With its innovative Move to Earn model, Sweat Economy not only helps users improve their health but also encourages them to earn money through daily physical activities. In this article, let’s explore “What is Sweat Economy?” in detail.
What is Sweat Economy?
Sweat Economy is a blockchain project based on the Move to Earn model, encouraging users to engage in physical activities such as walking, running, or exercising to earn rewards in the form of SWEAT tokens. Aiming to change how people interact with both health and currency, Sweat Economy leverages blockchain technology to connect Web2 users with Web3. This project helps users not only improve their physical fitness but also accumulate digital assets through their daily activities.
This project operates on the Near Protocol platform, an advanced blockchain known for its fast transaction speed and low fees. When participating in Sweat Economy, users can receive SWEAT tokens as rewards for performing physical activities tracked by the Sweatcoin app, a mobile application that monitors users’ steps and distance traveled.
The development team behind Sweat Economy
Sweat Economy was developed by a team of over 50 members from various countries, with expertise in technology and business. Key team members include:
Oleg Fomenko – Co-Founder: Prior to founding Sweat Economy, Oleg was in Strategy Development at VISA and CEO of Digital Distribution Networks. He played a crucial role in the strategic direction and development of the project.
Egor Khmelev – CTO and Co-Founder: Before joining Sweat Economy, Egor was the Co-Founder and Director of Bookmate. With his extensive experience in technology, he is responsible for developing the technical platforms and integrating blockchain into the project’s ecosystem.
The Sweat Economy team combines technological and business expertise to create a promising Move to Earn platform.
Key features of Sweat Economy
This blockchain project is not only an app that allows users to earn money from physical activities, but it also offers several useful features, contributing to the creation of a sustainable and user-friendly ecosystem. One of its most prominent features is the use of blockchain technology to track and record users’ physical activities transparently and fairly.
Sweatcoin app: This is the main platform users use to track their steps. The app accurately records the number of steps, distance traveled, and calories burned. From this data, users earn SWEAT tokens, which can be used for transactions or promotions within the ecosystem.
Rewards and promotions: Sweat Economy offers a reward system for users based on their participation in physical activities. In addition to earning SWEAT tokens, users can participate in promotional campaigns, receive special rewards, or spend their tokens on gifts, shopping, or paying for health-related services.
Charity campaigns: Sweat Economy places a strong emphasis on charity work. Users can donate their SWEAT tokens to support campaigns aimed at helping the underprivileged or engage in charitable activities in underserved areas. This not only benefits the community but also motivates users to stay involved with the platform long-term.
Global reach: As of now, Sweat Economy has over 150 million users worldwide, spanning more than 175 countries. This widespread popularity not only demonstrates its vast potential but also solidifies Sweat Economy’s strong appeal within the global community.
How Sweat Economy works
Sweat Economy offers users a unique experience through the Sweatcoin Walking Step Tracker app, allowing them to earn SWEAT tokens by participating in physical activities such as walking, jogging, and other forms of exercise. This app uses sensor and GPS technology to track the user’s movements, accurately recording steps, distance, and calories burned.
To get started, users only need to download the Sweatcoin Walking Step Tracker app and carry their phone while engaging in physical activities. The app will automatically log the user’s data, calculating how many SWEAT tokens they can earn based on their level of activity.
The app’s sensor and GPS system helps distinguish genuine users from those attempting to cheat, such as by using simulators or traveling by vehicle. This ensures fairness and transparency for the Sweat Economy user community.
Since the token minting mechanism for SWEAT was launched in October 2022, Sweat Economy has set milestones for gradually reducing the token minting rate:
- 1,000 steps = 1 SWEAT (Initial minting)
- 4,500 steps = 1 SWEAT (After 6 months)
- 5,500 steps = 1 SWEAT (After 12 months)
- 6,500 steps = 1 SWEAT (After 18 months)
- 7,500 steps = 1 SWEAT (After 24 months)
To encourage more participation, Sweat Economy limits daily rewards to 5,000 steps. However, users can increase this limit by staking SWEAT tokens on the platform. Additionally, this blockchain project offers opportunities to earn rewards through daily tasks or by inviting friends to join the project. This system not only promotes regular physical activity but also encourages engagement and interaction within the community.
Information about the SWEAT Token
SWEAT Coin is the token of the Sweat Economy ecosystem, used to reward users who engage in physical activities through the Sweatcoin Walking Step Tracker app. Here are the key details about the SWEAT token:
- Token name: Sweat Economy
- Ticker symbol: SWEAT
- Blockchain: Ethereum
- Token standard: ERC-20
- Token contract: 0xb4b9dc1c77bdbb135ea907fd5a08094d98883a35
- Token type: Utility
- Total supply: 21,385,554,180 SWEAT
- Circulating supply: 7,867,216,615 SWEAT
SWEAT Token allocation
The allocation of SWEAT tokens is as follows:
- Foundation treasury: 27.71%
- Lockdrop: 25%
- SweatCo Ltd: 22%
- Development team and advisors: 10.92%
- Ecosystem: 7.02%
- Private round: 3.33%
- Seed round: 2.68%
- Public sale: 1.33%
Use cases for SWEAT Tokens
Owning SWEAT tokens provides users with several attractive benefits, including:
- Participation in project activities: Users can use SWEAT tokens to participate in ecosystem events and programs.
- Gas fees: SWEAT tokens can be used to pay transaction fees on the platform, similar to gas fees on the Ethereum network.
- Purchasing goods and charity campaigns: SWEAT tokens can also be used to purchase items within the app or participate in community and charity campaigns organized by the project.
Through these utilities, SWEAT tokens not only serve as rewards for users but also play a key role in the development and maintenance of the Sweat Economy ecosystem.
Thus, Financial Insight Daily has thoroughly analyzed “What is Sweat Economy?” It is an innovative Move to Earn platform that offers numerous benefits to users, not only in improving health but also in providing opportunities to earn money from daily physical activities. With a highly experienced founding team, a comprehensive ecosystem, and a unique Move to Earn model, Sweat Economy is on a strong growth trajectory and is expected to become one of the most popular blockchain platforms globally.