.

How is STEPN different?

STEPN's ultimate goal is to shake up the fitness industry in a number of ways. One of its primary functions is to encourage users to adopt a healthy lifestyle by use of a simple token incentive structure. Those interested in participating in the game's Solo Mode need only download the app and set up a wallet before purchasing a pair of NFT sneakers. They can gain Green Satoshi Tokens (GST) just by moving about in any way (running, walking, etc). GST is returned at varying rates depending on the shoe type; the more efficient the sneaker, the more GST the wearer might earn every minute.

This presents the second unique feature of STEPN: fitness gamification. STEPN incentivizes players to live healthier lives using a combination of game mechanics (such as daily energy budgets and bespoke shoes) and real-world incentives (such as in-game awards). The app's developers are working on incorporating a Marathon Mode, which will have regular events ranging in distance from 2.5 to 15 kilometres. There will be a leaderboard for marathon runners to post their results on and compare with others, with bonus prizes for those who finish in the top spots

Finally, STEPN gives its users the ability to communicate in two distinct ways: by adopting a better lifestyle and gaining tokens for it, and by making good contributions towards carbon neutrality. In contrast, the latter just provides a monetary return. The latter is realised by STEPN's investment in the purchase of Carbon Removal Credits on Solana, a measure taken to mitigate the effects of climate change

How many STEPN tokens are there?

The GST utility token and the GMT governance token make up STEPN's dual-token concept. Movement in the app earns you GST, which has an infinite supply and can be used elsewhere. Inflation is discouraged by a number of burn mechanisms, such as the cost of minting or repairing shoes, the cost of gaining levels in sneakers, and the cost of gaining levels in jewels.

Users who have reached level 30 in their footwear will be rewarded with GMT. Every three years, half of all GMT is minted and starting in 2023, vesting requirements were imposed on tokens acquired through private sales and by the GMT team

The distribution of GMT's 6 billion available units is as follows:

• Move and Earn 30%
• Treasury and ecosystem: 30%
• Private sale: 16.3%
• Launchpad sale: 7%
• Team:14.2%
• Advisors: 2.5%

Network security

STEPN is based on Solana, a layer-one blockchain that uses a proof-of-history consensus method and a proof-of-stake consensus mechanism, and partial Byzantine fault tolerance. At its height, its 200 active nodes throughout the globe can handle as much as 50,000 transactions per second. In contrast to other blockchains, Solana executes transactions in a multi-threaded manner and uses a series of coordinated optimizations to attain such impressive performance.

Founders

Yawn Rong, an Australian blockchain entrepreneur, established STEPN in August 2021. Rong has been an ambassador for Algorand and a representative of the industry for the South Australian Blockchain Association. He is the founder of Crypto SA, an Australian crypto fund and pro-regulation auditor. Together with his neighbor and business partner, Jerry Huang, a game developer and the creator of Falafel Games, he founded STEPN.

Where can you buy STEPN?

STEPN is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

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