Things to know about Sweatcoin and the SWEAT token token

Sweatcoin is a wellness platform that rewards players for physical activity with SWEAT tokens. Once you receive tokens, you can use them to purchase goods and services on the Sweatcoin website.

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Sweatcoin Overview

What is Sweatcoin?

Up to now, we have encountered many different variations of the Action to Earn form. The first successful variant of this model was Play to Earn with representative from Vietnam Axie Infinity. Instead of using computing power, users are gradually focusing on their skills to complete tasks and get rewards even while playing games.

After the success of the game Axie Infinity, users are led through another variant that is more attractive and also brings a new trend in the cryptocurrency market. The appearance of the Move to Earn model in the game StepN is a perfect combination of sports training and earning money. Soon after, a series of games based on this model also appeared like the Calo app that BeInCrypto had the opportunity to introduce before. Even by taking advantage of the monetization factor, some other games have come up with somewhat more ridiculous variations to attract users like what Sex to Earn did.

Keeping up with this trend, Sweatcoin also applies a similar model, rewarding players when they are physically active. The common point of all models in this form is that they all apply the Dual-token or Single-token mechanism like previous games.

Basically, we can understand Sweatcoin as a healthcare platform. It actively urges you to take care of your physical health and provides rewards for achieving your goals. Sweatcoin is a company with headquarters in the UK. In 2022, Sweatcoin will launch its native token SWEAT. Currently, the platform has tens of millions of members. Each user can mint SWEAT. Besides, Sweatcoin plans to introduce the DAO model and improve its application. All these features contribute to linking the project with crypto, thereby creating a more interesting crypto world.

When you receive tokens, you can use them to purchase goods and services on the Sweatcoin website, or donate to charities like Women for Water or The UN Refugee Agency. Sweatcoin plans to issue 63 million SWEAT tokens to its users.

Just every step you can also earn a small amount of Sweatcoin. To get 1 Sweatcoin you have to move 1,000 steps. The maximum amount of Sweatcoins that can be earned per day is up to 10 Sweatcoins if you move continuously. The more active the person, the higher the rewards you get and vice versa.

The platform has a wide range of functions such as auctions and marketplaces. You can donate your Sweatcoin to the charities mentioned above or exchange Sweatcoin for Bitcoin. This application is completely free. For the more advanced version, you will buy it for 4.99 USD/month. What’s in the premium version? You can earn double Sweatcoin per mile and get access to premium features.

Sweatcoin History

Sweatcoin was founded in 2016 by Oleg Fomenko and Anton Derlyatka. Their goal is to leverage technology to encourage people to become healthier. Derlyatka shared that the app will bring satisfaction to everyone, as a reward for hard and healthy activities.

Sweatcoin has a rapid growth rate. In just the first 2 years, the application attracted 10 million registered users. The developers predict the number of users will increase 6 times by 2022. This application requires discipline and diligence to improve health and bring profits through a new phone or laptop.

Currently, Sweatcoin offers products to 300 brands for free. Sweatcoin stipulates a fee for each user when they buy goods through the app, which is an activity that increases the company’s revenue. Sweatcoin has a fair operating structure. It tracks user movement through step sensor to prevent fraud. Location and phone data will remove false data through an algorithm.

Initially, the project focused mainly on the health check application. However, after realizing the potential of the cryptocurrency, the project founder developed it through the issuance of the native token SWEAT. SWEAT is used to reward users on the platform. Each person will receive a one-time mint SWEAT chance. Over time, this reward will be harder to earn, this is part of the company’s plan to grow Sweatcoin into the world’s leading cryptocurrency company.

How does Sweatcoin work?

Sweatcoin application is free to install on mobile phones including Android, and iOS. This software will track your steps every day. The more you go, the bigger the rewards you get on the platform. Sweatcoin can connect to your Google Fit, Apple Fit, and other default fitness apps to track your daily steps. It includes both running and walking.

When taking 1,000 steps, you will be paid 0.95 Sweatcoin. Users can redeem this asset for exercise equipment, gift cards, and other products. In the free version, users can earn up to 5 Sweatcoins per day. For the premium version, they can earn more.

In addition, when you refer friends or new people to the application, you will receive 5 Sweatcoins for one person. Visit Marketplace every day to get new offers and follow the market daily. Overall, the developers aim to create rewarding user experiences, taking advantage of the vast user base existing in the crypto world.

How to earn Sweatcoin?

Sweatcoin is a reward for physical activities in the simplest state. Users can compete with others to earn Sweatcoin rewards. Just click on the Challenge icon to take the challenge. In addition, there are other tasks such as referring friends or becoming an influencer of Sweatcoin. After receiving the token, you can exchange it for other products such as digital watches, online membership, food, drink, clothing, shoes, running equipment, music /software, digital services.

Furthermore, you can use Sweatcoin for auctions of valuable items like smartwatches and hundreds of dollars worth of gift cards. Similar to traditional auctions, you only need to bid with your Sweatcoin. If the purchase is unsuccessful, you will get the token back. Before participating in the bidding, make sure you have enough Sweatcoin in your wallet.

Tokenomics

What is SWEAT Token?

In April 2022, Sweatcoin announced its development plan towards a decentralized cryptocurrency platform. SWEAT is the native token of the economy, which acts as a reward for users. Everyone will have a chance to mint SWEAT at a special discount. This token will launch this summer.

From there, through physical activity you can earn SWEAT. This token uses NEAR Protocol, a low-cost, fast and eco-friendly blockchain. The value of SWEAT will depend on the motion value, which makes it unique. Sweatcoin app is verifying steps as Movement validator.

Finally, the company will decentralize motion verification allowing apps and devices to track extended forms of motion. This will help users earn SWEAT for doing activities like swimming, biking, hiking, and exercising. In the future, more activities will earn you more SWEAT.

General information

Sweatcoin and Sweat Foundation Ltd. will partner to launch SWEAT this year. This token rewards Sweatcoin users by matching the number of Sweatcoins in their wallet with an equivalent amount of SWEAT.

A promotion called The Token Generation Event will launch. It is simple process. For example, a Sweatcoin user who signed up for 1,000 Sweatcoin at launch will receive 1,000 SWEAT from the Foundation. Their initial Sweatcoins will also be held, which is an opportunity for both existing and new users to get as much crypto as possible.

What is the future of Sweatcoin?

In its development journey, Sweatcoin has attracted millions of users. Moreover, it has developed its economic model, thereby helping the monetization platform to become more and more famous. Using Sweatcoin, you not only exercise, improve your spirit, but also receive valuable rewards. With a vision to integrate multi-featured cryptocurrency, Sweatcoin has the potential to become a very successful project in the coming years.

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