WELLBE COIN — Using Blockchain to Revolutionize the Fitness and Sport Industry

7 min readJun 12, 2021

Blockchain in the Sports and Fitness Industry

In terms of practicality, technology, sports, and fitness are all in love. This combination has been around for a while, with new applications, machines, and goods appearing all the time, and the trends look unstoppable from there. A new technology, the Blockchain, was presented to the business, promising to transform it forever. It was initially designed for the development of Bitcoin. When compared to a few years ago, the number of fitness enthusiasts has grown tremendously throughout the globe in recent years. These statistics demonstrate the importance of fitness and sport to the human race as a whole. Obviously, it will not stop at those figures; it will continue to rise. This raised the topic of how to expand the number of participants in comparison to current figures, as well as how to continue to enhance the quality of services and modernize them.

One of the few models that has stayed intact in a current era when people just want to utilize technology to access whatever they do and also want as much flexibility as possible is the payment system. The invention of Bitcoin, which was originally intended to be used as a method of payment, fits in well with this notion and also covers a wide range of functions in this sector. A gym membership, personal trainer, or fitness course may all be accessible utilizing blockchain technology without leaving the house. Users would be able to connect and download classes and information without leaving their closet, as well as make payments for all of these professional services.

Personal trainers could simply upload their material to the Blockchain, enabling consumers to access and pay for it without the need for any middlemen. Blockchain is really opening new doors, and it has the potential to change the sports and fitness industries.

So, what exactly is a blockchain?

Blockchain is a technology that helps to improve the Bitcoin ecosystem while also having much more uses than you can think. It was originally designed to address both privacy and security concerns while also simplifying the notion. It’s possible to characterize Blockchain technology as a fantastic register for storing information. Blockchain is analogous to a coin placed into a glass container that cannot be retrieved and maintains account of all information input. Each piece of data is represented by a “block” that is transmitted to a “chain.” It’s worth noting that material such as films and music might be kept on the blockchain as well. Essentially, blockchain supports practically every area of the global economy.

The growing popularity of blockchain technology has drawn investors and traders, developers, and big businesses and government organizations. However, there are still a few issues with blockchain that need to be resolved. Here’s a rundown of some of the blockchain concerns that we should all be aware of.

There is an environmental cost to blockchain.

The cost of maintaining a Blockchain technology is highly expensive since it is necessary to maintain the network operating 24 hours a day, which uses an enormous amount of energy. Some cryptocurrency enthusiasts have lately said that they have withdrew from bitcoin owing to the amount of energy it uses. With a market capitalization over $1 trillion, Bitcoin’s Blockchain is very valuable. This demonstrates the need for very advanced security to keep it functioning. Normally, a small firm using Blockchain as its foundation would not need more energy to get up and running, but the impact on the environment as well as the cost of energy should never be overlooked.

A dangerous ecology is created by a lack of control.

For years, the lack of regulation has been a challenge for value-based Blockchain networks. Because of the unpredictable nature of the market, as well as the absence of governmental control, it is completely vulnerable to market manipulation and fraud. Some enterprises have cheated investors out of millions of dollars with no remorse. Even though most investors choose well-known cryptocurrencies like Bitcoin, Ether, or Binance, there is still the risk of your coins being stolen from your wallets on centralized exchanges, shut down by governments owing to suspected fraud activities, or exchanges running away with your money. These are just the results of a lack of regulatory monitoring in the cryptocurrency market.

Blockchain’s Complexity

It might be incredibly difficult for the average person to comprehend how blockchain works. As a result, many people find it difficult to utilize, even when they are aware of its true potential. Many individuals are still skeptical that Blockchain can perform better than traditional banking systems when it comes to third-party intermediaries. Even with the hefty transaction and middleman costs, some people are content with the current financial system. This is mostly due to the intricacy of blockchain, which deters many investors, particularly those who do not have the time to research it. The key reason why the majority of people on the planet are unaware of what Blockchain is.

Blockchain may be time-consuming and inconvenient.

When compared to typical payment methods, blockchain transactions or activities might be quite sluggish. It might take a long time for a transaction to be verified on the network. This is due to the fact that when more data is handled on the network, it gets more crowded, slowing it down and sometimes raising transaction costs. For the previous several years, this has been the situation.

In my view, despite the fact that these issues may offer some impediments, Blockchain is another technology that will undoubtedly overcome the artificially erected obstacles. This may be seen in the new WELLBE COIN initiative.

So, what exactly is WELLBE COIN?

WellBe Coin is a cryptocurrency that aims to raise awareness and acceptance among numerous participants in the fitness and sports industries. It will use blockchain technology to change the fitness and sports business. Wellbe Coin will support the concept of self-financing and governance thanks to smart contract technology, absorbing, improving, and using complex Blockchain technologies to accomplish this accomplishment. Wellbe Coin aims to provide a transparent, safe, and simple-to-use platform where participants may easily engage with one another. In addition, the platform will allow for frictionless exchanges amongst fitness sector participants, which will bring value to the whole crypto market.

What solutions does Wellbe Coin want to provide the fitness industry?

Wellbe will bring together gamers from all around the globe to form a great community and a strong and effective support system.
Aidrops was created in order to increase the number of users on the site. Other marketing efforts will be launched in the near future to help in the company’s development.
Masternodes and staking will be used to keep the network stable.
DApps will be able to be integrated into the ecosystem, and they will be accessible to everyone.
The establishment of start-up incubators to assist freshly established projects in achieving their objectives.
Other services provided by Wellbe Coin include:

WELB is a Binance Smart Chain token based on the BEP20 protocol. It is the native token that will be utilized to access all Wellbe Coin platform features. Each month, 200,000 WELBs will be dispersed between the WELB Treasury, The WELB Bone, the Actors (teams of developers, marketing, and security), and the Masternodes by July 2021. Below is a summary of tokenomics:

What is the platform’s advantage to its supporters?

Operators of Masternodes

Users will be rewarded with WELB tokens for supporting, setting up, hosting, and maintaining a WELB masternode, as well as other services. Masternodes make network maintenance easier, which increases network dependability. 80,000 WELB will be distributed across masternode operators each month. The prizes will be distributed based on the percentage of WELB tokens owned compared to the entire reward pool. The following are the criteria for setting up a masternode on the Wellbe network:

For Business Partners

All Wellbe Ecosystem partners will be able to incorporate DApps and other applications that are based on smart contract technology. Wellbe will offer assistance and technical knowledge as well as ongoing oversight, resulting in increased value for the partners.

Consumers in the End

WELB may be readily stored as a store of value in the supported wallets. Furthermore, only WELB tokens will be accepted as payment for any services given on the Wellbe ecosystem. With the WELB tokens, users may simply access goods and services on the Wellbe Platform. More users equals more token purchases, resulting in a rise in the token’s value.

In conclusion, the fitness and sport business is trailing behind and losing people as a result of the providers’ ineffectiveness. Blockchain aspires to transform the face of these platforms, making them much more transparent, effective, and simple to use. WELB will employ Blockchain and smart contract technology to revolutionize the fitness industry by establishing a store of value for its customers in the form of the WELB token. Additionally, holding WELB tokens comes with a slew of perks for those who contribute to the network. Based on Binance Smart Chain, you may be certain that you have made a wise investment.