Stepn Upgrade Sees Move-to-Earn Frontrunner Looking to Curb Cheating

  • Stepn (GMT-USD) is rolling out an upgrade today that will help the network crack down on cheaters.
  • Some users have taken to various methods to passively earn GMT crypto without actually running.
  • A new artificial intelligence (AI) upgrade will help the network identify these cheaters.
Stepn - Stepn Upgrade Sees Move-to-Earn Frontrunner Looking to Curb Cheating

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The Stepn (GMT-USD) network is one of several ushering in a new blockchain trend. Called move-to-earn (M2E), these projects reward users with crypto income for going outside and breaking a sweat. This week, Stepn developers are looking into one of the bigger issues plaguing the M2E niche, and they hope to do away with the issue in their newest update.

M2E cryptos operate on a model that’s fairly simple. Users set up accounts, and once they have connected a wallet, they can use geolocation on their mobile device while they run. The network can track the speed and distance at which the user runs, and based on this data, it rewards the user with a token.

In the case of Stepn, users then buy non-fungible tokens (NFTs) of different sneakers. These sneakers cater to varying fitness levels and, therefore, award different amounts for activity. In addition to earning GMT crypto for running, Stepn users can buy and trade these NFTs.

M2E is a nascent industry within the crypto world. Even as one of the earlier M2E cryptos, GMT is only a few months old. In the short time this subcategory of crypto investing has been alive, it has already come across a cheating problem. Indeed, some users of these apps look to earn extra tokens or avoid having to exercise at all with workarounds. Some users have started emulating movement or carrying multiple devices to mine GMT without actually participating in the community. Luckily, the project has a solution on the way.

Stepn Curbs Cheating on Network With AI Upgrade

Earlier today, Stepn announced its plans to curb cheating, starting with a sizable upgrade to the network. It looks like the network is using artificial intelligence (AI) make things more fair for all users.

In a Twitter thread announcement, Stepn provides some context for the update. It notes that the manipulation by cheaters isn’t just unfair to users — it’s detrimental to the ecosystem. By using loopholes and cheats to mine, these users are artificially inflating the prices of the GMT crypto and the sneaker NFTs. This is bad because it creates barriers to entry for new users, and GMT inflation can negatively impact growth.

To combat this, Stepn developers are looking to AI. A new upgrade on the network will introduce a machine-learning model. This model can look at GPS tracking, motion sensing and health data in order to identify users who might be exploiting the system for their own personal gain.

After a cheating user is identified, the network will withhold GMT earnings that the user garnered. As cheating persists, these users will incur more penalties. As of yet, the team has not revealed the full scope of punishment for cheaters. The team also says cheaters will not face immediate punishment, allowing for some leniency. Habitual offenders are the primary targets of the model.

As the news makes the rounds, Stepn’s GMT crypto is experiencing a slight dip of about 3.5%.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Brenden Rearick is a Financial News Writer for InvestorPlace’s Today’s Market team. He mainly covers digital assets and tech stocks, with a focus on crypto regulation and DeFi.


Article printed from InvestorPlace Media, https://investorplace.com/2022/06/stepn-upgrade-sees-move-to-earn-frontrunner-looking-to-curb-cheating/.

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