Introduction
WELL3 is a new project that is taking a novel approach to health and wellness by integrating Decentralized Physical Infrastructure Network (DePIN), Decentralized Identity (DID), and AI systems. Let’s explore the project in more detail.
Overview
Company: WELL3
Token ticker: WELL
Blockchain: Multichain
Sector: Decentralized Physical Infrastructure Network
(DePIN) and Decentralized Identity (DID)
Business Model: a DePIN and AI platform in the wellness industry
WELL3 details
WELL3 is a new project that aims to reshape health and wellness through Decentralized Physical Infrastructure Network (DePIN), Decentralized Identity (DID) and integrated AI systems.
The platform has 1 million pre-registered users 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 claims a personalized user experience that is securely authenticated, while fostering a community where millions unite in their pursuit of well-being.
This approach ensures data ownership and security standards, 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 expansive. With their help, the platform has achieved several achievements.
- Public Sale: In seven days, the public sale registered a total value locked (TVL) of 15,237.2 ETH or $55M USD. Moreover, over $5 Million was raised through seed round and NFT sales.
- WELL ID: After the announcement of the launch of WELL3 Ring, a wearable that converts personal wellness metrics into on-chain data, over 900,000 users signed up for its corresponding NFT whitelist, and registered on the WELL3 ecosystem.
- WELL3 NFT project: Since its launch on February 10, 2024, Well3NFT has ascended to become the largest NFT collection on the opBNB chain, with over 324,000 owners and 8 million NFTs created by April 27, 2024.
- Transactions: Over $17m transactions have been created on WELL3.
- Collaborations: WELL3 has established partnerships with entities including Animoca Brands, AWS, Samsung, The Spartan Group, Blocore, Fenbushi Capital, Newman Group, Soul Capital, XY Finance and Lumoz.
- Strategic alliance: WELL3 has formed a strategic alliance with chains such as Polygon, Solana, Base, Ton, Avalanche, Arbitrum, BNB Chain, Sei, Algorand, Blast and telos. This collaboration is to ensure that users benefit from a multichain and scalable ecosystem, enhancing the overall functionality and reach of WELL3’s offerings.
Key features of WELL3
In summary, WELL3 is taking a new approach to health data management under the DePIN framework.
- Data decentralization: Health data is securely processed within the DePIN system This process within Trusted Executive Environments (TEE) powered by Amazon Web Services (AWS) makes sure user data remains private and secured.
- Rewarding wearables for enhanced wellness: WELL3 introduces a line of wearables, starting with a smart ring equipped with sensors and algorithms that provides a comprehensive view of an individual’s health. Users can earn WELL tokens through active participation and consenting to share their anonymized health data. This token-based ecosystem boosts user engagement by rewarding healthy behaviors and data sharing, and also ensures that users have a stake in the governance and ongoing development of the platform.
- Complete ownership over personal data: By leveraging WELL3’s DePIN and DID technologies, users have complete ownership over their personal information and data, and are also safeguarded against unauthorized access, data breaches, and frauds.
- Multichain: WELL3’s multichain framework spans multiple blockchain platforms including Bitcoin, Ethereum, Polygon, Solana, Blast, and TON. This coverage allows WELL3 to leverage various networks, ensuring 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 integrate across various platforms and services, WELL ID eliminates the need for multiple passwords and redundant verification processes. WELL ID provides a unified identity solution that 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. It powers a network of health ecosystem partners and their users, functioning across all Layer 1 (L1) and Layer 2 (L2) chains.
More specifically, the following are the use cases for the WELL token in the WELL3 ecosystem:
- Supports the WELL3 Ecosystem as DePIN Ecosystem Rewards, health data sharing and activity-based incentives
- As a reward for contributing to the WELL3’s decentralized network
- Identity creation and management of decentralised ID via WELL ID
- Act as a currency for both digitaland physical purchases in the WELL3 Ecosystem
Distribution of the WELL token is as follows:
- Max supply: 42,000,000,000
- 71% of tokens to community initiatives
- Lock up: The unlock schedule is spread across different timeframes to align long-term interests and promote stability. WELL will unlock over the course of 24 months per the Token Release Schedule.
Conclusion
WELL3 is incorporating advanced technology into health and wellness, focusing on secure, data-driven approaches. With its use of DePIN, DID, and AI, WELL3 aims to offer personalized health solutions while ensuring data security and user engagement.