Since the trends of Metaverse, web 3, GameFi, and other buzzwords, there have been several projects and platforms launched to bring out the concept of these buzzwords.
We’ve seen a variety of web 3, NFT, metaverse projects, and one of the recent blockchain apps that enable its users to earn for moving. However, another project that’s similar to it is the Sweat coin app that rewards its users to earn Sweat crypto for every step taken.
In this article, we will be looking into the details of the Sweat coin and the forthcoming sweat crypto.
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What Is SweatCoin?
Sweatcoin has been conceived to create value from people’s movements. It allows users to earn reward currency for their physical activities. The major concept is simply to inspire people in improving their health even as they earn through the platform.
The project aims to bring a change in society by encouraging individuals to live healthier lives. However, the company did not think of a crypto reward program at the start because cryptocurrencies were not widespread in 2015.
To make the project more interesting, they recently announced the launch of cryptocurrency (Sweat crypto) which will be minted on the Ethereum chain.
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Sweat Crypto
Oleg Fomenko, the co-founder at Sweatcoin, said, “we were worried about the problem of the increasingly sedentary, unhealthy lives we are leading and the far-reaching ramifications of this for both us, as individuals, and society as a whole.”
“We want to make a billion people more active. The question kept coming – how can we make it more incentivizing for people to move that little bit more. Sweatcoin was the answer – an app that counts your steps and rewards you for them,” said Fomenko.
As was previously mentioned, Fomenko explained that the company had the idea of a crypto reward mechanic Instead of reward currency from day one, but crypto wasn’t ready for mass-market utilization in 2015 and so was Sweatcoin developed as a rewards-currency app.
“And it’s working: our 63 million users walk an average of 20% more after downloading the app. SWEAT crypto – the token, which we’re announcing this week, is the turbo-charging of that vision – a vision to create wealth through health,” he added.
Sweat crypto will be built on Ethereum and use the eco-friendly NEAR as the blockchain for its token, and the Near Foundation is investing in the project. Other institutional backers include Electric Capital, Spartan Capital, Jump Crypto, OKX Blockdream Ventures (the venture arm of OKX), and GSR, as well as high-profile founders and builders like Terra founder Do Kwon, Sandeep Nailwal, founder of Polygon (MATIC) and Bjorn Wagner, co-founder of Parity (Polkadot).
According to the announcement, each Sweatcoin user will be given a Sweat wallet which will generate fees by enabling a suite of DeFi functions, such as the exchange of SWEAT crypto into other crypto assets, liquidity provision, and staking.
The token enables people to exchange it for goods, services, and experiences ranging from high-tech shoes to iPhones, from anti-gravity yoga classes to Apple Watches.
There are many things you can do with your SWEAT, with new features being added constantly. First of all, you will be able to stake your SWEAT to receive a really attractive return on it.
You will also be able to exchange it for other cryptocurrencies, like Bitcoin, so that you are walking for Bitcoin.
Additional features on the roadmap include the use of SWEAT in DeFi – whether that is for staking, liquidity provision, or other crypto opportunities, the ability to purchase NFTs, sell your data for more SWEAT, or buy premium subscription services. Users will also be able to convert the token into other cryptos or fiat currency.
According to Fomenko, the project is for everyone and anyone.
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Final Thought
Most people perceived Sweatcoin as a waste of time for their users because of the reward currency that’s not related to cryptocurrency or either be created on t
blockchain. Just as other similar apps that enable its users to earn illiquid currency for over decades but not anything to show for it.
However, it has millions of users despite that, hence, the app’s download increased by 150,000 within 24 hours after the announcement of the token launch – which indicates a spike in interest in the project.
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