Whether you are new to the crypto space or a seasoned investor, it is important to follow trends. One of the most exciting new developments in the crypto space is the creation of Sweatcoin.
This cryptocurrency has the potential to revolutionize your health while allowing you to earn money.
What is Sweatcoin?
Sweatcoin is a move-to-earn app that allows users to turn their steps into cryptocurrencies. As they walk, people earn SWEAT tokens that they can redeem for rewards.
The original Sweatcoin was a non-cryptographic token. When app users completed a certain number of steps, they were paid in tokens, which in turn could be redeemed for prizes from companies like Headspace and Audibile or donated to charities.
However, since the existing Sweatcoin token was not part of the crypto industry, but at least in theory had some of the same functions, it seemed logical to explore the possibility of creating a native crypto token for the Sweatcoin application.
So, in April 2022, it was announced that the Sweatcoin app was going to launch its own cryptocurrency. The Sweatcoin token, also known as Sweat Economy, or after the symbol SWEAT, is based on the Ethereum (ETH) and Near Protocol (NEAR) blockchains.
Sweat Economy is a web3 app of the existing web2 app Sweatcoin – which the team says is the most downloaded health and fitness app in 58 countries in 2022.
The Sweatcoin app has over 120 million users across web2 and web3. When SWEAT launched, former users were allowed to redeem rewards for equivalent amounts of SWEAT tokens.
Since then, more and more people are signing up. Unlike most cryptocurrencies, where users need to buy expensive equipment to receive coins or stake their holdings to receive rewards, Sweatcoin users do not need to buy expensive mining equipment or to stake their digital assets to win SWEAT. Instead, they just need to move.
- Fun fact: In the first quarter of 2022, the platform offered more than $70 million in rewards to its users.
How does Sweatcoin work?
To enjoy all the benefits of Sweatcoin, you first need an account, which you can create through the Sweatcoin app or website. All you need to do is provide your email address, phone number and first name. Once you create your account, you will need to connect it to a device that tracks your fitness.
Sweatcoin currently works with Android smartphones, iPhones, and Apple Watch 2 and 3. GPS must be enabled for the app to work. Although the Sweatcoin app takes your device’s motion sensors into account to recognize your steps, it needs high-accuracy GPS to confirm your steps. Whether you’re jogging or just walking around the house, the Sweatcoin app will be able to count every step you take.
How much money do you earn for 1000 steps?
Currently, users earn 1 SWEAT for every 1,000 steps taken. However, according to Sweatcoin tokenomics, the pace of token issuance is gradually slowing down. In 2023, 1000 steps will generate 0.33 SWEAT, 0.19 SWEAT in 2024, 0.06 SWEAT in 2027 and 0.02 SWEAT in 2032.
The platform has imposed a daily limit on the number of tokens a user earns, which helps limit abuse and ensure the sustainability of the platform. The limit is currently 10 SWEAT tokens per day, but users can increase this limit by staking their tokens for staking rewards.
At the time of writing, 1 SWEATSHIRT is worth $0.027. So, if you take 10,000 steps a day, you will receive $0.27.
However, users can receive SWEAT in two other ways.
- Daily bonus: Users can choose 20 minutes per day to double the number of tokens earned by their steps.
- Daily Rewards: Users are presented with three choices of ads to watch (averaging around 20 seconds each) which reward users with a Sweatcoin.
Users can also increase their earning power by purchasing the premium subscription (worth $35.99/year). This subscription eliminates the step limit and allows users to earn double points with every step.
How is Sweatcoin different from other move-to-earn tokens?
No barrier to entry: In order to attract the widest possible audience, users can access Sweat Economy without any barriers to entry, according to the project. Anyone can start earning rewards by downloading the Sweatcoin app.
A massive community: The original Sweatcoin app has over 120 million users, of which over 13 million have already switched to cryptocurrency and downloaded the Sweat Wallet app. To put that into perspective, another “move to earn” project, STEPN, registered 600,000 wallets in 150 days.
Multiple streams of income: Unlike M2E tokens which can lack intrinsic value and suffer from rapid inflation, Sweatcoin and Sweat Wallet have the distinction of having multiple revenue streams. This includes both B2B and B2C feeds, which power the app and help the platform maintain its long-term viability. Many of these revenue streams will also lead to the SWEAT burning, gradually reducing the circulating supply.
Sweat Economy Launch Breaks Records In Crypto Space
The biggest parachute drop
Sweat Economy distributed over 4.7 billion newly released SWEAT tokens to the 13.5 million Sweatcoin users who registered on Web3. For many of these users, this is their first experience with Web3, making this airdrop the biggest upgrade of users from Web2 to Web3 ever.
To make integration easier, Sweat Economy has released its Sweat Wallet, which is specifically designed to be accessible enough for many Sweatcoin users who have never interacted with a Blockchain before, yet powerful enough to handle token staking, NFT games and many other features that make up Sweat Economy.
Most downloaded app in 51 countries
Over 2 million users downloaded and activated the Sweat Wallet app within 72 hours of TGE’s launch. Sweat Wallet is the second most used dApp across all channels since launch.
During launch week, the Sweat Wallet app was number 1 in 51 countries and number 5 in 115 countries. Also, the original Sweatcoin app topped the “Health and Fitness” category throughout 2022.
The fastest OID ever sold
The $1 million SWEAT tokens sold out in less than 15 minutes, becoming the fastest initial DEX offering (IDO) ever sold on the DAO Maker platform.
In short, the Sweatcoin app is not a scam and what you earn has value. However, it should be noted that it takes a certain amount of effort to win SWEAT.
If you are into walking or running, or want to encourage yourself to move, Sweatcoin is a great option for you.
Also, the app promises not to sell the data to third parties, which is reassuring for some users.
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What is Sweatcoin? The move-to-earn token is breaking records in the crypto space. – Media Patrollers
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