One of the fastest-growing health trends is meditation. Research by the United States Centre for Disease Control and Prevention (CDC) revealed that up to 40% of Americans used meditation in 2017. Meditation and mindfulness practices are going mainstream given the penetration of technology, increasing awareness on wellness, and rising cases of anxiety and depression in today’s society.
Meditation and mindfulness are among the fastest-growing sectors in the $4.5 trillion global wellness industry. The industry has been driven mainly by technology-based solutions. However, the companies offering these wellness services are profit-oriented, potentially affecting the services provided to the people. Filling this gap is Omcoin: a decentralized platform that incentivizes users to optimize their productivity through meditation and a reward system.
How Omcoin Works
Omcoin’s app (Omapp) lets sound producers provide meditation content to the platform. Users can then choose to opt-in to the sound production system to access the content. Users who interact with the meditation content get paid OMM tokens as incentives. (OMM is also the token of exchange on the Omcoin platform). Omcoin’s model provides advertisers with a low-cost alternative that guarantees maximum engagement with customers as the customers get paid when they listen. These tokens are redeemable by trading them in the open crypto exchange market and or through gift cards. Also, customers not only access these incentives but their listening is private and secure.
Disrupting the Meditation Industry
Omcoin is creating a new meditation market that adds a value network never seen before in the industry. The current meditation industry is driven by profits more than it is by promoting wellness. Major players in the industry, including Headspace, Calm, meditation.live, and Core is backed by institutional investors. These multi-million dollar investments are made with a mission for even more returns for a profit. Omcoin, however, introduces a user-focused approach aiming to encourage users to be proactive in their journey of personal growth. Omcoin motivates users to listen to the content by offering cryptocurrency token payments for the time they spend listening to content.
Omcoin is the pioneer decentralized platform for meditation and mindfulness. Its main competitors are mainstream tech conglomerates: Headspace, Insight Timer, Aura, and Calm. However, the listening marketplace has been expanding, opening the market for new and innovative alternatives to existing products. Omcoin leverages the increasing adoption of meditation tools and cryptocurrencies, integrating them to create a platform that offers user-focused self-improvement content. This benefits the users, the meditation industry, and the blockchain industry.
Mining and Distribution of OMM Token
Omcoin’s platform tracks users’ time spent meditating to determine the OMM token amount they will be awarded. The platform’s algorithm increases the difficulty in earning tokens as users’ total meditation increases. This, just like Bitcoin’s halving event, creates an indefinite number of coins that users can earn even with a capped supply of 21 million tokens. This algorithm makes the token deflationary, so that demand for the token increases with time as supply decreases.
Notably, joining early in the OMM project presents listeners and investors a lower level of difficulty in mining tokens as the cumulative listening time is still low. Omcoin is built on the TRON blockchain: a high-speed, low-cost, and entertainment-focused blockchain system with distributed storage technology. The TRON blockchain powers Omcoin to offer an excellent user experience to all listeners. This gives the app an edge over mainstream competitors.
Users who earn OMM tokens benefit from the utility of the token in the Omcoin ecosystem. Advertisers can use the tokens to purchase ad slots to promote their meditation content. Listeners can upvote and downvote meditations or purchase digital products using OMM.
Omcoin creates a self-sustaining decentralized meditation platform that encourages society to start and continue their journey of self-development. This platform goes beyond self-development by providing listeners the opportunity to expand their portfolio as OMM token owners.