On Sept 13th 2022 a new crypto token will be launched. It belongs to the move-to-earn category of cryptocurrencies, and is called SWEAT. It will be stored on the NEAR blockchain, one of my favorites.
Earning SWEAT will be made possible through a collaboration between Sweatco Ltd and the NEAR Foundation. It will be offering easy access to the world of cryptocurrencies to millions of people. Sweatcoin is a free app 👇🏼
that rewards (with no location tracking) your daily steps with Sweatcoins, which you can spend on cool products, donate to charities, send to friends, or soon convert into SWEAT tokens – all through your app. There’s no capital at risk, only your steps are required.
Eventually, the Sweatcoin Foundation will decentralize this movement verification process to enable other apps and wearables to verify new forms of movement. Users will then be able to also earn SWEAT by swimming, cycling, rowing, and more.
Why being rewarded to workout?
When you look after your health, you are more productive and you help save Billions in healthcare. Your movement has value: you deserve a share in it.
The value of a sweatcoin is derived from wide-reaching partnerships. From brands that want to connect with health conscious audiences, insurers wishing to encourage healthier lifestyle choices and governments looking to reduce healthcare costs.
Investors
Besides NEAR Foundation, it´s worth highlighting Sandeep Nailwal – co-founder of Polygon Technology, Björn Wagner – co-founder of Parity Technologies, and Do Kwon – co-founder of Terraform Labs. These 4 players represent cryptocurrency projects currently placed in the TOP 20 of market capitalization.
Get your SWEAT wallet
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Go to the Marketplace icon on your Sweatcoin app.
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Click in the Crypto button on the top.
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Follow instructions, and you´ll find a NEAR wallet link at the bottom, with which you can access your NEAR / SWEAT wallet.
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It is recommended that you generate a pass/seed phrase under ‘Account’, and that you safely store it offline along the wallet link mentioned in 3.
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In the future you will be able to access your wallet either by using the link mentioned in 3. or importing your account using the passphrase.
Details about SWEAT token price, market capitalization etc, will be made available here.
The wallet on your phone:
Tokenomics
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SWEAT is minted solely by verified movement.
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Each sweatcoin/SWEAT will require more steps than the last (like Bitcoin).
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Sweatco Ltd takes a 5% fee for every sweatcoin you earn.
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At the moment, you can earn Sweatcoin (SWC) from your steps (excluding in-app bonuses) until a maximum of 9.5 SWC per day.
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At TGE, for each sweatcoin in your app wallet you will be able to claim 1 SWEAT without losing your sweatcoin balance.
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After TGE, SWEAT will be compatible with ERC-20 and NEP-141 token standards.
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After TGE, only user’s first 5000 steps / day can be converted into SWEAT. The amount beyond 5000 will be converted into sweatcoins.
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Users will be able to stake their SWEAT to receive an attractive % return – it´s called staking, and is available on the NEAR / SWEAT wallet you previously created.
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SWEAT holders will be able to vote on key treasury decisions using the Sweat DAO (Decentralized Autonomous Organization) (to be launched in the future).
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There is an infinite supply of SWEAT tokens, to incentivise movement forever. It doesn’t necessarily mean SWEAT price will be low. There are successful examples of crytocurrencies with infinite supply, such as Ethereum, Tezos, Monero or EOS.
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Rewards will continually be improved to bring more value to the users.
News
Help
Feel free to message me to amgg@mailfence.com in case you need any help installing your app or getting your NEAR/SWEAT wallet 🍀.