Sweatcoin is a mobile application designed to motivate physical fitness enthusiasts by offering a distinctive rewards system through Ethereum blockchain-based tokens. The app operates by tracking users’ physical activities, such as walking or running, utilizing the built-in smartphone sensors and GPS.
The brainchild of Sweatcoin, this app is an integral part of the Sweat Economy (SWEAT) token ecosystem. Its popularity has surged significantly, earning the title of the world’s leading health and fitness application in 2022, as per Statista data.
The app’s functionality involves a meticulous verification process of the collected movement data to determine users’ daily step count. For every 1,000 steps recorded within the app, users are rewarded with one Sweatcoin token. These tokens can then be utilized within the in-app marketplace to redeem various prizes. At present, the value of one SWEAT token is $0.007523.
But what exactly is Sweatcoin’s SWEAT crypto?
Sweatcoin introduced the SWEAT token in September 2022, ushering in a “move-to-earn” paradigm where users have the ability to mint SWEAT tokens based on their daily step count.
Operating on blockchain networks secured by cryptography, cryptocurrencies like SWEAT leverage the same technology that brought Bitcoin (BTC) into existence in 2009. Sweatcoin opted to launch SWEAT on Ethereum, a well-established blockchain equipped with smart contract capabilities, and NEAR, a newer blockchain designed for enhanced speed and scalability.
To start minting SWEAT tokens, users must connect the Sweatcoin app with a cryptocurrency wallet application. However, there’s a catch – users can only mint the first 5,000 steps as SWEAT tokens daily, while any additional steps will continue to earn them Sweatcoin tokens. This limitation acts as a safeguard against rampant inflation within the circulating supply of SWEAT tokens, and the number of steps required to mint 1 SWEAT token increases exponentially over time.
