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Step 2.0: Steps, Leaps, Bounds Forward

Step App Team
January 16, 2023

Long ago, Prometheus brought fire to the world. Now Step is bringing crypto to the world.

Over the next 7 days we will be releasing updates as we get closer to the release of Step 2.0, which is currently being developed by the Step Team. Step 2.0 is redefining the narrative of ‘to-earn’, it will spearhead economic sustainability in the industry. In these updates we will be releasing information to the public for the first time about: 

  1. Step’s expanded business model
  2. Governance and control of revenue (burns and yield)
  3. Expansion of FITFI to new multi-million user crypto markets
  4. The crown jewel in Step ecosystem of products

and maybe some more…

This page will be updated daily as we unlock and unveil key pieces of information so make sure you keep your eyes on this blog post and our social announcements

Disrupting the $5+ Trillion Global Health and Life Insurance Markets

Step Ecosystem acquires brilliant data on people’s fitness activities. 

AI crunches the validity of this data. 

Crypto expands access to purchasing globally.

Here’s how these things intersect:

Step has been in discussion with insurance providers to gauge demand, and there is massive interest.

… Enter Prometheus Mainnet … 

Prometheus Mainnet: Crypto to the Universe

Step Ecosystem is now in development to provide an incredible to-earn economy, financed by the global health and life insurance markets. Prometheus Mainnet bridges the gap between blockchain technology and the global health and life insurance markets. Here’s how the pieces of the puzzle come together:

  1. Users improve their health through Step products
  2. Step proprietary anonymized data and AI crunching validates user fitness activity
  3. Insurance companies want healthy customers
  4. Step users acquire discounted health and life insurance 

Step Ecosystem is a product made for every person, and is becoming a partner of the biggest financial firms. The Step Ecosystem will accumulate platform fees that will build a treasury to power FITFI liquidity, yield and more. 

We are here to disrupt industries and facilitate exponential growth.

All Power to the Community: Step DAO

As part of our commitment to customer-focused products and operations, we are giving power to the community. With Step 2.0 we will be expanding the ways our community can share their opinions and feedback. One of the ways we will be doing this is through Step DAO. FITFI stakers will have more control over decisions made about Step DAO, which has control over many things in the Step Ecosystem, including the ecosystem treasury. 

Step Ecosystem is already earning massive amounts of FITFI from fee streams and this is BEFORE Prometheus Mainnet has even launched. The accumulated FITFI, which is bought from the market, will begin being placed into the Step DAO treasury.

The power is in your hands. With Step 2.0 we are opening up voting so the community becomes part of making decisions on: 

  • Boosting staking yield
  • Continue burning it all
  • Incentivizing DEX LP
  • Diversifying and buying assets
  • Finance community developers

The Step DAO will go live when we roll out Step 2.0 this year and will accumulate an astounding amount of market-bought FITFI from the very beginning. 

The delivery of such responsibility to the community is a proud day for all of crypto.

Step is Making Crypto as Easy as Email

As part of Prometheus Mainnet, to provide unmatched health and life insurance opportunities to all, Step Ecosystem needs to make crypto so easy to adopt that even grandparents can opt in.

That’s why we are making crypto as simple as email.

Step 2.0 involves an evolution in key generation. Biometric, phone, pin and email authentication will allow a multi-party computation key mint that is accessible and easy enough for everyone. This development is a key pillar of Prometheus Mainnet, and the necessary ingredient for #RoadTo10Million (and more!).

Step will host an AMA with the CTO to explain the technical achievements that are being made to deliver this. Look out for our announcement with the details. Step Ecosystem’s CTO, Dmitry Gordeychuk, is one of the most accomplished developers in the space, with a past track record that has been invested by institutions like Dragonfly, Blockchain.com, and Binance Labs.

Step 2.0 will take crypto accessibility to the next level, the next generation will not realise it wasn’t always so easy.

Freemium: Path to 1000x Expansion 

Step products currently require an entry fee of some sorts and we recognize that this limits mass adoption as people often prefer to try something before opting in. That’s where “Freemium” models come in. Freemium models have built the biggest companies in gaming, fitness, and tech. In crypto it should be no different. To enable 1000x expansion and growth of our community and active users, a Freemium model is being developed for products with entry fees within the Step Ecosystem.

Segmenting Opportunities, Value, and Cash Flow

Under the Freemium model, people can opt into Step App and begin their journey towards a healthier, wealthier life within Step App's virtual fitness world. Our goal is for people to become healthier and more fit, generate anonymized health-related data, and as a result, have the opportunity to access discounted health and life insurance. More users equates to more insurance purchases, and that leads to more platform fees.

Through the introduction of a freemium model we can increase our user activity which helps grow the Step treasury. The Step treasury funnels value directly to FITFI. 

In simple terms: More user activity = Step treasury growth = Increased FITFI value = Increased value for token holders

Web3 gives you the opportunity to own what you use and our new Freemium model will give you a chance to try Step App before you commit to using it and invest in it. Once you are ready to make the investment into Step App and your health, FITFI tokens will be the gateway to ownership.

Expanding FITFI Liquidity Through DeFi

Step Network already has more than 100,000 active wallets. This exceeds many Layer 1s that have been out for years before Step Network. Step Network is dedicated to be the most “useful” blockchain by providing products centered around life. This has been a key role in making it one of the fastest growing chains ever. FITFI is at the heart of this, as the gas token. There's still a great opportunity to introduce DeFi products that can provide greater liquidity to FITFI and alleviate community needs, and we intend to capitalise on this.

DeFi Pillars

Step Foundation is working on a money market as one of the immediate growth funnels in Step Network DeFi. More importantly, Step Foundation is working to deliver a significant codebase library that sets the groundwork for community developers to easily build safe and highly-scaled DeFi products on Step Network. These moves unlock the full potential of FITFI and Step Network for crypto-centric users.

Major Regional Expansion

Step will expand their global presence in both the digital and physical world. We will engage in activities that promote exponential growth on both regional and global levels. We will primarily be doing this through:

  1. Introducing new fiat pair listings
  2. Hosting events in localised markets, together with our partners and for our loyal communities. 

New Fiat Pairings

$FITFI’s fiat pairing with the Korean Won made Step App directly available to over 8 million Korean users. This was a huge success and $FITFI was placed on Bithumb, placing the token on one of the most exclusive exchanges globally. Following this successful fiat pairing, we will expand our fiat pairings on regional exchanges with Step 2.0 which will increase Step Ecosystem adoption in dominant crypto countries. 

Events

In December 2022 we had our first ever in-person event. Our Step App Conference took place in Tokyo, Japan and embodied Step’s goal of building a bridge between Web3 and our physical world through health and fitness. At this event we connected with many of our community members and were able to partner with key individuals in the industry and market such as Usain Bolt, an icon in the fitness industry, and Kazuto Taguchi, a Japanese baseball sensation representing one of our largest user bases. Beyond the major technological advancements that Step 2.0 will bring, we will also foster greater community connection, involvement and interaction as our goal is not only to build a great app, but to build communities.

$FITFI Revenue Burns and Yield: Community DAO

A portion of Step App fees and Step Chain fees are constantly fed to the community DAO. This information is publicly available here: https://fitfi.step.app/ 

Community DAO has the power to allocate this $FITFI to anything: burns, yield, community developers, etc. Stakers vote to decide. 

  • A funnel of non-inflationary tokens
  • Bought from exchanges and removed from circulation

$500,000 Bought From Market

For its first month, the DAO already has control of $500,000 worth of FITFI bought from the market. About 1.5% of market cap in 1 go! The Community DAO can initiate votes at any point. 

Just the Beginning

The Step Ecosystem is at a nascent stage. As products on the Step Chain develop, FITFI fees grow. As Prometheus Mainnet is completed, mainstream users’ purchases of discounted insurance grows FITFI Fees. The traction in both crypto and mainstream markets is just beginning and Step Ecosystem is not even 1 year old as yet. FITFI is already one of the most utility-rich assets in the space, we're only just getting started!

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