The Wallet App is an innovative digital financial system designed to provide users with a credit-based mining system. Users earn credit at a predefined mining speed, which increases with continuous usage and referrals. The app implements a unique referral tree structure, encouraging engagement and organic user growth. The mined credit can be utilized within the app ecosystem to purchase essential goods and services, including medical expenses, through affiliated service providers. The wallet does not support external transactions, ensuring that all financial activities remain within the ecosystem. Users progress through different stages, unlocking benefits and higher mining speeds. Additionally, the system rewards active users by transferring 1/10th of their annual credited amount as a bonus. Key features include app-to-app transfers, daily credit mining, referral-based growth, transaction verification by admins, and stage-based progression. The app is designed to function as a closed-loop financial service, reducing dependency on traditional banking while promoting financial inclusion. With an intuitive UI and robust backend, the wallet app provides a secure, engaging, and rewarding financial experience for users.
Chaudhary et al. (Thu,) studied this question.