The fitter you become, the wealthier you get – sweat coins. The more you exercise the more coins you receive
The fitter you become, the wealthier you get. Finally, your movement has more than just an aesthetic value! !!!
Sweatcoin, a London based tech company is a blockchain based step counter and activity tracker that converts your movements into a digital currency that we can spend on lifestyle accessories or services, in fact it can even be converted into some other cryptocurrency. It currently takes 1000 steps to earn a Sweatcoin. This will progressively increase over the next couple of years making it harder to earn a coin — 5000 steps for a coin.
Sweatcoin is minted purely by counting steps as it derives value from capturing user’s movement. Its reward system is based on counting users daily steps.
Sweat is built on Ethereum and has chosen an environmental friendly NEAR as its blockchain provider for its token. Moto of Sweatcoin is: to “inspire a healthier planet by incentivising people to move more” and now has partnered with BVI headquartered crypto business, the Sweat Foundation Ltd, to offer the token.
After the token generation event, all the users have a Sweat Wallet which will generate fees by enabling many DeFi functions, such as the exchange of Sweatcoin into other cryptocurrency and staking.
Its major institutional investors include Spartan Capital, Electric Capital, OKX Blockdream Ventures, Jump Crypto, and GSR, as well as project leaders like Terra founder Do Kwon, Sandeep Nailwal, Founder of Matic, and Bjorn Wagner, Co-Founder of Polkadot.
There are plethora of items or services participants can choose to buy from Sweatcoin, based on their location, For example, one can buy cosmetics and skincare products, electronic items, or food subscription boxes for Sweatcoins on the apps market place. Users may also get concessions on gym memberships and educational courses online in exchange for this coin. As of early 2022, 8000 Sweatcoins would get you a $20 Amazon voucher. The app does not have a cash out option.
Sweatcoin has over 63 million users who have in total walked over 20 trillion steps combined and according to the company Over 76 million are using the app. Sweat represents the world’s largest cryptocurrency giveaway ever. The company also says that it will get difficult to mint Sweatcoins over time, which gives its current participants an early user advantage.
During token generating event, in Q3 2022, users will be rewarded with a one-time offer of converting their Sweat into cryptos. For example, a person who has opted in with 1,000 SWEAT on the day of the launch, would get an additional 1,000 Sweat by the Foundation.
Steps to generate Sweatcoins:
Step 1: Download the Sweatcoin app
Step 2: Log-in or create an account
Step 3: Go to Marketplace and then crypto to create your Sweat wallet
Step 4: Start walking to earn Sweatcoin
Other platforms that offer value for movement are HealthyWage, Lympo, Charity Miles, Carrot 2.0, Runtopia, WellCoin amongst many others.
Cryptocurrencies offer multiple interesting opportunities for the future and one such coin is a Sweatcoin. Where there is no capital at risk. No investment required. It only requires participant’s steps. As of third Quarter of 2021, users have exchanged over $60 million worth of rewards at the marketplace for user movement and engagement.
So what you waiting for put on your walking shoes.
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