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Among the technological patterns in the cryptocurrency field today, there are a number of metaverse projects that integrate DePIN, gaming, zero-knowledge and AI technologies. Combining AI and blockchain is becoming an attractive idea for investors and is considered one of the main themes of the new cryptocurrency bull market. This brings us to WELL3, a decentralized mind-body ecosystem powered by artificial intelligence that has secured over $5 million in seed funding and NFT sales. Now, let’s take a closer look at this project and look at its various aspects.
What is WELL3?
WELL3 is an innovative platform that is redefining health and wellness using a Decentralized Physical Infrastructure Network (DePIN) and Decentralized Identification (DID) along with an integrated AI system. With over 1 million subscribers eagerly awaiting its release, WELL3 aims to improve wellness through a secure, data-driven health journey.
Using DePIN, blockchain and AI analytics, WELL3 is able to provide a personalized user experience with secure authentication, creating a community that brings millions of people together in the pursuit of better health. This approach allows users to own their own data, improving safety while leveraging AI to enable personalized health solutions, enabling a safer and healthier future.
WELL3 Features
WELL3 is transforming health data management using the DePIN framework, as briefly described below.
Data distribution: Health data is stored securely within the DePIN system. Amazon Web Services (AWS) with Trusted Executive Environments (TEE) ensures that users’ personal information remains confidential and private.
Encouraging wearables for better health: WELL3’s first innovative wearable offering starts with advanced sensors and algorithms in a smart ring that enables comprehensive personal health analysis. Users can actively participate and earn $WELL tokens by sharing anonymized health data. This token economy encourages healthy behaviors and data sharing, giving users a say in the governance and development of the platform.
Complete control over your personal data: WELL3’s Decentralized Pinning Infrastructure (DePIN) and DID technology gives users full authority over their information, protecting them from unauthorized access, breaches, or related fraud.
Multi-Chain Framework: WELL3 operates on multiple blockchains, including Bitcoin, Ethereum, Polygon, Solana, Blast, and TON. This strategy leverages the benefits of different chains and allows the WELL3 community to easily use the service across different platforms, while minimizing transaction fees by choosing the most effective blockchain for a given action.
Ecosystem interoperability: WELL ID seamlessly integrates across platforms and services, eliminating the need for users to remember multiple passwords or go through multiple verification processes. Using a single identity management solution, called WELL ID, for patient and provider interactions, wellness program participation and the partner ecosystem makes navigating the digital space easier while ensuring security.
What is the $WELL token?
The WELL3 Network’s $WELL token is an integral part of the network. The token has two main uses: as a utility token within the network and as a governance token to aid in decision making. Wellness, health, and governance are the foundations on which the $WELL token is built. It enables engagement with a wide range of health ecosystem partners and users across all Layer 1 (L1) and Layer 2 (L2) blockchain networks. Here are some examples of how $WELL can be used:
Ecosystem Support
The $WELL token supported by the WELL3 ecosystem plays a key role in this regard: users can earn $WELL tokens by participating in the Decentralized Physical Infrastructure Network (DePIN), which includes securely sharing health data and taking part in various health-related activities, encouraging active participation and data sharing necessary for the growth and sustainability of the ecosystem.
Network Contribution Rewards
Contributing to the WELL3 decentralized network is another way users can earn $WELL tokens, for example by maintaining infrastructure for network operations, validating transactions, system security and integrity, etc. By recognizing these contributions through rewards, WELL3 encourages people to take its side, enhancing its functionality and ensuring its strength and reliability.
Identity Management
Within the WELL3 ecosystem, identity creation and management is linked to the $WELL token. Users can also use the $WELL token to create and manage their digital identities through Decentralized Identity (DID) technology. Another key function of this token is that it enables secure Know Your Customer (KYC) operations for user identity authentication, allowing users to utilize services and participate in the ecosystem while maintaining confidentiality.
Purchase Currency
Within the WELL3 ecosystem, the $WELL token acts as a currency. In addition to physical products, users can purchase a variety of digital products using the $WELL token. In addition to virtual items within the ecosystem, we also offer health-related goods and services. Utilizing the $WELL token in transactions makes users’ interactions with the system less stressful, more smooth and inclusive.
WELL3 Token Tokenomics
$WELL’s tokenomics are designed to benefit users in the long term.
- Maximum supply: A total of 42,000,000,000 $WELL tokens will be made available.
- Community Efforts: 71% of these tokens will be dedicated to community efforts, meaning most of the tokens will be used to support and grow the community through rewards for users, funding ideas and projects, and other activities that foster the ecosystem.
- Lockup Period: The release will be done in batches over 24 months, so that not all tokens will be available at once. The release will be spread over a two year period to ensure long-term stability while also aligning with the community’s interest in not flooding the market with excess liquidity all at once.
Achievements and Partnerships
The WELL3 community is evergreen and vast. WELL3 has achieved many great things through the support it has received.
In the first week, the total value locked (TVL) in the public sale reached 15,237.2 ETH, which equates to $55 million in seven days, with over $5 million raised through the seed round and NFT sale.
With the launch of the WELL3 Ring, an innovative wearable that converts personal health metrics into on-chain data, over 900,000 users have signed up to join the respective NFT whitelist and participate in the WELL3 ecosystem.
Since its launch on February 10, 2024, the WELL3 NFT project has quickly become the largest collection of NFTs on the opBNB chain.
As of April 27, 2024, this number has grown to over 324,000 owners and 8 million NFTs created by them.
$17 million worth of transactions have been completed using the WELL3 platform.
WELL3 has partnered with notable companies such as Animoca Brands, AWS, Samsung, The Spartan Group, Blocore, Fuji Capital, Newman Group Soul Capital, and XY Finance Lumoz.
To date, Well3 has partnered with many major chains, including Polygon, Solana, Base Ton, Avalanche, Arbitrum, BNB Chain, Sei, Algorand, Blast, and Telos.
Final Verdict
WELL3 is making remarkable progress in the cryptocurrency and wellness space by integrating AI and blockchain technology. The company has raised over $5 million and garnered strong community support as evidenced by its record-breaking public sale and extensive user sign-ups. With its innovative capabilities, strategic partnerships and robust ecosystem, WELL3 is well positioned to become a leading platform in the emerging Web3 wellness sector.
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The presented content may contain the personal opinions of the author and are subject to market conditions. Please conduct market research before investing in cryptocurrencies. The author or publication is not responsible for any of your personal financial losses.
