Recently, a new trend has appeared in the cryptocurrency market called Move to Earn. The leading STEPN (GMT) platform has created a boom with millions of participants in a short period of time. Move to Earn has created a more positive change than the previous trend. When people can make money from physical fitness activities to improve their health. One of those projects that stands out is Sweatcoin (SWEAT). The first Move to Earn platform on the Near Protocol ecosystem is about to launch in the near future. Let’s find out with smsverificationphone what this platform is.
So what is Sweatcoin (SWEAT)?
Sweatcoin is a proactive healthcare platform that sets goals and helps users track their health every day. The special thing is that everyone will receive rewards when completing the goals given by Sweatcoin.
Rewards from current Sweatcoin activities are SWEAT points. These bonus points cannot currently be withdrawn directly from the platform. You can use it to make discount vouchers to buy products from partners like Adidas, Netflix, Amazon…
Next time Sweatcoin launches on the Near Protocol ecosystem. SWEAT points can be exchanged for SWEAT Tokens at a certain rate. When we have the latest information, we will update you guys immediately.
Origin of Sweatcoin
Sweatcoin was founded by 3 people
+ Oleg Fomenko: Oleg is the co-founder and CPO of Sweatcoin. He has many years of experience working at Pepsi, Visa, BT and BCG. Since the founding of Sweatcoin in 2015.
+ Anton Derlyatka: Anton is the co-founder and CEO of Sweatcoin. He holds graduate degrees from Stanford and Hass Business School (UC Berkeley) and an MBA from London Business School. He has senior management experience at AT Kearney, Reebok and Pepsi.
+ Egor Khemelev: Egor is the co-founder and CTO of Sweatcoin. He studied product design, graphics and engineering at the University of London, computer science. He is an experienced developer, having co-founded multiple technology companies in Moscow including online content, video hosting and online photo censorship.
Although the founders see growth potential from the link between cryptocurrency and user health, they believe that the target audience is not ready for a cryptocurrency-based reward system at the time of launch.
So, after six years of development, the team announced their intention to switch to cryptocurrency rewards. Besides, Sweatcoin’s native token, SWEAT token, can operate on both the Ethereum and NEAR networks.
When the team introduced SWEAT’s cryptocurrency, users were given the opportunity to exchange their rewards for an equivalent amount of SWEAT tokens. This resulted in a huge number of airdrops for participating wallets as the platform gained over 150,000 users within 24 hours of incorporating a cryptocurrency-based rewards model.
Since then, the number of users continued to increase and reached more than 110 million users. Sweatcoin became more popular because people participating in Sweatcoin could earn SWEAT tokens just by walking instead of investing in devices for mining or staking.
How Sweatcoin works
The app will reward users with one sweatcoin for every 1,000 steps. The sweatcoins can then be exchanged on the marketplace for gift cards, fitness equipment, sneakers, and even Apple watches. These offers change periodically and depend on your geographic location.
After the launch of SWEAT tokens, sweatcoin can be used to mint SWEAT tokens on the blockchain. This app also has a maximum limit for minting SWEAT tokens.
You can only convert a maximum of 5,000 steps per day (6,000 steps for premium users) into SWEAT tokens. The remaining steps are converted to sweatcoin. While the sweatcoin generation rate in the app remains the same (one sweatcoin per 1,000 steps), the token generation rate increases over time.
The difficulty of minting SWEAT tokens has also increased exponentially since then. As a result, the token has a reduced inflation rate. For example, on the first day after launch, September 2022, users received 1 SWEAT token for every 1,000 steps. As of May 2023, it takes 3,623 steps to mint one SWEAT token.
Besides, by 2028, you may need more than 80,000 steps to mint one SWEAT token. Additionally, the app will charge a 5% fee for converting steps into SWEAT tokens. This fee is needed to cover app bonuses such as referral bonuses. Sweatcoin app also earns profit from marketplace partners like promotional pins for partner products.
What’s special about Sweatcoin?
According to the World Health Organization (WHO), people still live according to their current habits. The obesity rate is expected to reach 1 billion people by 2030. Their goal is 2025 as the year to prevent this condition.
Sweatcoin will therefore change this worrying trend by providing self-care through a digital platform. The app aims to create social change where people feel empowered and motivated to improve their health through rewards.
Sweatcoin, a London-based technology company on a mission to inspire a healthier planet by encouraging people to move more. According to statistics from Sweatcoin’s homepage, this application was established in 2015. They have grown to now have more than 64 million users worldwide.
Instructions for using and making money from Sweatcoin
Sweatcoin is currently available on the two largest application stores: Appstore and Google Play. You can download it completely free by following these steps:
How to Download app Sweatcoin
Step 1:
Download the Sweatcoin application.
Step 2:
Create an account and log in to the application login sweat.
Step 3:
Use the app to earn SWEAT coins.
Making money on SWEAT
You need to walk or run 10,000 steps a day. Every 1000 steps will be rewarded with 0.95 SWEAT. If you reach 10,000 steps, you will receive a maximum of 9.5 SWEAT coins per day.
You can also earn SWEAT from watching ads on the app. Every day you can watch 3 ads. Each advertiser will receive 1 gift box. When you open this gift box, you will randomly receive the amount of SWEAT as a reward.
+ Daily 2X Boost: Every day the application will give users 20 minutes to double the reward. This means that when you press start challenge, the number of SWEAT rewards from Steps will be multiplied by 2 times in 20 minutes. Therefore, users who run will be rewarded more than those who walk.
+ Invite a friend: Introduce a referral link, if you invite a friend to join this walking challenge, the application will reward 5 SWEAT coins. This is how they build community faster.
Conclusion
SweatCoin has raised a large amount of capital from famous funds in the market such as Goodwater Capital, Greylock Partners, Rubylight, Seedcamp, SmartHub.
Currently, this Move to Earn trend has passed its initial stage, starting to move towards the explosive stage when the STEPN platform has created a big buzz. With profits reaching nearly x300 cap exceeding 2 billion USDT.
It is similar to the time when the Play to Earn trend exploded when the Axie Infinity project fired the first shot. After that, a series of other projects followed and brought a huge flow of money into the market at that time.
Choosing to invest in a long-term project is also quite difficult when scam projects follow suit to defraud investors. That’s why when you use it, you need to equip yourself with a lot of knowledge to search for good projects for ourselves.
Sweatcoin (SWEAT) is a great potential project in cooperation with Near Protocol and has many big investors behind it. However, there is not much project information yet and the market is quite gloomy at this time, so people should just use the free application first to experience it. Only when a project has complete information should an investment decision be considered.
Through the information shared on smsverificationphone can see that this is an extremely positive money-making platform. Helps you both solve and make money easily on this platform.
