How WELL3 is transforming health and wellness with DePIN

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As a crypto investor with a background in technology and healthcare, I find the WELL3 project intriguing due to its innovative approach to health and wellness. The integration of Decentralized Physical Infrastructure Network (DePIN), Decentralized Identity (DID), and AI systems is a game-changer in this sector.

“Using DePIN, DID, and artificial intelligence technologies, WELL3 transforms healthcare and wellness by delivering customized, secure experiences to its 1 million-strong user community.”

WELL3 is a fresh initiative that stands out in the realm of health and wellness by combining Decentralized Physical Infrastructure Network (DePIN), Decentralized Identity (DID), and artificial intelligence (AI) technologies. Let’s delve deeper into this intriguing project.

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

The innovative initiative, named WELL3, aspires to revolutionize the realm of health and wellbeing by leveraging the power of Decentralized Physical Infrastructure Network (DePIN), Decentralized Identity (DID), and advanced AI technology.

On WELL3’s platform, over 1 million people have signed up in advance of its release. WELL3 strives to improve overall health and wellness by utilizing secure data, blockchain technology, and artificial intelligence. Through the deployment of DePIN, users can expect a tailored experience that verifies their identity securely, while also building a vibrant community where countless individuals come together in their shared commitment to enhancing their well-being.

Using this method, both data possession and rigorous safety protocols are maintained, while incorporating AI technology to customize wellness plans that resonate with their desire for a safe and healthy tomorrow.

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 serves dual purposes in the WELL3 Network: it functions as a utility token, facilitating transactions between health ecosystem partners and their users; and it operates as a governance token, allowing holders a say in network decision-making processes. The token’s influence extends to both Layer 1 (primary blockchain) and Layer 2 (secondary blockchains).

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

As a seasoned analyst, I can tell you that WELL3 is making strides in the health and wellness sector by integrating sophisticated technology into its offerings. My focus is on delivering secure, data-driven approaches. Leveraging technologies like DePIN, DID, and artificial intelligence (AI), I’m committed to creating tailored health solutions for individual users. Simultaneously, I prioritize ensuring the highest level of data security and maintaining user engagement.

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2024-07-01 18:08