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What is green satoshi token (GST)? What you need to know about Stepn’s in-game currency token

What is green satoshi token (GST)? What you need to know about Stepn’s in-game currency token

The green satoshi token (GST) is the native cryptocurrency of the first-of-its-kind Web3 lifestyle app STEPN, which encourages users to stay active by rewarding them in GST tokens.

The token started 2022 with a kick, seeing its value surge by more than 300% from its debut in late December 2021 at $1.8 to an all-time high of $7.8 on 29 April 2022. Since then, however, the token dipped, losing over 99.7% of its gains down to $0.0223 as of 25 November 2022.

So, what is green satoshi token (GST) and how does it work?

What is green satoshi token (GST)?

A pioneer in the move-to-earn (M2E) sphere, STEPN inspires crypto fans to exercise or “move around” while earning the platform’s native coin – the green satoshi token (GST).

According to the STEPN platform’s whitepaper: “With Game-Fi, STEPN aims to nudge millions toward a healthier lifestyle, combat climate change and connect the public to Web 3.0, all while simultaneously hinging on it’s Social-Fi aspect to build a long-lasting platform fostering user generated Web 3.0 content.”

STEPN announced its public beta release on 20 December 2021 and was launched by the Australia-based fintech studio, Find Satoshi Lab.

Users get to purchase and equip themselves with non-fungible tokens (NTFs) in the shape of sneakers that are used for jogging, walking or running outdoors.

The game has four types of NFT Sneakers designed to fit different fitness levels. In addition, STEPN Sneakers are ranked by five different qualities that are given to them at random, thus establishing their rarity.

Users can purchase new Sneakers through the in-game NFT marketplace or create their own by “breeding” two Sneakers they already own through what the platform calls a Shoe Minting Event (SME). Each Sneaker can be bred up to seven times. The more a Sneaker was bred, the more tokens it will cost.

STEPN has three game modes.

  • Solo Mode: Users are equipped with NFT Sneakers and can earn GST coins through either walking or running. Their progress is tracked via a GPS signal. Users are given a certain amount of energy which allows them to earn GST tokens. Once that energy runs out, tokens can no longer be earned.
  • Marathon Mode: Users can participate in a weekly or monthly marathon of their chosen distance. At the time of writing, the marathon mode was currently under development.
  • Background Mode: Users will be able to continue gaining GST tokens while the STEPN is running in the background. As long as a user owns an NFT Sneaker, the app will be able to collect the user’s step data from their mobile’s health app. At the time of writing, this mode was also under development.

How does green satoshi token work?

It is important to note that STEPN has a dual token system; the green satoshi token cryptocurrency and the green metaverse token (GMT).

The GST coin is the in-game token of the STEPN ecosystem, while GMT is its governance coin.

So, what is the green satoshi token used for?

GST has an unlimited supply and can be earned by users through moving. GST is paid out for every minute of movement. The amount of GST paid out to users depends on the type of Sneaker they own and its unique attributes.

Because STEPN was built on the Solana (SOL) ecosystem, the GST coin was introduced on the Solana blockchain and then in May 2022 also added to the BNB Chain (BNB), formerly called BNB Smart Chain (BSC).

“To ensure the stability of GST, STEPN is designed with plenty of burn mechanisms. These involve upgrading your in-game assets like shoes and gems, unlocking gem sockets, and repairs. GST is also used to mint new shoes,” STEPN said in a blog post.

GST can be notably considered one of the more successful cryptocurrencies of 2022, despite the overall bear market that followed most cryptocurrencies at the start of the year.

The coin surged by around 350% within four months from $1.7443 on 22 December 2021 to $7.8337 on 29 April 2022 – its all-time high – as the company pledged to combat climate change and achieve carbon neutrality through the purchase of $100,000 worth of Carbon Removal Tonnes and the GTS token was listed on the popular crypto exchange Coinbase.

The positive rally did not last long, however, and GST managed to lose over 45% of its gains overnight dropping to $4.121, ahead of the release of the platform’s Public Beta Phase IV. By 3 May 2022, the token managed to resurface, surging past $6.5.

As hype surrounding STEPN and its native cryptocurrency started to decline, and the economic situation worldwide deteriorated, GST embarked on a bear run, losing over 97% of its gains from its 3 May 2022 value, down to $0.1804 by 13 June 2022.

DappRadar’s third-quarter gaming report published in October 2022 noted that STEPN “has cooled down after a torrid Q2” and its monthly active users decreased by 67%, falling to 482,000. In comparison, during Q2, STEPN registered over 2 million monthly users and over 260,000 new wallets.

By 23 November 2022, GST lost an additional 87.6% of its price down to $0.0223.

Latest GST news and price drivers

STEPN was the first ever earn-to-move blockchain to be released and with no competition at the time managed to surge to certain heights. However, competition was inevitable with the release of Sweat Economy, another move-to-earn blockchain, which according to DappRadar minted a record-breaking 10,000 NFTs in September 2022.

Additionally, uncertainty surrounding the Solana blockchain has been on the rise since the FTX crypto exchange, which is closely tied to Solana, filed for bankruptcy on 11 November. Since STEPN was built on the Solana blockchain, the GST coin is also affected by either positive or negative movements in Solana’s native cryptocurrency SOL.

In other news, STEPN announced on 18 November that it has launched an in-app event to celebrate the FIFA World Cup, top international sporting events of 2022, and encourage users worldwide to move and participate.

Moreover, STEPN has also partnered with ASICS and Solana to “pave the way for the Web3 fitness industry” by launching a new UI sneakers Collection.

Risk and opportunities

Anndy Lian, the chief digital advisor at the Mongolian Productivity Organisation and author of ‘NFT: From Zero to Hero’ told Capital.com that GST being built on the Solana network is both a “risk and opportunity” for the token.

“More than $700m has exited Solana-based applications, a 70% drop from the $1bn in TVL on 2 November alone. And please be mindful that this is the beginning of the whole saga.

“If Solana can continue to function and ride through this massive blow, GST being one of the largest ecosystems on Solana would surely be the first few that will benefit from this; Proving to the world that decentralisation actually works this time.”

Crypto advisor Victoria Kennedy added that GST’s biggest pro is its current burn system, which sees more tokens being burned than released, thus keeping the green satoshi token cryptocurrency deflationary. However, she also noted that due to its massive use function within the STEPN ecosystem, the “selling pressure from the players is much bigger, thus pushing the price down”.

Dr Pooja Lekhi, the vice chair of the Department of Quantitative Studies at University Canada West said that the GST coin “is still very new in the crypto market and hence has a limited track record and has no traceable features on trading views”.

On the other hand, Dr. Lekhi noted that GST has certain unique features including “social and community aspects”.

“With Game-Fi, STEPN aims to encourage people toward a healthier lifestyle, combat climate change and connect the public to Web 3.0, which is the next version of the internet. The GST token can be used to purchase Carbon Removal Credits and has received support from top-notch crypto investors, crypto firms, and big businesses.”

Note that analyst views are not financial advice and shouldn’t be used as a substitute for your own research. Always conduct your own due diligence, and never invest or trade money you cannot afford to lose.

 

Source: https://capital.com/green-satoshi-token-gst-stepn-crypto-what-is-ultimate-guide

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Singapore scales digital currency regulations as MAS gets additional power

Singapore scales digital currency regulations as MAS gets additional power

Singapore is stepping up its efforts to regulate the domestic digital currency industry, this time targeting firms that are based in the country but offering their services outside the city-state.

Last week, lawmakers in Singapore approved the Financial Services and Markets Bill 2022, which further expanded the jurisdiction of the Monetary Authority of Singapore (MAS), the country’s de facto central bank and digital currency regulator. The law covers virtual asset service providers (VASPs) who in digital currencies, exchanges, and firms that offer financial advice on the sale of such currencies and tokens.

Under the previous regulatory regime, the MAS only had authority over VASPs, which were based in the country and offered their services locally. This led to some regulatory loopholes in which a firm could claim to be regulated by the MAS, which is a reputable watchdog globally, but not be directly supervised by the regulator.

Alvin Tan, a board member of the MAS who spoke on behalf of Senior Minister Tharman Shanmugaratnam, said that the regulator was worried about the reputational risk that the loophole presented.

“Digital token service providers could easily structure their businesses to evade regulation in any one jurisdiction, as they operate mainly online. We could be exposed to reputational risks brought by DT service providers created in Singapore, and which provide services relating to virtual assets such as Bitcoin outside Singapore,” Tan said.

The new law was well received by some who believe that it will make the industry more reputable and further increase protections for investors. Legitimate firms operating within the confines of the law have nothing to fear, the law’s supporters say.

One of them is Anndy Lian, the chairman of Dutch exchange BigONE, who deems the new regulations reasonable.

“If you walk the ground hard enough, you will see many bad actors and dubious crypto companies using Singapore as a base of their operations. We need to properly regulate things so that the bad actors won’t affect this industry’s image,” Lian said, speaking to Nikkei Asia.

There are others who don’t support the new law, which they claim is just another burden being piled on by regulators on a nascent industry that could prove fatal to its growth.

“Sad, disappointed—we went 10 steps backwards. So MAS is making the assumption that the license is like gold—that everyone will want to get it?” One member of a digital currency group in the city-state stated.

There are also concerns related to the MAS’ processing of licensing applications. As CoinGeek reported in December, the MAS received about 180 applications for licenses by VASPs. Of these, 103 were either rejected or the applicants had withdrawn them after realizing they had not met the standards. At the time, only three firms had been granted operating licenses, with 70 applications being in consideration.

This long queue of applications was just with local firms that target the Singaporean market. VASPS will take longer to get licensed in the city-state with the new law. This will require some firms to move out of Singapore or dig deeper into their pockets to get through the scrutiny.

“For companies that are unable to fulfill the AML/CFT requirement, they will need to move out to other countries. But with more governments regulating cryptocurrency in different jurisdictions, these companies will soon find it hard to operate,” Desmond Yong, the chief strategy officer at Digital Treasures Center, commented.

This new MAS crackdown piles onto others, such as a ban on digital currency ads in public places, which kicked off in January, and the shutdown of digital currency ATMs.

 

Original Source: https://coingeek.com/singapore-scales-digital-currency-regulations-as-mas-gets-additional-power/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Here’s How Shibetoshi Sees Dogecoin Succeeding as a Digital Currency

Here’s How Shibetoshi Sees Dogecoin Succeeding as a Digital Currency
IN BRIEF
  • Billy Markus, the co-creator of Dogecoin, believes that the meme coin needs to market itself as a digital currency.
  • In the past, Markus had agreed that DOGE is “fast, scalable, and inexpensive.”
  • Dogecoin’s creator argues against it being a “shit token.”
Billy Markus, the co-creator of Dogecoin, took to Twitter today to suggest that Dogecoin needs to promote itself as a digital currency.

The American programmer argued that “if you want dogecoin to succeed, continue to be relevant, and have a reason and need to exist, utility comes from using it, accepting it, and showing others the benefits to do so.”

With that, Markus urged the community to contribute to the core development of the project instead of creating unnecessary hype. He commented, “speculation has brought attention. work brings utility.”

In the past as well, Markus had stated that “hype doesn’t last,” but only “attracts get rich quick people.” Instead, projects need to focus on “lasting value,” the creator had reiterated.

Dogecoin, which was a bitcoin spin-off and arguably the first real ‘meme coin,’ had garnered attention after DogeFather Elon Musk fuelled its social media following. But along with that, Musk and Markus have often agreed over Twitter exchanges that DOGE is “people’s crypto.” However, the original meme coin continues to attract critics, especially as it stands as the twelfth-largest crypto.

Arguing against DOGE being just another useless meme token, Markus also commented that “it’s a satirical cryptocurrency made for sillies that randomly caught on.” And, in his opinion, the meme tokens of today “[have] no use case.”

As we recall, Markus considers that DOGE is “fast, scalable, and inexpensive,” in contrast to his definition of ‘shit tokens.’

DOGE recovers

When it comes to Dogecoin’s price action, it has recently enjoyed some recovery along with the broader crypto market. The coin’s major hike also came this week when Elon Musk asked his followers if a new social media platform is needed.

In response, Musk seemed to like the idea of Boardroom Capital chairman, who suggested buying Twitter and replacing the blue bird with DOGE. With that, Anndy Lian, Chairman, BigONE Exchange highlighted the impact of the Twitter exchange on Dogecoin’s value:

In the past week, DOGE prices have gone up by over 17% and were trading at $0.1447 at the time of press. Despite that, it remains around 80% below its all-time-high valuation of $0.731578 reached last year in May.

 

Original Source: https://beincrypto.com/shibetoshi-dogecoin-succeeding-digital-currency/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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