What is Green Satoshi Token (GST) and How Does it Work? | KuCoin Crypto Gem Observer
As the web3 ecosystem continues growing at an accelerated pace, developers in the space have had to come up with different projects to satisfy the demands of the growing community. While most developers are focused on Game-Fi, Social-Fi, and DeFi, some have raised the bar even higher.
An example is Green Satoshi Token, a Solana-based project, which created by STEPN, a web-3 lifestyle app that features Game-Fi and Social-Fi elements. The application allows users to earn tokens by walking, jogging, or running outdoors.
Through STEPN, Green Satoshi Token pioneered the Move & Earn concept, an achievement that saw the application emerge fourth in last year’s Solana Ignition Hackathon, which comprised over 500 projects.
By incentivizing the above physical activities, Green Satoshi Tokens seeks to nudge a generation stuck behind computer monitors or VR headsets into leading a healthier lifestyle. Additionally, the project aims to fight climate change, connect more people to the web3 ecosystem, and encourage the creation of web3 content creation. Watch the GST Deep Dive Video and Subscribe to the KuCoin YouTube channel: https://youtu.be/KUyU1gRptvI
How Does Green Satoshi Token (GST) Work?
To get started, users need to download the STEPN application, which is currently available in public beta on the Play Store and App Store. Once installed, the application will prompt users to sign up via email. The system will automatically send a verification code to open the app to the provided email address.
Once in the app, users will need to set up a wallet by clicking the wallet icon in the top right corner. The system will generate a 12-word secret phrase that helps prevent anyone else from hacking into your wallet.
The final step is depositing some Solana (SOL) into the wallet to purchase non-fungible token (NFT) sneakers in the marketplace. The marketplace features a Filter tool to simplify the process of choosing sneakers. It is vital to have an account balance greater than the purchase price of the NFT sneaker because some amount will go to gas fees.
After acquiring new sneakers, users can start running or walking to earn the Green Satoshi Token (GST). The sneakers are limited in that they drain energy during every activity. However, 25% of the energy is replenished every six hours. The specific schedule for restoring energy is 00.00, 06:00, 12:00, and 18:00 AEDT time.
At the moment, STEPN has one game model, Solo. However, a Marathon option is under development. The game also has a Background mode, which lets users who own sneakers earn GST even if they are not walking or running.
In the Solo mode, users need to turn on their location. STEPN does not reward moonwalking. Moonwalking is when a user’s GPS signal is weak, making it impossible to monitor activity or when a user is not walking or running organically. STEPN uses GPS tracking, motion sensor and health data, and machine learning to prevent cheating.
From levels 0 to 29 of the game, users can only earn GST. Achieving milestones along the way unlocks various features, including sneaker minting, sneaker leasing, and sneaker sockets in which users can add gems to improve performance. The game has four types of gems. These are Yellow for efficiency, Blue for luck, Red for comfort, and Purple for resilience.
At level 30, users unlock the ability to earn the Green Metaverse Token (GMT), STEPN’s governance token. Users can swap between earning GMT and GST at this level, subject to cool-down periods.
Sneaker types determine how much a user earns. There are four sneaker types: Walker, Jogger, Runner, and Trainer. Walker sneakers earn to lowest, while Trainer sneakers earn the highest. Each category has five qualities: Common, Uncommon, Rare, Epic, and Legendary.
Moreover, STEPN seeks to let users customize sneakers by burning GST, GMT, or NFTs. However, this feature is under development. At the moment, STEPN works with top sneaker brands for unique co-branded releases.
What Makes Green Satoshi Token (GST) Unique?
The STEPN team will charge a 2% fee for marketplace transactions. These funds will go toward sustaining operations and compensating team members. Notably, the project seeks to inject over 5% of the trading fee into the STEPN ecosystem.
Any other taxes that the project collects will go to the STEPN Treasury Pool, which GMT stakers control. The voting increases with the period of locking. Users that lock their GMT for a month have a voting power of 1, while someone that locks their funds for three years has a voting power of 64.
Unlike other web3 projects, STEPN is actively combating climate change through a partnership with Nori. With the community having a say on what happens to the funds in the Treasury Pool, STEPN created measures to ensure profitability while minimizing greed.
The project offers five voting options. These are Generous Giver, Kind Giver, Matcher, Greedy Teker, and Selfish Taker.
Generous Givers vote to dedicate 70% of the profits in the Treasury Fund to carbon offsetting and taking only 30% as dividends. Kind Givers voted to allocate 55% to carbon offsetting and 45% to dividends. Matchers vote to take 60% and donate 40%. Greedy Takers seek to give away 25% for carbon offsetting, while Selfish Takers vote to take 90% of the profits.
Who created the Green Satoshi Token (GST)?
Jerry Huang and Yawn Rong co-founded STEPN. Huang has over 10 years of experience in game development, operation, and marketing. On the other hand, Rong is a renowned entrepreneur, crypto angel investor, and start-up incubator.
Jessica serves as the project’s Chief Strategy Officer (CSO). She has a decade’s worth of experience in offering consultancy services to high-end clients. Ryan Turner is STEPN’s Lead Designer.
STEPN also has a robust team of advisors, including Adidas VP Scott Dunlap, Alliance Head of Accelerator William Robinson, Folius Ventures founder Jason Kam, and web3 investor Santiago Santos.
The STEPN team has also inked strategic partnerships with leading firms like Solana Ventures, DeFi Alliance, Alameda Research, Sequoia, Folius Ventures, and Binance, to name a few.
By combining Game-Fi and Social-Fi, STEPN positions itself for success. Offering users rewards for leading a healthy lifestyle helps STEPN secure and maintain a large user base quickly. The project’s devotion to fighting climate change also plays well into its plans, as companies and countries across the globe strive to achieve carbon neutrality or negativity.
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