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Sweatcoin Crypto and What You Need to Know

green image of person walking with sweatcoin move-to-earn company logo on top
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How to summarize the Sweatcoin crypto offering?

Imagine if someone walked up to you and said you could be paid just to take a stroll. You know, earn money to stay fit and in shape.

Crazy right?

Your alarm bells would go off, unless you're some kind of professional athlete or you aspire to be one.

Those of us with their bells ringing can attest that when things sound too good to be true, you're right most of the time. But in my case, the steps of more than 120 million users of Sweatcoin drowned my alarm bells and triggered my fear of missing out (FOMO).

I had to check the app, and I'll share what I've learned so far.

SWEAT crypto move-to-earn history

SWEAT, or Sweatcoin crypto, is a cryptocurrency one can earn by simply walking. It launched in 2016 as a pioneer in the move-to-earn app space by co-founders and fitness enthusiasts Oleg Fomenko and Anton Derlyatka.

The original Sweatcoin app paid users in-app coins to do physical activity. But these in-app coins, known as Sweatcoins, weren't cryptocurrencies because the mobile app wasn't built on a blockchain. It would take nearly six years for that to happen, ushering in the SWEAT token as a cryptocurrency that can be exchanged for fiat money or other digital assets.

How the SWEAT token works

For your first 5,000 steps of the day, you get 5 Sweatcoin crypto tokens, a departure from the original reward system of 1 Sweatcoin for 1,000 steps. In the words of the SWEAT team, SWEAT works by having validated steps mint tokens that can be exchanged for gift cards, product discounts, digital assets like altcoins and NFTs, and fiat currency.

On the SWEAT Economy website, we get a glimpse of the current state of the ecosystem and the direction development and community building are heading. Described as The Open Economy of Movement in its litepaper, SWEAT describes the minting of Sweatcoin crypto as a form of contribution to the ecosystem and society.

Each Sweatcoin crypto token earned will be harder than the previous one. That is to say that although 1,000 steps generate 5 SWEATs, it'll gradually mint fewer and fewer SWEAT tokens in the coming months and years. It's an intentional incentive to increase the physical activity of their users.

Inactivity is deterred by a Decentralized Autonomous Organization (DAO) fee as a check to SWEAT token inflation and a way to keep users accountable for their physical activity journey.

When it comes to tokenization, SWEAT has several ways to generate value for its token. Advertising plays a significant role. Across its web 2.0 and web 3.0 platforms, it has more than 120 million users. As a business or tech project looking to reach nearly half a billion eyeballs, you'd need to pay substantially and do so in SWEAT crypto.

Then there are premium subscriptions users can pay for a better app experience. Some of these incentives include NFTs, exclusive markets, and social channels.

Individuals will be in charge of their data to do with it what they like - including selling it to whomever, if the individual so desires, via SWEAT.

Features of Sweatcoin crypto

Some of the features of SWEAT crypto include:

• Transfer: SWEAT uses its vast platform of more than 120 million users to attract businesses that offer products as opportunities to gain customers. The SWEAT team tries to find a balance where its shows products and advertisements that truly improve users' lives.

• Staking and rewards: SWEAT incentivizes users to stake their SWEATs for interesting yields. Some of these motivations include lower transaction fees, premium services, and extended SWEAT minting limits per day. The rewards in the apps are better as well.

• Fiat on-ramps: Thanks to MoonPay, users can pay for SWEAT crypto tokens using fiat currency from credit cards. And the SWEAT team is working to include other cryptocurrencies as well.

• NFTs and Games: Here, SWEAT developers are working to bring engaging and fun games with interesting NFTs to inspire users to compete for SWEATs. This is quite similar to what you see on move-to-earn projects like Genopets.

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Looking to the future, SWEAT crypto is expanding its DeFi services. First, it is looking to develop governance and on-chain via the SWEAT DAO.

Then there's the NFT marketplace and decentralized exchange integration. A flurry of activity is headed to an entire economy of movement, with better movement validators for physical activities such as swimming and cycling, and better opportunities in movement data analytics.

The downturn in the economy has dealt a huge blow to Web3 enthusiasts. Across the board, NFTs, cryptocurrencies, and crypto projects have lost as much as 90% of their value. The app looks promising, and the founding team is passionate and talented; time will decide if this project will succeed.

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makup jinanwa author

Author: Makuo Jinanwa

Makuo is a content creator who tries to understand the world around him. Through books, interviews and other interactions, he engages with topics of interest to expand his awareness. Here he writes about blockchain technology. On his personal blog he explores more topics.

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