GMT overview

The concept behind STEPN

At its core, STEPN is a Web3 lifestyle app that incorporates GameFi elements to encourage users to engage in physical activities like walking, jogging, or running outdoors. The app is built on the Solana blockchain, which enables it to offer fast and low-cost transactions. By using a combination of non-fungible tokens (NFTs) and a dual-token economy, STEPN provides an engaging and rewarding experience for its users.

GameFi and move-to-earn model

STEPN's primary innovation lies in its move-to-earn model, which incentivizes users to participate in physical activities by offering cryptocurrency rewards. The app features a variety of NFTs, such as digital sneakers, which users must own to start earning rewards. These NFTs can be bought, sold, or rented on the platform's marketplace, providing additional opportunities for users to engage with the ecosystem. The move-to-earn model is part of the broader GameFi trend, which combines gaming elements with financial incentives to create engaging and rewarding user experiences.

The STEPN ecosystem

The STEPN ecosystem is built around several key components, including the app itself, its marketplace, and the underlying blockchain infrastructure. These elements work together to provide a seamless and rewarding experience for users.

The STEPN app

The STEPN app is the primary interface through which users interact with the platform. It features an intuitive design that allows users to track their physical activity, manage their digital assets, and participate in the ecosystem's various features. The app also includes social elements, such as leaderboards and challenges, to encourage users to compete with each other and stay motivated.

Digital sneakers and NFTs

A central feature of the STEPN app is its digital sneakers, which are represented as NFTs. These sneakers are essential tools for users, as they enable them to earn cryptocurrency rewards by participating in physical activities. Each sneaker has unique attributes, such as durability and energy efficiency, which affect its performance and earning potential. Users can upgrade and customize their sneakers to improve their attributes and maximize their rewards.

The marketplace

The STEPN marketplace is where users can buy, sell, or rent digital sneakers and other NFTs. This feature provides users with additional opportunities to engage with the ecosystem and earn rewards. The marketplace operates on the Solana blockchain, ensuring fast and low-cost transactions for users.

The dual-token economy

STEPN uses a dual-token economy to support its ecosystem. The two primary tokens are Green Satoshi Token (GST) and Green Metaverse Token (GMT). GST is the in-game currency used for transactions within the app, such as upgrading sneakers and paying for other in-app activities. GMT, on the other hand, serves as the governance token and is used for voting on platform decisions and proposals. This dual-token system ensures a balanced and sustainable economy within the STEPN ecosystem.

The technology behind STEPN

STEPN leverages cutting-edge technology to provide a seamless and efficient user experience. The platform is built on the Solana blockchain, which is known for its high throughput, low latency, and cost-effective transactions. This allows STEPN to offer a scalable and robust infrastructure for its users.

Solana blockchain

Solana is a high-performance blockchain platform that provides the foundation for STEPN's ecosystem. It is designed to handle thousands of transactions per second, making it an ideal choice for applications like STEPN that require fast and efficient processing. The Solana blockchain also offers low transaction fees, which is crucial for maintaining an accessible and affordable platform for users.

Security and scalability

Security and scalability are critical considerations for any blockchain-based platform, and STEPN addresses these concerns through its use of the Solana blockchain. Solana employs a unique consensus mechanism called Proof of History (PoH), which provides a verifiable and secure way to order transactions. This, combined with the platform's high throughput capabilities, ensures that STEPN can scale to accommodate a growing user base while maintaining a secure and reliable environment.