WELL3 Review 2024 – Building Web3 Wellness

Summary

The technological pattern in the cryptocurrency space today has many projects in DePIN, gaming, zero-knowledge, and metaverse integrating AI technology. Combining AI and blockchain is becoming an attractive idea for investors and is considered to be one of the main themes of the new crypto bull market. This brings us to WELL3, a decentralized mind-body ecosystem powered by artificial intelligence that has secured more than $5 million from seed funding and NFT sales. So let’s have a careful examination of this project and see different sides of it.

What is WELL3?

WELL3 is an innovative platform that redefines health and wellness using a decentralized physical infrastructure network (DePIN) and decentralized identity (DID) alongside integrated AI systems. Having over 1 million registrations eagerly awaiting its release, WELL3 aims to improve well-being through safe data-driven health journeys.

Using DePIN, blockchain, and AI analytics enables WELL3 to deliver personalized user experiences with secure authorization. It creates a community where millions can come together to pursue better health. This approach allows users to own their data, thus improving safety while relying on AI for personalized wellbeing solutions towards a safe, healthy future.

Features of WELL3

WELL3 is transforming health data management using the DePIN framework, as explained in brief below.

Decentralized Nature of Data: Health data is safely kept within the DePIN system. Amazon Web Services (AWS), powered by Trusted Executive Environments (TEE), make sure that users’s personal information remains confidential and private.

Incentivizing Wearables for Better Wellbeing: The first innovative wearables offered by WELL3 begin with the advanced sensors and algorithms fitted into a smart ring, enabling comprehensive health analysis on an individual. Users can earn $WELL tokens by actively participating and sharing their de-identified health data. This token economy promotes healthy behavior and sharing of data, giving users a voice in platform governance and development.

Total Control of Personal Data: The use of WELL3’s decentralized pinning infrastructure (DePIN) and DID technology gives users full rights to their own information, thus shielding them against unauthorized access, breaches, or frauds related to it.

Multi-Chain Framework: WELL3 runs on multiple blockchains such as Bitcoin, Ethereum, Polygon, Solana, Blast, and TON. The strategy taps into the benefits of various chains and enables the WELL3 community to use its services on different platforms with ease while minimizing transaction fees by choosing the most effective blockchain for particular actions.

Interoperability between Ecosystems: WELL ID integrates seamlessly across various platforms and services so that users don’t have to remember multiple passwords or go through verification processes over and over again. By using a single identity management solution dubbed WELL ID for patients’ interaction with healthcare providers, joining wellness programs, or partner ecosystems, it becomes easier for people to navigate digital space while at the same time ensuring their security.

What is the $WELL Token?

The WELL3 Network’s $WELL token is an indispensable part of it. It has two main uses: as a utility token within the network and as a governance token that aids decision-making. Wellness, health, and governance are the foundations around which the $WELL token is built. This enables it to link up with various health ecosystem partners and users by spanning across all layer 1 (L1) and layer 2 (L2) blockchain networks. Here are some of the use cases of $WELL.

Ecosystem Support

Supported by the WELL3 ecosystem, the $WELL token plays an important role in this regard. Users can earn $WELL tokens for participating in the Decentralized Physical Infrastructure Network (DePIN). These include securely sharing their health data or engaging in different activities related to health. These encourage active participation and data sharing necessary for 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, maintenance of infrastructure for network operations, transaction validation, among others, as well as security and integrity of the system. By recognizing these contributions through rewards, WELL3 encourages people to stand by its side while enhancing its capabilities, thus ensuring strength and reliability.

Identity Management

Within the WELL3 ecosystem, identity creation and management are linked with the $WELL token. Users can also use $WELL tokens to create and manage their digital identities through Decentralized Identity (DID) technology. The other vital feature of this token is that it enables secure Know Your Customer (KYC) operations for user identification authentication. This way, people can avail themselves of services and join the ecosystem while preserving confidentiality.

Currency for Purchases

Inside the WELL3 ecosystem, the $WELL token operates as a currency. Users can buy various digital products using $WELL tokens in addition to PHYSICAL ONES. They cater to health-related goods and services in addition to virtual items among others in the ecosystem. By relying on $WELL tokens in transactions, users will find it less stressful to interact with this system, thus making it smoother and more inclusive.

Tokenomics of WELL3 Token

The tokenomics of $WELL are designed to benefit its users in the long run.

• Max Supply: There will be a total of 42,000,000,000 $WELL tokens available.
• Community Initiatives: 71% of these tokens are dedicated to community initiatives. This means that most of the tokens will be used to support and grow our community by rewarding users, funding ideas/projects, and doing other ecosystem-encouraging activities.
• Lock-Up Period: The release occurs over 24 months in batches so that all the tokens do not become available at once. The release is spread out over two years to ensure long-term stability while also aligning with the community’s interests in terms of too much liquidity flooding the market at a go.

Achievements and Partnerships

The WELL3 community is evergreen and vast. WELL3 has achieved various feats through the assistance they got.

Within the first week, a total value locked (TVL) of 15,237.2 ETH, which translates to $55 million USD in seven days, was recorded for the public sale. Also, over $5 million dollars was raised through seed rounds and NFT sales.

By announcing WELL3 Ring, a revolutionary wearable that converts individual wellness metrics into on-chain data, more than 900 thousand users joined its respective NFT whitelist and signed up to be part of the WELL3 ecosystem.

Since it was launched on February 10th, 2024, the WELL3 NFT project has rapidly become the biggest nft collection on the opBNB chain.

As of April 27, 2024, this number had risen to over 324 thousand owners and 8 million NFTs created by them.

Transactions worth $17 million have been made using the WELL3 platform.

WELL3 has partnered with big names including Animoca Brands, AWS, Samsung, The Spartan Group, Blocore, Fuji Capital, Newman Group Soul Capital, XY Finance Lumoz.

To date, Well3 has already joined hands with many leading chains, like Polygon Solana Base Ton Avalanche Arbitrum BNB Chain Sei Algorand Blast Telos.

Final Verdict

WELL3 is making impressive strides in the crypto and wellness space by integrating AI with blockchain technology. It has raised over $5 million and garnered strong community support, as evidenced by its record-breaking public sale and extensive user registration. With its innovative features, strategic partnerships, and robust ecosystem, WELL3 is well-positioned to become a leading platform in the emerging Web3 wellness sector.

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