Cryptocurrency

Sweat Economy: The Crypto Ecosystem Within the “Move to Earn” Model

Would getting paid to work out encourage you to move more?

Sweat Economy came to the market with a novel notion that makes Move-to-Earn more accessible and eliminates entrance hurdles that existed in previous projects.

Move-to-Earn, a new paradigm that has evolved since the beginning of the year, is driving a fresh wave of mainstream adoption.

So what is Sweat all about?


What is the Sweat Economy?

Around since 2015, Sweat Economy is an ‘OG’ ecosystem of solutions that encourage people to work out in exchange for crypto rewards.

The innovative economy revolves around its platform users, tools such as apps, wearables, or other devices, and SWEAT tokens. The entire ecosystem is powered by the NEAR protocol, a blockchain known for its sustainable, cheap, and high-speed transactions.

The Sweat Economy, contrary to popular opinion, has a solid foundation rather than being a start-up. The Web3 initiative is an enhanced version of the Web2 Sweatcoin app, which was launched in 2015.

 

Sweatcoin emerged as the most downloaded health and exercise app in the world in 2022. Sweatcoin motivated people to move more and live a healthier lifestyle, transforming fitness from a nuisance to a pleasurable pastime.

Since 2015, the team has been working on this healthy and steady mission. Sweat Economy, in collaboration with the NEAR Foundation, encourages participants to move to earn. SWEAT tokens are awarded to players based on the amount of steps they take in a day.

In Q1 2022, the ecosystem produced $70 million in goods and services, resulting in an exceptionally positive growth rate.

The Sweat Economy is expected to grow exponentially, with over 120 million users currently joining the ecosystem, encouraging an ever-growing army of users.


Sweat Economy: An Open Economy of Movement

Installing the Sweatcoin app will enable you to start engaging in a variety of physical activities.

The app uses GPS and machine learning to track each step you take. For every 1000 steps you take, you receive one $SWEAT. You will generate $SWEAT for the first 5000 steps you take.

Sweatcoin connects to Google Fit, Apple Fit, or the default app on your mobile device so you can measure your daily steps. From there, people can walk or jog in the gym or outdoors to use Sweatcoin.

There is no secret when it comes to how the Sweat Economy works – you move, you earn. But the thing that makes many curious is what sets Sweat apart from other applications, specifically STEPN.


Ease of Entry

First, there’s no barrier and no charge for entry.

You download the Sweatcoin app and start earning. It’s noteworthy that the daily earning limit is around 5000 steps. Second, by connecting with a health and fitness app, the app will do the counting and you don’t have to keep the app open if you want to earn rewards.

Anyone can start training, work out, take care of their health, and get rewarded by connecting with the Sweatcoin app. In addition to token rewards, users are also motivated to move with thousands of attractive vouchers from more than 300 global brands.


Diverse Revenue Streams

The inflationary aspect of M2E projects’ tokens remains a major concern. However, the difficulty to mint new $SWEAT will rise with time and require more steps.

Additionally, both Sweatcoin and Sweat Wallet have diverse revenue streams. Many of these sources of income will also cause $SWEAT to be burned, progressively reducing its available supply.

Sweatcoin offers four ways to earn money:

  • Ads: Users can earn some free tokens by watching a couple of the ads in the “Daily Rewards” area. Rewards range from 0 to 1000 $SWEAT and will be distributed at random.
  • DeFi: Users of Sweatcoin can trade, swap, and stake $SWEAT tokens using the built-in wallet. A portion of the transaction fees is returned to the business.
  • Premium edition: The $4.99 premium version offers limitless earning potential. Additionally, you gain access to NFTs, closed markets, and a variety of other things.
  • Shop: You may purchase deals on goods like Adidas limited products through an integrated marketplace. Additionally, you can buy digital products such as online courses from Skillsuccess. In addition, users can utilize $SWEAT to place bids on expensive products that Sweat sets.

Sweat Economy’s robust fundamentals, backed by a real-world user base and demand, are one of its most significant advantages. It’s challenging to compare it to other alternatives.

While no project is flawless, Sweat Economy stands out as one of the first Move-to-Earn ideas with novel technology and a reasonable chance of success.


Donation

The project extends beyond the technological scope. Sweat Economy not only focuses on product development, user growth, and partnership expansion but is also aimed at nurturing a community that creates positive impacts in the real world.

Charity campaigns such as Sweatcoin for Good are dedicated to supporting charities that carry out events such as supporting children’s mental health, building wells in Guinea, etc.

Sweatcoin has grown over a long period by partnering with more than 100 charitable organizations such as Lonely Whale, Cancer Research, and African Wildlife, among others.

In addition, Sweatcoin is an official partner of Save the Children International (SCI), commonly known as Save the Children.

It is an international NGO that promotes children’s rights, providing relief and support to children in developing countries. Users can join the campaign by donating SWEAT tokens to those charity campaigns.


Near Blockchain

Sweat Economy is built on the NEAR blockchain, a low-cost, high-speed, and environmentally friendly infrastructure. Currently, the Sweatcoin app serves as a transfer validator and checks the steps.

Over time, the verification process will become decentralized, allowing other apps and wearables to validate other forms of activity, allowing users to earn $SWEAT for a variety of other activities such as swimming, cycling, walking, or gymnastics.

Sweat Economy Token ($SWEAT)

  • Token Name: SWEAT
  • Ticker: SWEAT
  • Blockchain: NEAR
  • Token Standard: NEAR
  • Contract: Updating…
  • Token Type: Utility & Governance.
  • Total Supply: 22,000,000,000 SWEAT.

SWEAT is Sweat Economy’s new governance token built on the NEAR Blockchain. SWEAT tokens have many different use cases in the Sweat Economy ecosystem.

As the main reward token, it can be used to unlock many benefits, such as coupons and discounts for blue-chip brands like Amazon and Adidas, as well as tickets to popular sporting events and prizes.

Users will be able to stake tokens for profit as well as win unique prizes. The more SWEAT you stake, the bigger the rewards. Sweat Economy is also working on making an NFT game for the Sweat Wallet app.

Users will be able to compete with other players by staking their SWEAT tokens. The fees received from each match will be burned, which will contribute to reducing the circulating supply over time.

Users will be able to pay a fee in SWEAT to gain access to premium features as well. To learn more about this project, please click here!

The post Sweat Economy: The Crypto Ecosystem Within the “Move to Earn” Model appeared first on Blockonomi.

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Articles

With 5 years of experience as an editor, Matthew has been a crucial part of TheTechly since its inception. He looks after the editing of news content published on TheTechly. Apart from investing his time in editing, he also provides well-researched news articles for the U.S. niche.
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