Explaining SolFit
Why do we need a decentralized fitness app?
Last updated
Why do we need a decentralized fitness app?
Last updated
With the current state of the cryptocurrency and general WEB3-space, a lot of people tend to be glued to their computer screens for extended periods of time. This has multiple adverse side effects for their health, and therewere, at SolFit, we deemed it necessary to incentivize change.
However, the intrinsic motivation that individuals might feel to change and become more fit might not be enough for them. That's why we wanted to add a rewarding system to our application, through which users can earn tokens from our rewards pool.
The user would stake the $SOLFIT tokens that they're holding, and in turn get a multiplier value for their steps. This would then translate to points, that users could use to redeem more $SOLFIT from this previously mentioned rewards pool.
A lot of contemporary fitness applications focus on the social aspect of getting and staying fit, done through a social network within the application. SolFit is currently still exploring opportunities to add a social aspect to their fitness application, though our "Promise of absolute privacy" will be our main focus, meaning that we want the user to have to share zero personal information. Currently, only the step count is used.
The users steps will be measured, and this step count is then multiplied by a multiplier value, which is based on the amount of $SOLFIT that is being staked by the user. The conversion rate of staked $SOLFIT to multiplier is currently 1.000.000,00:1, meaning that for every million $SOLFIT staked, the steps will be multiplied by 1. In the example of the application, the user is staking 120.000,00 $SOLFIT, meaning they have a multiplier value of 0,120.
The redeeming system works with points, meaning that the points earned can be used to redeem for additional $SOLFIT. The exchange rate will change over time, due to the reward pool getting thinned out as more users claim their rewards. The more $SOLFIT is claimed, the smaller the rewards will be in true tokens. However, due to the token increasing in value, the reward value could provide stable.
