What is Stepn?  Learn more about apps that allow you to earn crypto while working out

What is Stepn? Learn more about apps that allow you to earn crypto while working out

Stepn is an evolution of two concepts that have been gaining traction over the years: augmented reality (or AR) and “play to earn” games.

In general, AR games have a virtual world in the real world. The concept became popular in 2015 with Pokémon Go, which spread virtual Pokमmon on real maps and allowed users to track and collect small monsters via GPS.

Stepn takes that component – accumulating points based on progress made by GPS – and adds it to the new play that was promoted by crypto games like Axie Infinity to get the model, which rewards players with crypto tokens. The result is a game that tracks users’ real-world exercise and accumulates points for them in the form of cryptocurrencies.

In addition, the Model to Earn has become a “move to monetize” model with GPS tracking: consider the combination of Fitbit wristwatch, Pokémon Go and Axie Infinity.

What is Stepn?

Developed by Solana, an opponent of the Ethereum network, and created by application developer FindSatoshi Lab, Stepn is a mobile app that allows users to earn money by walking, jogging or jogging for well-designed periods, which are updated every 24 hours. Hours.

Rewards are given in Green Satoshi Token (GST), Stepn’s original cryptocurrency and deposited in a wallet created in the game or connected externally.

First, in order to interact with the sport, players must purchase boots in the form of non-fungible tokens (or NFT) and upgrade their shoes to increase the amount of GST earned per session. Sneakers, being NFTs, are sold in the secondary market for between $ 400 and $ 400,000.

How does Stepn work?

Two resources are important to understand how Stepn works. The first is tennis, which has a huge impact on how a player can win prizes, and explains why some of these NFTs are celestial.

Compared to standard role-playing (or RPG) games, where you can upgrade your armor to withstand specific attacks, in Stepan, you upgrade your sneakers to enhance one or more of the five different features:

– Flexibility – decreases with use and hence rewards decrease;

– luck – increases the chances of getting random prizes during the session;

– Comfort – Increases the entry of another type of token called GMT related to administration; And

– Efficiency – Increases the amount of GST accrued per “energy” spent.

The fifth basic source is energy. In Stepn, energy is the unit of time allotted to a player for a “going to earnings” session; One unit represents five minutes.

Each player starts with just two units of energy, which is replenished every 24 hours, meaning new players only get ten minutes a day during which they can earn GST – the app will also make sure you’re moving at the right speed. Your type of tennis.

To gain more power, you’ll need to buy more shoes – which can be expensive – and players will have to balance the cost of purchasing new power slots, which is better than the potential profit you can get from long earnings sessions.

They also have to consider volatility – the price of GST has gone up from $ 0.52 to $ 2.30 in a very short time. But a successful combination is possible: there are reports that players are earning $ 400 per day; Most start at $ 5.

Who works at Stepn?

Alchemy: Developer of Crypto / Fiat Payments who recently added support for GMT.

ASICS: Recently, major sports brands have added their own NFT sneaker collection to the Stepn catalog.

What is a Stephen Token?

Three tokens are required to master Stepn:

– SOL, Solana Network’s original token, used to buy new sneakers – This can also be done with binance coin (BNB), but NFT sneakers are on Solana;

– GST, token obtained by walking, running or running, used to obtain new upgrades; And

– GMT, Stepn’s Governance Token which guarantees future voting rights to future holders of the platform.

GST has unlimited supply while GMT supply is limited to 6 billion and is only given to users who have upgraded their shoes above level 30.

Where to buy Stepn tokens

Both GMT and GST Stepn tokens are available on crypto exchanges like Binance, OKX, Bybit, CoinTiger and FTX.

Stephen’s future

Initially, Stepan was a huge success, but in 2022, the turmoil in the crypto market led to difficulties in China.

Extensive crackdowns on the industry – including Chinese data laws that prohibit citizens from collecting GPS data – have angered the country’s regulators, forcing Stepn to block Chinese users. Other countries can do the same under data protection laws – and your approach to crypto.

The platform suffered a distributed denial-of-service (or DDoS) attack a few months after its launch, forcing the team to warn its users that “exercise will not be properly logged” during the maintenance period.

If Stepn can overcome these initial hurdles, the “go to earnings” model could be a successful industry in the crypto sector. And if your financial incentives can get some people off the bed and make them run, then Stepn can’t be a bad thing.

* Translated by Daniela Pereira do Nascimento with permission decrypt.co.

Leave a Comment

Your email address will not be published.