Sweatcoin, a London-based software firm, intends to motivate people to exercise more and create SWEAT, a move-to-earn token, in order to help the world recover.
Sweatcoin’s goal is to create a worldwide currency based on the cost of movement and steps. In the summer of 2022, more than 64 million Sweatcoin users who have collectively walked over 21 trillion steps will be able to swap their sweat sweats in the app for SWEAT coins at a 1:1 ratio in the west token generation (TGE). This is expected to be one of the greatest gatherings of people interested in cryptocurrencies in history.
The SWEAT token is used to translate the movement into valued and recognized money. And for individuals who are just getting started in the Sweatcoin world, this is a low-risk way to obtain access to assets that are becoming increasingly harder to come by. It also contributes to our objective of making the world more physically active by highlighting the importance of mobility.
How does the token work?
- SWEAT will be minted solely by the number of steps the user has taken through the Sweatcoin app.
- SWEAT will be released by the Sweat Foundation, a British-based cryptocurrency company, and Sweatcoin’s partner in the launch of Sweat Economy, following a token generation event (TGE) scheduled for this summer. This creates a good time for new and existing users to earn as much as possible.
- After TGE, each earned SWEAT will be harder to mint than before. This may seem annoying at first, but it means that your steps today are more valuable than your steps tomorrow, thus ultimately motivating people to move sooner rather than later; strengthening
- Sweatcoin’s vision and encouraging users to experience the financial and physical benefits of exercise.
- SWEAT will be built on Ethereum and will use clean NEAR as a blockchain, and the Near Foundation is investing in this project.
- The process itself is incredibly safe, infinitely scalable, and will be a unique demonstration of a blockchain that works on a scale without fuss.
- Each SWEAT user will be given a Sweat Wallet wallet, which will generate a commission by enabling a set of Defi features, such as exchanging SWEAT for another cryptocurrency, providing liquidity, and staking.