Health.Wealth leverages biometric wearables and Web3 to empower users to achieve their health and wealth goals by investing in themselves.
The Problems We all want to improve our health and save money but find it hard to do so. For example, in the US people waste $1.8 billion annually on unused gym memberships. We are spending, but not investing, in ourselves. Meanwhile, health tracking devices are becoming increasingly popular – but it is difficult to analyse this data with independent algorithms, and sell or share your own data. The Opportunities Research shows that people are more likely to achieve their goals if there’s a clear action plan and a social element. Meanwhile, Web3 can be leveraged to analyse data with alternative algorithms, allow users to earn token rewards, and preserve privacy when sharing and monetising data. The Solution Our solution leverages Web3 to empower users to achieve both their health and wealth goals, by investing in themselves. First, the user connects their Web3 wallet in the app using WalletConnect. Then, the user connects a biometric data tracker such as an Oura ring or Apple watch, this is how activity is verified. Users can choose a goal and the amount of ETH or DAI they wish to stake and for how long. Stakes are pooled into a DeFi protocol. At the end of the challenge users receive data NFTs and their staked ETH is returned. This health data is then encrypted and uploaded to IPFS at the end of the user completing their health goal. An NFT is then created which points to the CID. This data can only be decrypted via the users private key. People who complete their goal get additional yield rewards from their staked saving, while the yields of those who don’t complete is diverted into a community treasury and used to fund public goods related to health, wellbeing and science. Users can also connect with friends and their DAOs to share progress and compete! The roadmap includes a DAO leadership board, powering healthy competition to gamify the health and wellbeing of communities. All users own their data and can permit this if they want (with scientists, for example). Going Forward There will be the option to pledge a range of tokens, including native tokens, to encourage DAOs to sponsor their communities to take part. In the future, there will be a decentralised AI marketplace enabling users to choose from a range of algorithms, tailored to their devices, amplify insights beyond proprietary algorithms, and power holistic insights through cross-wearable analysis (e.g. combining data from a watch and a brain-computer interface). Finally, a marketplace of data consumers will enable users to monetise (or donate) their data to third parties. This will power large scale decentralised science (DeSci) studies. Importantly, third parties will only access data through compute-to-data analysis, preserving user privacy.
How it's made
We have built a multi-step dapp using a bunch of web2 and web3 technologies! Our front end is a React app. This first implements Wallet Connect to give the user the ability to log in to the dapp. This gives us access to the user's public key address. Then, the user is prompted to connect their biometric data device - in this case, an Oura ring using the Oura API. The user can then navigate to the 'Set Goal' page where they can start staking their DAI for a set amount of time (in the case of the demo 50 DAI for 4 weeks). We currently have our staking contract running on the Rinkeby network where the staked DAI is invested using yearn.finance protocol. Using a Firebase cron job and Tatum we then withdraw the invested funds and the biometric data from the Oura API (in this case we are mocking the data as the API did not have the correct permissions this weekend). This data is then encrypted and stored using IPFS. We then generate an NFT which is stored on the Optimism blockchain, which contains an encryption key, and CiD of where the data is stored. We then manage to run Web3 queries on the Firebase functions, which was very welcomed. We also had a very nice staking flow in our front end application.