Sweatcoin is a free app which rewards your daily steps with a new-generation currency you can spend on cool products, donate to charity or convert into SWEAT. It has been in existence since 2015 and is a component of the growing economic model known as move-to-earn. These are apps that reward you, similar to blockchain games that use the play-to-earn mode. The rewards are distributed in the form of native tokens.
This app doesn’t need much introduction since it is currently the world’s most downloaded health and fitness application for smartphones in 2022.
How does Sweatcoin work?
Sweatcoin features a mobile application with in-built features that tracks your steps and rewards you for a certain amount of steps taken each day. The app pays 0.95 Sweatcoin for every 1,000 steps taken. Users can trade these coins for some products available on the application.
There are two major types of Sweatcoin users; free and premium users. Users of the free version can earn up to 5 Sweatcoin daily while premium users earn more than that.
Why it is important to use Sweatcoin
Sweatcoin announced plans to further develop itself into a truly decentralized crypto platform in April 2022. SWEAT is at the heart of its economy. The platform’s native token will function similarly to Sweatcoins as a reward. Existing users will receive a special discount on mint SWEAT.
“On the 13th of September, 2022, Sweat Economy is ready to launch its DAO (decentralized autonomous organization). As the ecosystem is built on NEAR protocol, users will be able to carry on being on the network after the upgrade. However, Sweatcoin (SWEAT) announced they’re also working on Ethereum (ETH) support. As Ethereum’s blockchain is a lot more popular among crypto fans, this could bring the step-counting app to a wider audience,” Investing reports.
Ultimately, you’ll be able to earn cryptocurrency whenever you go for a relaxing walk or stroll. Every 1000 steps equal one Sweatcoin. Despite this, there is no information on the conversion rate to $SWEAT. The conversion will take place on September 12th, and all users will be able to trade the brand new coin for goods, services, other popular cryptocurrencies, donations, or the minting of exclusive NFTs.
What this means:
Users who have been accumulating or earning Sweatcoins would be able to convert the tokens to fiat or crypto directly. If you’ve never tried this app, it’s never too late to give it a trial.
How to earn Sweatcoins
First things first, download and install Sweatcoin (welcome gift – 0.95 SWC) on your smartphone (Android & iOS). Ensure you accept the invite to enable you to complete the installation process. Launch the app and sign up for an account. There are different options you can use to sign up for an account e.g Google, Apple e.t.c. The app guides you through the sign-up process.
You must now walk to earn that you have an account. Remember how we said you get 0.95 Sweatcoins for every 1000 steps you take? As a free user, you can earn up to 5-6 Sweatcoins per day because the step-to-Sweatcoin conversion rate is 65%. (Every 1000 steps would be counted as 650).
An alternative method to earn free Sweatcoins is from its referral program. Users get 5 Sweatcoins for each person that downloads and sign up for an account using their unique referral link.
Sweatcoin will necessitate both a precise GPS signal and an internet connection. Newer phone models can count both indoor and outdoor steps. To prevent cheating, the app initially calculated only outdoor steps. Make sure your GPS signal is working properly. You’ll always know how many steps you’ve taken this way.
Things to know about SWEAT token
According to Tokenomics:
- Holding SWEAT has many benefits: it can be staked for yield and amazing rewards, applied to NFTs, and grant access to improved features in the Sweat Wallet App.
- Revenue is generated from user engagement and transaction fees.
- Revenue returns to the token from buying, burning, investment in rewards, and ecosystem development.
- SWEAT is minted solely by movement therefore, several mechanisms have been introduced to decrease the rate of inflation of the token, and to constrict the circulating supply.
- Each SWEAT will be more difficult to mint than the last. This preserves token utility and controls the rate of token release.
It’s never too late to join the Sweatcoin community as it confidently embarks on the second leg of its crypto journey. Join now and collect as many Sweatcoins as you can before they become scarce.