Sweatcoin completed its most extensive overhaul since its 2015 start in September 2022, introducing its cryptocurrency and a new dedicated crypto wallet. The Sweat Wallet, an app that follows our exercise by the steps we take and compensates us in cryptocurrency, is arrived, but how can we begin to embrace the “sweat-to-earn” economy?
Sweatcoin’s new cryptocurrency wallet is well-built, and its interface will give many major crypto wallets a run for their money—or, for that matter, any other currency they house. But, before we get to holds with Sweat Wallet, let’s recap what Sweatcoin is and how it works.
What Is Sweatcoin?
Sweatcoin, founded in 2015, is a free-to-install app that allows users to generate Sweatcoins for their steps. Before the appearance of the Sweat Wallet and the cryptocurrency SWEAT, it took 1,000 steps to develop a Sweatcoin.
Once you accumulate enough Sweatcoins, you can exchange them for goods or services on a specialized marketplace or contribute them to philanthropic endeavors dealing with sustainability or assisting community projects.
Sweatcoin released SWEAT, the platform’s cryptocurrency, on September 13, 2022, along with its own Sweat Wallet.
Things that users might do with the cryptocurrency they earn changed immediately with SWEAT’s arrival. Instead of saving to cash in their Sweatcoins on the market, users can stake SWEAT, acquire and store NFTs, work towards saving goals, and, shortly, we can exchange our SWEAT for other cryptocurrencies like Bitcoin and Ethereum.
The way people accumulate coins has altered since the arrival of SWEAT. SWEAT can now be generated for the first 5,000 steps done each day. Following that, you’ll create Sweatcoins, which have preserved their functionality with the arrival of Sweat Wallet.
Sweatcoin has also implemented tokenomics to protect the value of SWEAT. As the app explains, it will take more daily steps to generate one $SWEAT.
But how exactly can one begin minting SWEAT via the app? Let’s take a closer look at the cryptocurrency that has the potential to change the fitness industry:
How to Access Sweat Wallet
First things first. A Sweatcoin account is required to begin your sweat-to-earn journey. To begin, enter your email address and create a password. Next, Sweatcoin will need access to your smartphone‘s biometric apps, like Apple Health, to gather your steps and turn them into $SWEAT.
You can use the Sweatcoin app to download Sweat Wallet for the first time after you’ve been granted access. This can be accomplished through a prompt on your app’s home screen.
Clicking on the SWEAT countdown will prompt you to download the wallet and enter a code to link your accounts if you still need to do so. Verification is usually immediate, and you can begin earning SWEAT right away.
Getting to Grips with Sweat Wallet
When you first launch Sweat Wallet, you’re presented with your homepage. This quick-access panel provides one-click access to staking options, account transfers, and purchasing extra SWEAT using a credit or debit card.
The SWEAT conversion rate at the top-right of the screen is an essential feature of the app’s home screen. Sweatcoin has used tokenomics to safeguard the cryptocurrency’s scarcity. Thus the number of steps necessary to generate 1 $SWEAT progressively grows. For example, while this snapshot indicates that one $SWEAT equals 1,073.39 degrees, this amount will be higher tomorrow and beyond.
Notably, the ability to swap SWEAT for other cryptocurrencies still needs to be added, but this feature will be available soon.
As we can see from the wallet’s home page, staking is a vital feature for users to embrace, and the platform allows investors to earn up to 12% on the SWEAT that they mint by placing their coins in a “growth jar.”
Staking is essential to the Sweat Economy since it allows the cryptocurrency to operate. Like other proof-of-stake (PoS) blockchains such as Ethereum, Solana, and Cardano, take coins are generated in a more environmentally benign manner rather than mined using destructive computer power.
Validators contribute to the network’s upkeep by staking a blockchain’s native cryptocurrency, thereby securing coins that may be used to validate transactions on the chain.
Staking can help turn the SWEAT we generate into more enormous profits over time for those trying to make our exercise take us further.
How to Use the SWEAT that You Generate
Although many users will be eager to use SWEAT to expand their cryptocurrency portfolios, the Sweat Wallet app includes a variety of reward programs to keep people interested and working towards new goals.
Currently, stalkers can enter several prize drawings based on how much SWEAT they want to stake, including prepaid Visa debit cards, Apple AirPods, Amazon gift cards, and even dinner with a Sweatcoin founder.
Sweat Wallet has also included a prize draw for users to win one of 888 NFTs from Paras’ exclusive collection of non-fungible tokens. These reward systems allow users to take their Sweatcoin investments further by obtaining additional collectibles and artworks.
Although Sweatcoin’s emphasis on non-fungible tokens is currently limited, the inclusion of a dedicated NFT Gallery within user wallets suggests that non-fungible tokens will play a vital role in the platform’s evolution, with the Sweat Economy’s Litepaper highlighting that it will incorporate “dynamic NFTs” in the second phase of its development, which can “evolve” by being fed $SWEAT.
Sweatcoin’s growth has been a timely move towards embracing the potential that Web3 provides, with an estimated 120 million users. The Sweat Wallet is the first exciting step toward transforming our fitness and exercise pleasure processes.
The Crypto Wallet that Rewards Exercise
It may have begun its path to becoming an essential fitness app for anyone, particularly those who would welcome an added incentive to venture outdoors for a walk or run, with the development of NFTs and even the potential option to exchange our SWEAT for other cryptocurrencies in the future.
Taking those all-important 1,000 steps may become a matter of critical digital housekeeping when you have your very own dynamic NFT to keep healthy.