“Blockchain will bring levels of efficiency to the financial market that we’ve never seen before.” — Robert Greifeld, Former Chief Executive of Nasdaq. The words of Mr.Greifeld may seem impossible, but in fact, many experts in finance, business, and technology can agree that Blockchain is one to watch.
Blockchain first became known as the system which stores information on Bitcoin, marking the beginning of the cryptocurrency world. However, Blockchain today can be and is used in many ways, stretching far beyond cryptocurrency. Blockchain works based on the concept of Decentralization, which is a safe and secure way to monitor transactions and is able to balance privacy and transparency in a way that intermediaries sometimes cannot. Blockchain has continuously developed since its inception and has become a system used for various activities, one of which is exercise.
It may seem like Blockchain and exercise are unrelated, but in fact, when you exercise on the Blockchain, you are able to workout on your own schedule and mine for cryptocurrency simultaneously. Using the recorded results of your activities, you can submit them to a platform that will reward you with coins, allowing you to not only work on your physical well-being, but giving you an additional source of income as well. Before we get into how exercise on the Blockchain works and how you can mine for crypto, let’s first get to know Blockchain better.
Blockchain is a system that stores information on a distributed ledger (a distributed ledger is a way to manage information without an intermediary). This allows for peer-to-peer transactions where the information is stored on a block (the ledger) on the blockchain. Each individual block is connected to the block of information preceding it and the block following it, forming a chain. Anytime there is a new transaction, everyone’s ledger is updated. Each person involved in the blockchain will have their own ledger where their balance is and all their transactions are recorded.
For example, Emily sells 5 Bitcoins to Penny. When this transaction occurs, everybody’s ledger is updated (since every person’s ledger is connected). Anyone will be able to see the occurrence of this transaction.
With the ability of managing peer-to-peer transactions without the use of an intermediary, Blockchain is able to manage information with speed and is considered to be very secure due to each ledger’s connectivity to another. This is different to a bank, where any transaction that occurs has to go through the bank’s system which can be slow, and does not offer as much information privacy.
In terms of security, imagine that a hacker wants to alter one piece of information. On the blockchain, this would mean that the hacker would have to alter every block or ledger in the system (since they are all interconnected). However, if they were to do this at a bank, the hacker could more easily alter the information at a single location.
Everything mentioned so far still only scratches the surface of what blockchain technology is capable of. With a slight alteration, Blockchain can really be used for just about anything. Other than information on cryptocurrency, blockchain is also used to manage information on the ownership of other digital and real-life assets such as digital art and NFTs. Much like the internet, the opportunities for blockchain are endless.
An advantage of working out on the blockchain is that it makes exercising about more than health, it can now also be about making an income. It gives you that extra motivation to get up and work out. It can turn a boring routine, something that doesn’t feel like it’s worth your time, into something that excites you and makes you want to be active everyday.
The short answer for whether or not you can mine for cryptocurrency is yes, you really can. Today there are applications out there that will reward you with cryptocurrency, given your activity results or calories burned.
Exercising on the blockchain works through tracking your workout using any device or application which tracks activities and submitting those results onto a platform which rewards you with cryptocurrency. These coins can then be used for transactions in real life or on the cryptocurrency market (depending on each specific coin). Mostly these exercises are running, walking, cycling, swimming, jump rope, or weight training, for example.
Making an income from exercising on the blockchain comes in many forms. It is mainly done through digital assets such as cryptocurrency or NFTs. You can keep these digital assets as a long term investment or you can use coins to purchase NFTs that you can then sell for a profit.
Other than investment, cryptocurrency, and NFTs reasons, these applications also motivate its users through creating challenges to overcome. Features like this provide a sense of competitiveness, whether it is with other users or with yourself. Competition can make exercising more exciting than it is when we are working out on our own. Users are more motivated when winning prizes is on the line.
Other than “Exercise to Earn”, where you submit your activity results in exchange for cryptocurrency, exercising on the blockchain comes in other formats as well. There is also “Burn to Earn” where you can submit the calories you have burned during a workout in exchange for cryptocurrency. This is well suited for those with weight loss related goals.
Other than “Exercise to Earn” and “Burn to Earn”, which focuses on health and working out, there is also “Move to Earn”, a similar concept, but functions more as a game. For example, the app Zombies, Run! from OliveX is a game that is based on running for your life. In this game, you have quests that you must complete and you will need your headphones in to listen out for zombie sounds and run away from them. This is yet another way to make exercise more fun.
The ability to transform your usual workouts into something more fun and exciting, something that helps you to earn a little extra income is a good thing, and this is what exercising on the blockchain allows you to do. Not only does it give you a way to earn crypto, you can even begin to engage in long-term investments with this crypto without having to use any of your own money.
Therefore, WIRTUAL would like to recommend to anyone that is currently working out regularly, or is planning to workout regularly to explore the possibilities of exercising on the blockchain. There are so many applications and platforms available to simplify the process and get you started! The future of working out is not only for your health, but can also be a financial investment as well.