Sweatcoin Crypto actually pays you for walking. As you walk, the app continues to run in the background. Hence, as you walk and sweat, you can earn cryptocurrencies (coins) in the meantime. Basically, it works by tracking your steps, and as you take more steps, you can earn through tokens as per the Sweat Economy (SWEAT). As you collect the coins, you can purchase various products and services accordingly on the marketplace.
In this article, you will learn about the Sweatcoin cryptocurrency and how it works as a crypto option. Apart from that, you will also learn about the sweat economy. Furthermore, this article also discusses the major features of crypto. Finally, this article also consists of the major pros and cons of Sweatcoin. This will give you an idea of whether to buy Sweatcoin or not. Hence, to learn more, read on through to the end of the article.
What Is Sweatcoin Crypto? – A Brief Overview
Sweatcoin allows you to mine crypto on the app as you move. All you have to do is walk to earn Sweatcoin currency in the app. As your currency increases, you can redeem it to get rewards or buy other stuff. However, Sweatcoin has leveraged blockchain technology to convert the in-app currency to a token. Furthermore, the best thing about Sweatcoin is that you can enjoy using the app for completely free, and there are no upfront NFT costs.
Sweatcoin’s official website claims – “Sweatcoin is simple. We want you to walk. More. And for that, we’ll reward you. We believe your steps have value: to you, your health insurance, society. In short: you walk, we pay. And why? Because you’ll be happier. Your health will improve. You’ll spend more time outdoors. You’ll feel more energized. And we want a planet full of people like this.”
One of the best things about Sweatcoin is that it is helping to reduce the obesity crisis in the United States. It helps people to come out of their sedentary and unhealthy lifestyles. Currently, according to the CDC, almost 45% of the United States population is obese. Furthermore, more than half of the population of the world will become overweight by 2035 if they do not change their lifestyle pattern.
Furthermore, people also lack the motivation to work and perform exercise. Hence, even though they start, they fail to continue in the long run. This is where Sweatcoin comes to the rescue. It gives people the motivation to earn by performing movement.
Hence, in short, the more you walk, the better reward you will receive. Basically, there are many brands, advertisements, insurers, and healthcare providers who are working through the Sweatcoin platform.
Sweat Economy: Here’s What You Need To Know
A few years ago, with the popularization of the blockchain movement, Sweatcoin tokenized its Move-to-Earn (M2E) movement. They later termed it the Sweat Economy. Hence, individuals are able to contribute to the Sweat Economy by simply engaging in a movement.
The Sweat Economy makes use of the NEAR Blockchain to build its cryptosystem. However, in the future, the company is aiming to be a multi-chain platform. SWEAT is the platform’s native token. Its primary aim is to give incentives to individuals if they engage in physical activities. Basically, the company is hoping that it will play a big role in enhancing the overall well-being of the larger population.
The system makes use of the step-verification algorithm. This helps you count the steps of your movement. Then, the app is able to collect Swetcoin coins inside the app. Later, it converts those coins into crypto and stores them in the Sweatcoin wallet. Here, you can send the crypto to exchanges, sell it for fiat money, or redeem it in return for tangible goods and services.
The interesting part is that if you are not active enough, you will need to pay an inactivity fee. The decentralized autonomous organization (DAO) charges the amount from those users whose activity count are below a certain threshold. This factor not only helps individuals to be consistent with their exercises, but it also plays a big role in progressively contributing to fighting inflation in the economy.
Apart from that, the app also works towards individuals’ social connectivity. Hence, the users are able to connect easily with others (including friends, family, etc.). Furthermore, they can also build their follower bases on the platform. However, despite all the earning options, the returns are pretty modest. Hence, this cannot be an active-income option.
How Does The Sweatcoin Crypto Work?
According to Make Use Of, “Sweatcoin is a free-to-install smartphone app available on Android, Windows, and iOS. The app tracks the steps you take in a day, just like any other track-stepping app you can install. Sweatcoin connects to your Google Fit, Apple Fit, or similar default fitness app to log your daily steps. You can use the app while walking or running outside or using a treadmill, so it’s suitable for any occasion.”
Here, the app tracks your steps and movement. A certain number of movements will allow you to earn a Sweat Economy (SWEAT) crypto token.
The workings of Sweatcoin are pretty simple and straightforward. Basically, you have to download two mobile applications – Sweatcoin and Sweat Wallet. Here, if you are not interested in mining cryptocurrencies, you will only need to use the Sweatcoin app. However, the Sweat Wallet is for those people who like to work with crypto rewards.
You can download and use the apps for free.
According to CoinPaper, “Under the free app plan, users can earn up to five sweat tokens per day or 150 per month. However, if you’re a particularly active individual, you might find that the free plan’s cap is not sufficient. In this case, Sweatcoin offers a premium version of the app that allows you to earn more sweat tokens per day for a monthly subscription fee, which is $4.99 monthly or $24.99 annually.”
If you only use the Sweatcoin app, you will only have access to non-crypto coins, which you can use to purchase goods and services. However, you can only make those purchases from the application.
What Are The Major Features Of Sweatcoin Crypto?
The following are the major features of Sweatcoin that you need to learn if you want to use the app to earn crypto:
Sweat Wallet
The Sweat Wallet app converts the points you collected on the Sweatcoin app to cryptocurrencies. Then, it stores the amount in the wallet, which works as per the blockchain environment. This application plays a strong role in the user’s interactions with Sweatcoin.
Basically, the Sweat Wallet is a non-custodial, hot wallet that also consists of DeFi services. Here, you will get options to stake your coins and do crypto-to-crypto trading. Furthermore, you also get decentralized governance, like any other crypto, along with an NFT game.
Growth Jars
With the help of Growth Jars, you can get the chance to earn yields if you lock up SWEAT for certain durations. Here are the steps to take to create a jar in the app:
- Navigate to the “Grow” section of the Sweat Wallet. Select the “Create Jar” option. Here, you will also need to pay a small gas fee (which costs less than 1 SWEAT), if you want to create a jar.
- Choose a duration in the app and specify the desired amount in the jar. Then, you will be able to initiate the creation process.
- Review the legal information in the process.
- Open the jar in the app. This process will take time, and you will have to wait for a few moments.
Once you create a jar, you will need to manage your tokens. Essentially, you will have to provide your tokens to the Sweat Foundation. Here, you will receive the same number of tokens at the end of the duration plus additional earnings as an incentive. Note that these tokens are not liable for being locked up in a smart contract.
Trading Options
Sweatcoin works with Orderly, a third-party trade provider, to ensure that users can securely exchange their tokens on the platform. Here, Sweatcoin offers you a platform where you can exchange Sweatcoin for ETH, USDT, NEAR, WBTC, etc. The best part is that you can store all that in your Sweat Wallet. However, the minimum trading volume is $1.2.
While trading on the platform, you can get the flexibility to select the options that you prefer. Here, the platform offers a variety of tokens to choose from. Once you select the token, you will receive a notification after the end of the trade.
However, you will have to pay some fees to trade in the Sweat Wallet. The platform shows you the fees for the Sweat Wallet at the time of approval as you confirm each trade. The Sweat Wallet institutes these fees to cover the cost of the services.
Sweat Hero
It is a tap game that you can play for free, as it lets you battle against players to earn more SWEAT. Here, you will not need to buy an NFT if you want to access the game.
Learn To Earn
Here, Sweat Economy works with Metacade to offer a platform that enables gamers, developers, and investors to build together. For example, there is a lesson in the Sweat Wallet app. Once you complete the lesson, you will receive a Metacade trial for seven days. Furthermore, there are other educational lessons, too, which you can complete to earn SWEAT.
Sweatcoin Marketplaces
The Sweatcoin app allows you to use your Sweatcoins to purchase other items through the in-app marketplaces. Moreover, you will receive discounts on various other items as well. On the other hand, in the Sweat Wallet, you can use your SWEAT to enter draws where you can win other cryptocurrencies and gifts.
What Are The Pros And Cons Of Sweatcoin Crypto?
The following are some of the major pros and cons that you need to consider before using Sweatcoin crypto:
Pros
Here are some pros of Sweatcoin crypto that you will benefit from:
- You can earn Sweatcoins while engaging in physical activity, which is actually good for your health.
- Millions of people are using Sweatcoin, which is resulting in its high popularity. It is actually a fun way to make money.
- There is strong data privacy in the Sweatcoin app.
- It is easy to deal with Sweat crypto in the Sweat Wallet. The latter also comes with a variety of features.
- You can easily trade the SWEAT token since it is available on a variety of exchanges.
- The Sweatcoin marketplace comes with various rewards, prizes, giveaways, etc.
Cons
Here are a few cons of Sweatcoin crypto that you need to be aware of:
- The monetary returns from the Sweatcoin platform are quite low.
- You will need to keep your GPS on as the app is constantly tracking your movement. Hence, this can lead to faster drainage of the battery.
- The Sweat token’s value can fluctuate a lot. Hence, it is important for users to be aware of those changes as well as various market risks.
- There are many competitors of Sweatcoin who are working according to the move-to-earn concept.
Why You Should Buy Sweatcoin Crypto?
If you lead an active lifestyle, Sweatcoin surely has a lot of advantages for you. Basically, the app allows you to earn money by doing something that you are already doing – walking and running. Furthermore, this app is also helpful for people who engage in less physical activity since it encourages them to do so. This helps to better fitness and health outcomes.
However, you will also need to consider that the returns are not too high. Hence, it is important to manage your expectations. Additionally, it takes a lot more time to earn enough Sweatcoins if you want to redeem them for desirable rewards.
Wrapping Up
Hope this article was helpful for you in learning about Sweatcoin crypto. You can see that this app is useful for people who have an active lifestyle or those who want to have an active lifestyle. However, you will also need to consider that the returns are not very high. Hence, it cannot be a primary source of income for anyone.
Do you have more details to add about Sweatcoin? Consider sharing your ideas and opinions with us in the comments section below.
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