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What Is Sweatcoin?

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What Is Sweatcoin?

The Move-to-Earn Model

Move-to-earn is a recent development introduced via apps like Sweatcoin. The underlying idea is to allow users to make passive income while they perform daily physical activities. 

In the past decade, fitness tracking apps have increased popularity in the tech industries. The digital pedometer to track your step counts, weight, caloric expenditure, etc. is quite common. It’s only obvious for the fitness and health industry to merge some systems to create an innovative structure just like other industries have been doing with the introduction of the blockchain industry. 

Move to earn forms a part of the gamification process. According to research, humans are far more likely to participate in an activity if we turn it into something fun and rewarding. For instance, if you ask a person to click the same button 100 times, there is more chance of them not doing it. However, if the same activity has an addition of some fun graphics and simple rewards, they would be more than happy to click the same button over and over again. 

Sweatcoin, along with other move-to-earn programs, is supposed to use a similar concept to aid people in getting healthier. While working out, people will be able to see themselves gaining several rewards. This would give them a further boost to keep exercising regularly. 

In April 2022, after M2E, Sweatcoin was also announced to be released. It is an app-based cryptocurrency that is created to reward the users who join the system and indulge in physical activities. The Sweatcoin token (SWEAT) is created by using the Ethereum (ETH) and Near Protocol (NEAR) blockchains.

It is a fitness movement application based on the concept of the move-to-earn trend. With the help of this app, users can convert their steps into cryptocurrency. They can earn SWEAT tokens when they walk or exercise and exchange them for rewards. 

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History of Sweatcoin

Sweatcoin was founded in 2016 by Oleg Fomenko and Anton Derlyatka with an aim to use modern technology to induce a healthier lifestyle amongst people. The two developers stated that they felt that there were ways in which modern technology was being misused. They wanted to create an app using modern tech to reward hard work and a healthy lifestyle instead of granting instant gratification. 

Sweatcoin witnessed rapid growth, with more than 10 million people signing up in just the first two years. According to the developers, 2022 would bring six times more users. The rewards that the users earn serve as the motivation for them to work harder. The users can receive free products from approximately 300 brands as of now. The user needs to instill immense discipline and hard work to earn these rewards. 

The app uses a step sensor to track movements to ensure that the model is fair and prevent cheating. The app then feeds the phone’s location and data into an algorithm to filter any false data.

Sweatcoin offers a freely installable application that supports Android, Windows, and iOS. This application works similarly to other track-stepping apps. The application uses the device’s built-in accelerometer to track how many steps you take every day. The amount of exercise you do determines how much sweatcoin you’d earn on this platform. 

Sweatcoin offers a freely installable application that supports Android, Windows, and iOS. This application works similarly to other track-stepping apps. The application uses the device’s built-in accelerometer to track how many steps you take every day. The amount of exercise you do determines how much sweatcoin you’d earn on this platform. 

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You can connect the Sweatcoin app with the default apps of your device, like Google Fit, Apple Fit, etc. The app would track outdoor movements like walking, running, etc. To avoid any sort of cheating, the developers have taken several considerations including the system that the app does not track indoor movements. For every 1000 steps, the users get 0.95 sweatcoin. 

You can use these sweatcoins to purchase several items available on the marketplace. There are several products from approximately 300 brands available at this marketplace for you to purchase at a discounted price. The users also have the option to donate these coins to help several charitable organizations working for humanitarian and environmental causes. Such organizations include Save the Children International, Cancer Research UK, African Wildlife Foundation, etc.

The app runs in the background, consuming minimal battery and bandwidth. All you have to do is leave the app open while you’re going about your daily activities and exercises. You can also refer your family members and friends to this app, and earn 5 Sweatcoin for each referral.

Put in simple words, the SWEAT token will act as the signature cryptocurrency for the Sweatcoin app. It is based on the Ethereum blockchain tech, making it a bit more functional than ordinary crypto. 

The founders of the Sweatcoin app announced in April 2022, that they are working on developing the app into a decentralized crypto platform. SWEAT, the native token of the platform, would form the basis of this economy and would have functions similar to Sweatcoins. Recently launched, existing users can mint the token at a special discount. 

Just like other cryptos, the price of Sweatcoin will also fluctuate based on its demand and supply. Plus, as time progresses, it will be more and more difficult to mine SWEAT. Just like Bitcoin, it will take comparatively more work to mine every individual SWEAT token. This means that the number of steps you take now will earn you more SWEAT as compared to those you take later. The developers intentionally put this feature to ensure that the users intended to work now, instead of delaying it for later. 

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Tokenomics

Sweatcoin has collaborated with the Sweat Foundation Ltd. to launch SWEAT. This native token for the Sweatcoin app was recently introduced in September this year. The users of the Sweatcoin app were also offered a one-time deal where they got the same amount of SWEAT for the Sweatcoins in their wallet.  

This promotion event took place in September under the Token Generation Event. In this event, the user got the same number of SWEAT that they used to sign up with at the launch. For instance, the Sweatcoin user that registered at the launch with 1000 sweatcoins received the same amount of SWEAT from the organization. Plus, they also retained their Sweatcoins. 

Apart from this, the users can obtain further SWEAT coins by minting them solely with their movements. The system of SWEAT minting works similarly to Bitcoin, where it will be more and more difficult to mine the SWEAT crypto with every single coin minted. There is a total supply of 21.2 Billion SWEAT coins. 

Given below are some significant elements of SWEAT tokenomics. 

  • SWEAT was launched on NEAR — it is compatible with ERC-20, NEP-141, and NEAR-141.
  • Just the first 5000 steps of the users can generate SWEAT after the Token Generation Event. 
  • The users can manage their coins with the Sweat Wallet App. 
  • The SWEAT DAO will create a decentralized system, with users aiding in developing Sweatcoin.

With the great design and user interface of the Sweatcoin app, it is quite simple for both experienced and new crypto users who wish to get a healthier lifestyle and earn passive income. 

  • Sign up for Sweatcoin

The first step is to sign up for the application. The steps to register your Sweatcoin account is quite simple, and once you install the app, it will guide you through the process. 

  • Walk-to-earn

The users earn 0.95 Sweatcoins for every 1000 steps that they walk outside. The free version of the app allows users to earn up to 5 Sweatcoins daily. The conversion rate for the steps-to-Sweatcoin is 65%, meaning that for every 1000 steps, you would earn Sweatcoins worth 650 steps. 

  • Earn Sweatcoin and SWEAT

For the amount of movement and exercise you perform, Sweatcoin rewards you with SWCs. These coins can be used in exchange for various products, services, vouchers, gift cards, etc. All you have to do is walk with your device’s GPS on, and you will be awarded Sweatcoins based on the number of steps you take every day. 

The free app would record your steps and pays you with SWC for your steps until you’ve reached the 10,000 steps mark. After completing the task, the app converts your steps into SWC. While you can earn around 5 SWC per day on the free version of the app, the premium allows you to earn more every day. 

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The marketplace of the Sweatcoin app offers various goods and services from several companies. You can exchange your SWCs for any of these items available in the marketplace. You can use SWC to purchase luxury items, get subscriptions to Audible, Netflix, etc, or get Gift cards for apps like Amazon. With the release of the SWEAT crypto, you can also convert SWC into SWEAT, which you can also cash out later.

Introducing the native cryptocurrency for the app offers a whole new opportunity for crypto investors and enthusiasts. To own or trade SWEAT, people don’t need to walk or exercise, nor do they need to know about Sweatcoin. They can own SWEAT just like they own any other cryptocurrency. 

Just like any other cryptocurrency, it is impossible to predict whether investing in SWEAT is a good idea. It is natural for the price value of SWEAT to fluctuate with fluctuations in the market trends. Despite the uncertainty, the Sweatcoin crypto seems to have caught considerable attention from investors. Sweatcoin crypto has emerged as one of the trendiest cryptos introduced recently. 

FAQ

For every 1000 steps, users get 0.95 Sweatcoins. After collecting a particular amount of Sweatcoins, the users can exchange them for one of the several rewards available from various brands. 

Since the value of every 1000 steps is 0.95 Sweatcoins, a person needs to walk for approximately 21 million steps in order to earn 20,000 Sweatcoins. However, there are some other ways too by which users can earn Sweatcoins. There are several bonuses and promotions, and referrals that can help users to earn faster.

As of now, there is no such system for getting real-time money from Sweatcoin. However, users can use these Sweatcoins to exchange them for several rewards and benefits from more than 300 brands. In a way, these rewards and purchases that the users make via Sweatcoin give them a monetary image. 

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The organization has also released the native token for Sweatcoin, called SWEAT. Users can use it just like any other crypto coin and can exchange these coins for money. 

With the release of SWEAT, the native cryptocurrency for the Sweatcoin app, in September 2022, users can convert the cryptocurrency directly into cash. 

In April 2022, the founders announced the release of SWEAT, the native currency for the platform. This cryptocurrency was officially released on 13 September 2022. The users can use SWEAT just like any other cryptocurrency. 

This Largest Crypto publication aims to bring together the crypto community and join hands in uplifting the world with clarity and knowledge about Cryptocurrencies, blockchain technology, Opportunities and the future of Crypto.

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