Artificial intelligence (AI) and decentralized physical infrastructure networks (DePIN) are two exponential forces within the technological landscape. As one of the narratives of 2024, AI has continued to disrupt and positively impact several industries, including the health and crypto sectors.
On the other hand, DePIN is an innovative approach to computing that leverages decentralized networks to enhance connectivity and distribute processing power. The convergence of these two technologies brings about a decentralized ecosystem where inclusivity, accessibility, and creativity thrive.
At the heart of this revolutionary paradigm shift lies WELL3, whose aim is to integrate wellness tracking with rewards by combining DePIN and AI. Supported by the transparent and decentralized qualities of the blockchain, WELL3 also wants to create an engaging crypto community around health and fitness goals.
This article will explore WELL3 and its objectives within the crypto industry, milestones/achievements, and an overview of their $WELL token.
What Does WELL3 Do?
WELL3 — a pioneering force reshaping health and wellness through a Decentralized Physical Infrastructure Network (DePIN), Decentralized Identity (DID), and integrated AI systems. With over 1 million pre-registered users eagerly anticipating its launch, WELL3’s mission is to enhance well-being through secure, data-empowered health journeys.
By leveraging DePIN, blockchain, and AI analytics, WELL3 ensures a personalized user experience that is securely authenticated while fostering a community where millions unite in their pursuit of well-being.
This approach allows users to elevate data ownership and security standards, seamlessly blending AI insights to tailor wellness solutions that align with their vision of a secure and health-conscious future.
Key Milestones and Achievements
The WELL3 community is vibrant and expansive across many platforms. With their help, WELL3 has achieved numerous record-breaking achievements, and they include:
Public Sale
In just seven days, the WELL3 public sale registered a total value locked (TVL) of 15,237.2 ETH or $55M USD. Moreover, over $8 Million was raised through seed rounds and NFT sales.
WELL ID
WELL3 announced the launch of WELL3 Ring – a pioneering wearable that converts personal wellness metrics into on-chain data. Immediately after the announcement, over 900,000 users signed up for its corresponding NFT Ring whitelist within the WELL3 ecosystem.
WELL3 Transactions and NFT Project
Since its launch, WELL3 has quickly risen to become one of the top six projects on the opBNB chain, boasting over 324,000 owners and the creation of 8 million NFTs by April 27, 2024.
Key Partnerships
Since developing this crypto project, WELL3 has established partnerships with leading entities, including Animoca Brands, AWS, Samsung, The Spartan Group, Blocore, Fenbushi Capital, Newman Group, Soul Capital, XY Finance, and Lumoz.
Multichain
In pursuit of interoperability and a seamless user experience across multichains, WELL3 has formed a strategic alliance with leading chains. These include Polygon, Solana, Base, Ton, Avalanche, Arbitrum, BNB Chain, Sei, Algorand, Blast, and Telos. Moreover, the collaboration ensures that users benefit from a multichain and scalable ecosystem, enhancing the overall functionality and reach of WELL3’s offerings.
Key Features of WELL3
As a leading transformative force in health data management under the DePIN framework, WELL3 has a wide range of features, including:
Data decentralization
Health data is securely processed within the DePIN system. This process within Trusted Executive Environments (TEE) powered by Amazon Web Services (AWS) ensures user data remains private and secured.
Rewarding Wearables for Enhanced Wellness
WELL3 introduces an innovative line of wearables, starting with a smart ring equipped with state-of-the-art sensors and algorithms that provide a comprehensive view of an individual’s health. Furthermore, users can earn $WELL tokens through active participation and consenting to share their anonymized health data.
This token-based ecosystem not only boosts user
engagement by rewarding healthy behaviors and data sharing but also ensures that users have a stake in the governance. Subsequently, it guarantees that users actively participate in the ongoing development of the platform.
Complete Ownership Over Personal Data
By leveraging WELL3’s DePIN and DID technologies, users not only have complete ownership over their personal information and data but are also safeguarded against unauthorized access, data breaches, and fraud.
Multichain
WELL3’s multi-chain framework spans multiple blockchain platforms, including Bitcoin, Ethereum, Polygon, Solana, Blast, and TON. This broad horizontal coverage allows WELL3 to leverage the strengths of various networks. Moreover, it ensures that users can interact with the WELL3 ecosystem across multiple platforms without barriers, facilitating a seamless and integrated user experience.
Additionally, this approach can significantly reduce transaction costs by allowing WELL3 to choose the most efficient blockchain for specific actions.
Interoperability Across Ecosystems
Designed to seamlessly integrate across various platforms and services, WELL ID eliminates the hassle of multiple passwords and redundant verification processes. Whether it’s accessing health services, participating in wellness programs, or engaging with partner ecosystems, WELL ID provides a unified identity solution. Indeed, this solution simplifies digital interactions while enhancing security.
What Is $WELL Token? And What Does It Do?
The WELL token acts as both a utility and governance token within the WELL3 Network. Moreover, it embodies the core principles of Wellness, Health, and Governance. It powers a dynamic network of health ecosystem partners and their users, functioning seamlessly across all Layer 1 (L1) and Layer 2 (L2) chains.
More specifically, the $WELL token has many use cases within the WELL3 ecosystem, such as identity creation, purchases, and rewards.
First, the $WELL token supports the WELL3 Ecosystem as DePin Ecosystem Rewards, health data sharing, and activity-based incentives. Secondly, it also serves as a reward for contributing to the WELL3’s decentralized network.
Also, the $WELL token is utilized in Identity creation, management, and KYC-as-a-service via DID. Moreover, it functions as a currency for both digital and physical purchases in the WELL3 Ecosystem.
Distribution of the $WELL token is as follows:
It has a maximum supply of 42,000,000,000, while around 71% of tokens will go to community initiatives. Going into more detail, around 32.5% of the allocation will go to the ecosystem, with 23% TGE and daily linear unlock for 24 months. 20% goes to the $WELL airdrop with a 15% TGE. As for the rest, 12.5% goes to the team and contributors, while 10% is for public sale with 20% TGE.
Conclusion
WELL3 is a crypto project with the objective of doing many things in an innovative manner by creating a convergence between AI and DePIN. Besides this, it aims to create a crypto community of individuals who value health, innovation, and prosperity.
Within a short period of its establishment, WELL3 has been able to reach a lot of milestones, such as the minting of over 8 million NFTs within its ecosystem and the procession of over $17 million in transactions.
Furthermore, the $WELL token will serve important purposes within this crypto project. While primarily functioning as a governance mechanism within WELL3, the $WELL token will also help in sharing rewards and incentives, identity creation, and purchases.
WELL3 is an exciting crypto project that sets out to create a series of innovative solutions that bridge health and finance.
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