By integrating the industry-leading decentralized Oracle Network, 5KM can now access a high-quality, tamper-proof ETH/USD price feed to display accurate prices in its App. The price feed will give users a more robust assurance that NFTs on the platform is at the right price.
5KM And Incentivizing Fitness
Similar to popular Web3 projects like StepN, which is the prime move-to-earn model. When compared to 5KM, however, it appears very high-entry. Nonfungible token (NFT) mint is between $150-300 and is available on the 5KM website.
5KM originally began as 10KM, a lifestyle app founded in 2014. Its Whitepaper describes the need for a focus on human sub-health and concerns around global warming. They aim to create a decentralized sports community in which peoplecan be healthier and environmentally conscious.
The founding team’s mission has not changed since creating the game. The number one goal is to create a decentralized sports community, encouraging millions of people to love sports, enjoy a healthy lifestyle and go out to support environmentalism by plogging — i.e., jogging while picking up litter.
In the App, users can wear NFTs of sports equipment such as sneakers to earn relevant token incentives by moving their bodies. The game has four modes, enabling players to enjoy a variety of healthy lifestyle experiences. In Solo Mode, users need to run/walk with NFTs of sneakers to earn tokens, and in Event Mode, players can enjoy exercising as a community by marathoning or plogging.
Background Mode is for users who have sneakers but do not use the 5KM App frequently. Players will receive rewards according to the number of steps recorded by the Health data on their mobile phones. Lastly, Experience Mode is for those without sneakers but running with the 5KM App. These exercise bunnies will enjoy a random reward of up to 10 KMT tokens per day.
5KM has two types of NFTs: One is Genesis NFTs, and the other is regular NFTs. Genesis NFT mints have ended but are still available on OpenSea. Sneaker NFTs are minted publicly and found on the project’s website, minting costs between $200-300.
There are four categories of NFT sneakers: rarity, mileage value, wear rate, and payback period. Different types of sneakers correspond to different speed ranges, and actual running speeds that don’t match the speed range of sneakers will affect KMT rewards.
- Rarity: Users can use KMT or RUN tokens to improve attributes.
- Mileage value: The more Sneaker NFTs, the higher the mileage value. The upper limit is 10 kilometers, with 25% of the total mileage value restored every six hours.
- Wear rate: Users can use worn-out sneakers to pay KMT and RUN to repair them. Repair costs are related to the sneakers’ level: The higher the level, the higher the repair cost.
What Is Chainlink?
Chainlink decentralized oracle networks provide tamper-proof inputs, outputs, and computations to support advanced smart contracts on any blockchain. Its decentralization, trusted nodes, premium data, and cryptographic proofs connect highly accurate and available data/APIs to any smart contract.
It keeps stuff safe, to be a bit more basic about it.
Its flexible framework can retrieve data from any API and connect with existing systems. It also integrates with any current or future blockchain and aims to prevent hacking and protect a user’s crypto.
5KM chose Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators leading to price data aggregated from hundreds of exchanges. Chainlink’s data aggregation model generates more accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- Secure Node Operators — Then platform secures Chainlink Price Feeds through independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify node operators’ and oracle networks’ historical and real-time performance.