Step is a ground-breaking fitness app that allows users to earn cryptocurrency while exercising and improving their health.
Since so many people are staying indoors because of the pandemic, developers have thought of a way so that users have an incentive to walk to work and by staking it, they can increase their passive income. The goal is to make users both wealthy and healthy.
The Step app makes working out rewarding and fun. And unlike a gym membership, which many people purchase at the start of the year but then gradually stop using because they lose motivation and become lax, Step rewards its users every day, encouraging them to walk farther and farther to increase their earnings.
Table of Contents
Background
Since the emergence of cryptocurrencies in 2009, no blockchain-based application has been developed that would only give rewards in the form of cryptocurrencies, without requiring users to provide KYC or other personal information, just their wallet addresses, as such an app should be. That is, until STEPN and Genopets came into the web3 space to change the game and add fitness to the industry’s use cases.
The developers of Step wanted to create something that would stand out from the competition and enable users to become more physically fit and financially successful at the same time. Once this is done, the Step team gets rid of any user data that might have leaked, been used improperly, or been used for marketing. They wanted to provide users with a private and secure app that only passes on the user’s internal score and wallet address. By merely walking, users can earn up to 0.1 BNB per day.
This should motivate users to walk more frequently and use fewer vehicles, thereby lowering their carbon footprint. The Step team, in contrast to other app developers, values privacy and anonymity, so the app is solely dedicated to those goals.
What is Step?
Step is a ground-breaking fitness app that allows users to earn cryptocurrency while exercising and improving their health. As it stands, walking is a common activity that is done both indoors and outdoors. In light of this, the group has developed a novel idea that will allow them to develop their physical and financial strength. The goal of Step is to persuade its users to adopt a healthier lifestyle to reduce global warming, achieve financial independence, and bolster confidence.
The Step app also gives rewards in cryptocurrency rather than fiat or based on products, which will encourage many non-crypto users to adopt cryptocurrencies as a standard.
Supply
A maximum of 1 billion STEP tokens are available with a variable burn rate, of which 60,500,000 were used for the pre-sale and 55,000,000 for liquidity. Each cycle, 5% of the tokens will be released to the team (21 days).
Privacy & Security
They have developed a solution that completely focuses on user privacy and ensures that there is no misuse, overuse, or abuse of user data in this day and age where privacy is a myth. The Step team values users’ security and privacy, so they don’t require KYC, which makes it simple for users to use the app without worrying that their data will be compromised.
Step uses the accelerometer that comes with Android and Google Fit data to calculate steps, distance, and if the user wears a smartwatch, calories, and average heart rate. The Google Fit app then uses this data to calculate the internal score, which is sent to the server to determine rewards.
On Apple devices, users can use Apple Health, which uses the accelerometer built into the device to track steps and distance. If the user is wearing a smartwatch, they can also track calories and their average heart rate, which Apple Health then uses to calculate their internal score, which is then transmitted to a server like Android.
Other than those required to track the aforementioned health data, the Step team never collects any additional user data or requests permission to do so.
Step adheres to the principles of cryptography and anonymity, and they don’t collect any user data. All users have a right to privacy. Additionally, users’ wallet addresses are the only information used to send rewards to them. In contrast to fiat money, Step uses the Binance Smart Chain network to securely distribute money to users, who can then sell it and trade it for other tokens or simply cash it out. While Step respects users’ privacy, they do have a number of anti-cheat safeguards in place to make sure that no dishonest user can obtain additional rewards or use the app/reward in an unauthorized manner.
Staking
Over three million dollars worth of tokens has been staked by users. To stake Step tokens, users can go to https://stake.walkwithstep.io. Each block awards 14.25 Step tokens to users. With the generous interest rate, which is dependent on the number of users and the amount each one has in the pool.
With Step staking, all holders will have the opportunity to stake their tokens, allowing users to earn passive income in addition to the rewards they receive for using the app and simply walking. There is no lock-in period and users can withdraw their staked Step coins whenever they want. However, if they choose to do so within 72 hours, they must pay a fee of one percent, and there is a subsequent small fee of 5% on profits only. To get the best APY out of their staking, they can choose between manual and automatic compounding.
Rewards are based on the percentage of steps taken by all eligible holders (minimum of 4000 daily steps), and a multiplier is then applied based on the number of tokens each user has in their possession.
Tokenomics
Step has a tax distribution of 62.5% rewards pool, 35.5% for marketing wallet, and a liquidity pool of 2%.
Use Case
Anyone who has a smartphone can use this (which almost everyone has nowadays). People who walk regularly will be rewarded for doing so, and it won’t just be financially advantageous for them; it will also improve their physical fitness. It doesn’t require any additional work. Instead of requiring users to sign up or log in, Step only requires them to install the app, grant the required permissions, and enter the wallet address where they want their rewards to be sent.
Anyone who wants to get out of bed and start exercising can be motivated by rewards as high as 0.1 BNB per day for walking. The app’s goal is to make users healthier and earn more money by walking. Theoretically, if they make 0.1 BNB per day that equates to 3 BNB per month, which they could theoretically earn just by walking and becoming healthier, which is actually a fantastic way to shape one’s life.
Conclusion
Step has introduced a novel idea for rewards, and as a result, they have a rapidly expanding user base of people who embraced the concept and continue to use Step daily, demonstrating that the Step team is on the right track. Step offers a secure and user-friendly app that users can use every day with peace of mind and receive cryptocurrency rewards for doing so. In the future, Step will also roll out new features like the NFT collection, the metaverse, and more. The team will continue to develop fresh innovations and concepts to benefit users more and more.
