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What is STEPN (GMT)?

Popularly called GMT, STEPN is one of the self-named web3 lifestyle apps. It stands out from other self-styled apps because it is composed of GameFi elements, all in the Solana blockchain ecosystem. This coin is designed to perfectly integrate some features of the usual aspect of a play-to-earn game with that of a fitness app. All these were deployed in establishing an entirely new category codenamed “move-to-earn.” Usually, users are allowed to purchase NFT sneakers, which can be suitable for earning in-game currency while engaging in exercise activities such as jogging, running, or walking. 

The development of STEPN is premised on the need to revolutionize the fitness application market completely. This is carried out by offering incentives to millions of users to adopt a healthy lifestyle. As a self-styled web 3 application, STEPN provides solutions to myriads of problems, and a typical example is proof of movement. With this, STEPN ensures that users genuinely engage in exercise activities while monitoring these activities with a functional GPS. In addition, users of STEPN are also financially incentivized. Not only that, but plans are underway to introduce social rewards elements, which are expected to significantly contribute to carbon neutrality. 

STEPN application is designed and configured for both Android and iOS devices. Surprisingly, the app development has witnessed tremendous advancement from the inception stage to the open beta version – all in the space of 5 months. After the successful IDO, held earlier this year in March, STEPN has continued to optimize its in-game features and functionalities in preparation for a groundbreaking launch on several other chains in the near future. 

Who are the Founders?

STEPN was co-founded in 3rd quarter of 2021 by the famous Australian blockchain entrepreneur Yaw Rong and his neighbor and partner, Jerry Huang, a game developer and former founder of Falafel Games. Rong, as he is fondly called, has previously founded the popular Australian crypto fund and pre-regulation auditor Crypto SA. He has also served as the ambassador for several other projects. One typical example is Algorand. Apart from that, he also served as the industry representative of the South Australian Blockchain Association. 

STEPN raised a whopping amount of $5 million in a seed round from some of the top cryptocurrency venture capitalists. These biggest firms include Alameda Research, Folius Ventures, DeFi Alliance, Solana Capital, 6th Man Ventures, Sequoia Capital, and others. Prominent angel investors who played a considerable role in this project include Asian Partners of Republic Zhen Cao and Santiago R Santos. 

Why Is STEPN Unique?

The uniqueness of STEPN as a coin lies in its aspiration to disrupt the fitness industry in several ways. 

The first of these ways is offering incentives to users to ensure that they live a healthy lifestyle through a straightforward token reward mechanism. The STEPN style is such that users can immediately purchase a pair of NFT sneakers upon downloading the app and creating a wallet, which unlocks their potential to earn massive rewards in the game’s Solo Mode. When users jog, walk or run around, they are massively rewarded in Green Satoshi Tokens (GST). Different types of NFT sneakers earn users different GST rewards at different rates, i.e., the higher the efficiency of the NFT sneakers, the more GST reward the user can earn per minute. Amazing!

Secondly, STEPN is also revolutionary in its feature of gamification of fitness. From in-game rewards to daily energy allowances and customized sneakers, GMT is incredibly built to gamify movements and encourages users to maintain a healthy lifestyle. Plans are underway to explore the possibility of adding Marathon Mode to the app in the future, which will feature both weekly and monthly races between 2.5km and 15km. Participants in the Marathon Mode are expected to earn and compare their achievements on the leaderboard, with additional handsome rewards for the top-ranking runners. 

And lastly, STEPN is also unique as it allows users to signal in two different ways. One is through nudging users to live healthier lifestyles while earning tokens for it; the other is tied to its contribution to carbon neutrality. As for the former, users get both emotional and financial rewards; for the latter, STEPN significantly contributes to the Carbon Removal Credits on Solana Blockchain to help fight climate change. 

How Is the STEPN Network Secured?

As mentioned earlier, STEPN is built on the Solana blockchain. Remember, this platform boasts a tier-one blockchain with proof of history and proof of stake consensus mechanisms seamlessly integrated coupled with partial Byzantine fault tolerance. With its 200 nodes operating worldwide, 50,000 transactions can easily and seamlessly be processed in a matter of seconds. Solana, on its own, performs sets of programmed optimizations to achieve such an impeccable performance and employs a multi-threaded approach in transaction processing. Thus, the STEPN network is highly secured compared to slower blockchains. 

Where Can You Buy STEPN (GMT)?

STEPN can be purchased on top cryptocurrency exchanges such as Binance, ByBit, CoinTiger, and many more.