Sweat Economy is a platform that rewards users with cryptocurrencies for their physical activities, an incentive that can help achieve its goal of creating a healthier and more active world.
In this article, we will discuss:
What is Sweat Economy and how does it work (SWEAT)?
Sweat Economy is the collective name for an ecosystem of solutions aimed at encouraging people to exercise through crypto rewards. It's a smart system that encourages users to exercise, earn tokens, and allow those tokens to be a medium of exchange, which creates a sustainable economy. The elements included in the economy are the platform users, the tools that measure their movements (apps, wearables and various equipment) and the SWEAT token.
The entire ecosystem is powered by the NEAR Protocol, a blockchain known for its high-speed, cheap and green transactions. The sweat economy is growing rapidly, and in Q2021 60, $30 million worth of goods and services were generated within the ecosystem. This signals an active economy and high demand for fitness rewards transactions with great potential for further growth. Additionally, the platform has achieved large followings in over XNUMX countries, including the US, Australia, Belgium, Philippines, Poland, Netherlands, and Portugal. SWEAT is for everyone who moves. Whether you are new to cryptocurrencies or an enthusiast, you can download the app and create your Sweat wallet in minutes.
Privacy in Sweat Economy
One of the most important things Sweat Economy wants to ensure is that it doesn't sell its users' data. Third parties would not have access to users' sensitive and highly valuable fitness data as the platform prioritizes privacy, which is in line with one of NEAR's initiatives. :
- Provide enhanced services with the help of appropriate and carefully selected third parties.
- Verification of physical movements and location for accurate Sweatcoin distribution
- Providing constant updates on the Sweatcoin app and website
- Improve market and customer research
- Accurate leaderboard rankings
Sweatcoin App
Sweatcoin is a centralized application created for people who do not have access to cryptocurrency wallets and assets. Furthermore, it targets people who want to use the app’s feature to turn their footsteps into Sweatcoins and exchange them for goods and services without getting on the cryptocurrency route. It is a simple fitness reward app that does not require any capital or investment from users. Earned sweatcoins can also be used as a donation to selected charities supported by the Sweat platform.
For now, Sweatcoin is the only “motion validator” of user steps, but it will soon be decentralized to allow other apps and wearables to participate in calculating steps. Sweatcoin app users will earn for the first 10.000 steps they take in a day, and if they opt for encryption, the first 5.000 steps will automatically be converted into SWEAT tokens. After this phase, users can continue to earn Sweatcoins, but will now be limited to 5.000 walks per day. This limitation is intended to prevent users from 'walking over', a risk that could defeat the platform's goal of improving users' overall health.
Who can benefit from Sweatcoin?
- National Health Service (NHS) – Sweatcoin has collaborated with the NHS, the UK's publicly funded healthcare system, to launch incentive programs across the country to improve citizens' fitness behavior.
- Insurance Companies – An increasing number of insurers are using Sweatcoin as a tool for insurance distribution and also as a policyholder engagement platform.
- Government – Governments can use Sweatcoins to encourage citizens to increase their physical activities, which would contribute to improving public health. According to Sweat Economy, Sweatcoins has been proven to increase user activity by +20%, a result that may encourage governments to integrate the currency into their healthcare programs.
sweatcoin for good
'Sweatcoin for Good' is Sweat Economy's initiative that supports charitable activities for humans, animals and the planet. S4G currently supports charitable organizations including the African Wildlife Foundation, Conservation International, Save the Children and Cancer Research UK. Since its inception, S4G has collaborated with over 100 charities that have enabled the platform to be a force for good, not only for users' health, but also for the well-being of the world. Each week, Sweat Economy features various charity campaigns to encourage users to support these initiatives through Sweatcoins.
Charitable campaigns
Users can also launch their charitable campaigns on S4G, and the platform will help them find an ideal corporate donor for their initiatives. Users' campaigns will run on the Sweatcoin app for one week, and within that time, interested users will help them reach their target amount by donating Sweatcoins. Once the campaign reaches the desired fundraising amount, the donor will release the funds, allowing a user to finally kick-start their initiative.
SWEAT Technology
SWEAT is built on NEAR – a low cost, high speed and eco-friendly blockchain. Only move verified mint SWEAT. Currently, the Sweatcoin app verifies the steps as a Move Validator. Over time, the Foundation will decentralize the motion verification process to allow other apps and wearables to verify new forms of motion, paving the way for users to earn SWEAT for swimming, cycling, walking, gymnastics, and more.
SWEAT token
The SWEAT Token is the native utility token of the Sweat Economy, designed to provide holders with rewards for their physical movements. SWEAT tokens are generated through user steps that are tracked, counted and converted by the Sweatcoin app. Steps are currently the only exercise users can convert to SWEAT tokens, but the platform will also include activities like swimming, cycling, gymnastics, and more in the future.
SWEAT leverages the security package provided by the NEAR protocol, giving holders peace of mind knowing that both SWEAT and Sweat Wallet are protected from various cyber risks. The platform claims that SWEAT tokens can be minted forever to maintain the ongoing cycle of global incentives. But he also noted that as time progresses, it will be gradually more difficult for participants to mint the token, a measure aimed at preventing rising inflation. In other words, the sooner a person starts minting SWEAT tokens, the more value they can get from their steps.
- Current Utility – Holders can bet SWEAT and get yield returns
- Future Utility – Governance Participation, Trade for other cryptocurrencies and Sell on the open market. In the future other use cases will come.
Where to buy SWEAT token?
The SWEAT token can be purchased on several major cryptocurrency exchanges, some of the biggest are: OKX, MEXC, Bybit, FTX, KuCoin and Gate.io.
Sweat Economy (SWEAT) price prediction 2023
According to our price prediction index of the portalcrypto, in 2023, the price of Sweatcoin (Sweat Economy) (SWEAT) may reach a maximum level of $0.0163, with the average trading price of $0.0124.
Already DigitalCoin, believes that the SWEAT price will break through the $0,0130 level. By the end of the year, Sweat Economy is expected to reach a minimum rate of $0,00836. Furthermore, SWEAT price is able to reach a maximum level of $0,0202.
Conclusion
As people walk, run or move, the Sweatcoin app checks the steps like a Motion Validator. Eventually, the Sweatcoin Foundation will decentralize this motion verification process to allow other apps and wearables to verify new forms of motion. Users will be able to earn SWEAT by swimming, biking, walking, working out, paddling and much more.
