Since the advent of Blockchain and cryptocurrencies, many industries have experienced unparalleled growth. For instance, the supply chain industry has become more efficient than ever. Some applications in this industry have reduced the total time of the process to 90%. Other industries like medical record-keeping leverage the secured and transparent infrastructure provided by Blockchain-based applications.
However, every industry does not require its own Blockchain solution to experience the powers of true digitalization.
Among the several applications of Blockchain, the use of cryptographic tokens has emerged as the most sustainable and suitable implementation in any environment. The ability of Blockchain to allow the tokenization of every asset has led to more liquidity, transparency, and market visibility.
But above all, it has allowed the world to complete financial transactions in a better way.
The need for Blockchain-based token
Financial transactions happening over the Blockchain are free from unreasonable taxes. Moreover, the removal of the third party from the ecosystem system allows the network to complete transactions almost instantaneously. The digital world never takes a day off and being decentralized, it always provides an unbiased service.
Therefore, what Blockchain facilitates is a direct transfer of value between two parties which is faster, more secure, less costly, and reliable.
To enjoy this feature of Blockchain, applications are required to have their own tokens or integrate and existing tokens.
When it comes to creating a token, it might seem like an easy task but there is a lot more than meets the eye. For instance, the tokenomics of the token has to be defined in such a way that the token value is maintained. A well-defined tokenomics allow the token to be resilient to any attacks such as pump and dump.
Further, tokenomics also plays a major role in ensuring that the token value increases over time, maintaining the interest of the users and providing more usability to the token. Other considerations that are necessary to create a sustainable token are features like buyback and burn, locking liquidity, initial locking period for the tokens allocated to the core team, and several others.
Therefore, while having a token for an application seems to be a great option, it can also be very intimidating due to the technicalities which have restricted several applications.
This is where DEFIT saves the day.
What is DEFIT and why an application needs it
DEFIT is an ERC20 token by 360Wellness. Being an ERC20 token, DEFIT can be used with any wallet, application, or environment where Ethereum is integrated as ERC20 is the prominent token standard for the Ethereum Blockchain.
Primarily, DEFIT is the native token of the 360Wellness application. It is used to facilitate all the financial interactions in the 360Wellness ecosystem including the payment for trainers, subscriptions, and other features in the application. Apart from this, DEFIT can also be used for staking. This means that users can hold DEFIT tokens to earn a passive income by becoming liquidity providers.
What needs to be considered here is that DEFIT can be used by any application. By just accepting DEFIT as a payment option, any application can utilize the DEFIT token to complete financial transactions. It will allow the application to adapt to the modern payment network.
What makes DEFIT appropriate for applications to integrate it is the fact that the DEFIT token has a buy-back policy. According to this, 360Wellness will buy DEFIT tokens with their revenue surplus to maintain the circulation of tokens and increase their value over time.
Conclusion
In conclusion, any application looking to experience the powers of Blockchain and tokenization can integrate DEFIT into their ecosystem. Especially for the organizations related to the health and fitness industry, the inclusion of DEFIT can open several doors.
360Wellness has been downloaded in 172 countries which means DEFIT has a global platform and international recognition. This will allow other applications using DEFIT to easily scale their user base and facilitate cross-border payments with no intricacies.
