Green Satoshi Token

About Green Satoshi Token

Green Satoshi Token (GST) serves as the in-game currency for STEPN, a Web 3.0 application that merges lifestyle with interactive social features and a gaming framework. STEPN stands out as the inaugural move-to-earn NFT game, enabling participants to accumulate GST tokens through activities such as walking, jogging, and running outside, provided they have NFT Sneakers equipped. Additionally, GST tokens are utilized for upgrading and creating new Sneakers. Players have the option to trade or lease their NFT sneakers within the app’s Marketplace. The tokens are accessible on the BNB and Solana blockchain platforms.

What is StepN and How Does it Work?

StepN represents the leading edge of the move-to-earn trend, blending the GameFi model with physical activity motivation. This initiative rewards individuals for being active, aiming to pull them away from sedentary lifestyles.

The service features a proprietary mobile app and a dedicated marketplace for exchanging Sneakers, Gems, and Badges. A forthcoming update will include a rental feature, enabling users without Sneakers to borrow them and share earnings with the Sneakers’ owners.

To begin with StepN, users should:

1. Install the StepN application, accessible on both the Apple App Store and Google Play, free of charge. Initial participation doesn’t require owning Sneaker NFTs, thanks to the anticipated rental system that will allow newcomers to accumulate funds for purchasing their own Sneakers.
2. Register using an email address, a step that involves a bit of a challenge. Participants must access the STEPN Discord or Telegram group to obtain a unique eight-digit code shared by other members. Speed is essential here, as these codes are single-use and highly sought after.
3. Acquire Sneakers to start the activity journey, necessitating the transfer of SOL or BNB to the STEPN account for purchasing.

What is move-to-earn?

Move-to-earn is a concept that has gained traction since early 2022, representing a new phase in the integration of blockchain and metaverse technologies, bridging the gap between physical activity and digital rewards.

The premise is straightforward: individuals gain rewards on blockchain-based decentralized applications (dapps) by physically moving or exercising. This movement is tracked via smartphones, enabling users to reap digital benefits as a result.

However, the scope of move-to-earn dapps extends beyond mere physical activity. For example, Genopets allows users to enhance their battle avatar NFTs through real-world physical activity. Similarly, Dustland offers its own cryptocurrency, DOSE, which players can earn and utilize within the game to improve their characters and advance through their quests.

Origin and Team

STEPN, a product of the Australian fintech studio FSL, was initiated in August 2021. By September, its foundational team was in place, and the following month, the project secured a victory in the Solana Ignition Hackathon Gaming Track of 2021.

Co-founder Jerry Huang brings a decade of expertise in game development, marketing, and testing to the table. Before his involvement with STEPN, Huang successfully introduced multiple top-rated and widely downloaded games on the iOS App Store.

Another pivotal figure in the company is Yawn Rong, an accomplished entrepreneur with significant investments in cryptocurrency and contributions to blockchain incubation. Rong’s expertise lies in nurturing fledgling companies and elevating them to reputable national entities.

Jessica Duan, serving as the Chief Strategy Officer (CSO), boasts credentials in design and architecture. Her role encompasses overseeing operational strategies, providing counsel to key clients and partners, and assessing emerging technologies, market dynamics, business methodologies, and innovations.

GST Token and Tokenomics

The Green Satoshi Token (GST) is a vital component of the STEPN platform, acting both as a virtual currency and a substitute for experience points. Essential for the maintenance, enhancement, and creation of NFT Sneakers, GST is obtained by users when they engage in Solo or Background mode activities. Beyond in-game functionality, GST allows for the acquisition of Carbon Removal Credits on the blockchain, endorsing carbon neutrality efforts to address climate change and bolster environmental conservation. Utilization of GST leads to its automatic removal from circulation, helping to diminish the token’s overall availability.

Through the STEPN application, users earn Green Satoshi Tokens (GST) when engaging in activities like walking or running. Moreover, investors have the opportunity to accrue GST by leasing their NFTs to both existing and new players on the platform.

GST exhibits inflationary characteristics, lacking a capped maximum supply, and initially had 10,000,000 tokens allocated in this manner:

• Private Sale accounted for 16.3%;
• Binance Launchpad Sale constituted 7%;
• The Team was allotted 14.2%;
• Advisors received 2.5%;
• The platform’s Ecosystem/Treasury was designated 30%;
• Move & Earn activities were earmarked 30%.

Green Satoshi Token on BSC

Initially introduced on the Solana blockchain, Green Satoshi Token (GST) extended its reach to the BNB Smart Chain (BSC), rebranded recently, towards the end of May 2022. STEPN uses a two-token system where GST serves as the reward token for in-game activities, and the green metaverse token (GMT) functions as the governance token. The expansion of GST to BSC was a strategic move, underpinned by STEPN’s solid relationship with Binance, evidenced by the GMT token sale on Binance’s launchpad in March 2022, representing 7% of GMT’s total supply. GST trading on BSC is primarily conducted on PancakeSwap, the leading decentralized exchange on the chain. To engage in trading, users must first acquire BNB through an exchange such as Binance, transfer it to a compatible hot wallet like MetaMask, Trust Wallet, or Binance Wallet, and then connect to PancakeSwap to trade for GST on the BSC network.

Benefits of the STEPN Project

• Daily Fitness Incentives: Encourages users to engage in sports regularly, promoting fitness and enhancing physical health.
• Integrated GameFi Features: Includes Sneakers minting, Sneaker upgrades, unique NFTs, and Mystery boxes within the app.
• Comprehensive Ecosystem: Features include a Wallet, Swap functionality, and a Marketplace.
• Accessible Technology: No prior blockchain knowledge required for using the app or acquiring NFT Sneakers.
• User-Friendly App Design: Offers an easy-to-use interface.
• NFT Sneaker Rentals: Free borrowing of NFT Sneakers, enabling players to earn tokens to buy their own footwear.
• Substantial Funding: Achieved a $5.0M Seed Round from prestigious entities like Sequoia Capital, Folius Ventures, Binance Labs, Solana Capital, Alameda Research, and others.

Is Green Satoshi Token a Good Investment?

The Green Satoshi Token is a type of digital currency known for its significant price fluctuations, making it a potentially risky choice for investors. Individuals considering an investment in this cryptocurrency should thoroughly research various aspects, including the nature of digital currencies, how to use crypto wallets and exchanges, and the principles of smart contracts, to fully grasp the investment risks and possibilities.

Engaging with the Green Satoshi Token requires a deep understanding of its foundational document (white paper), the expertise of its creators, its economic structure (tokenomics), and the broader market context. Investment avenues in Green Satoshi Token primarily include spot trading or committing capital to accrue interest. However, methods like perpetual and ETF/Leveraged trading carry high risks, generally unsuitable for amateur investors.