In September 2022, Sweatcoin underwent its most comprehensive transformation since its 2015 launch, delivering its own cryptocurrency and a fresh dedicated crypto wallet to boot. The age of the Sweat Wallet, an app that tracks our exercise through the steps we take and rewards us in crypto, is here, but how can we begin to embrace the “sweat-to-earn” economy?
Sweatcoin’s brand-new cryptocurrency wallet is well-built, and its interface will give many leading crypto wallets a run for their money—or any other currency they house, for that matter. But before we get to grips with Sweat Wallet, let’s remind ourselves of what Sweatcoin actually is and how it works.
What Is Sweatcoin?
Founded in 2015, Sweatcoin is a free-to-install app that empowers its users to generate Sweatcoins for the steps that they take. Prior to the arrival of the Sweat Wallet and the cryptocurrency, SWEAT, it took 1,000 steps to generate a Sweatcoin.
Once you accumulate enough Sweatcoins, they can be exchanged for goods or services on a dedicated marketplace—or they can be donated to charitable efforts dealing with matters of sustainability or aiding community projects.
On 13 September 2022, Sweatcoin launched SWEAT, the platform’s own cryptocurrency, coupled with its own Sweat Wallet.
The arrival of SWEAT instantly transformed the things users could do with the cryptocurrency they earn. Rather than save to cash in their Sweatcoins on the marketplace, users can stake SWEAT, buy and store NFTs, work towards saving goals, and, in the near future, we will be capable of exchanging our SWEAT for other cryptocurrencies like Bitcoin and Ethereum.
With the arrival of SWEAT, the way individuals can accumulate their coins has changed. Now, it’s possible to generate SWEAT for the first 5,000 steps taken each day. Thereafter, you’ll be generating Sweatcoins, which have retained their functionality alongside the arrival of Sweat Wallet.
Additionally, Sweatcoin has introduced tokenomics to safeguard the value of SWEAT. This means it will take more daily steps to generate one $SWEAT, which is explained within the app.
But how is it actually possible to use the app and begin minting SWEAT? Let’s take a deeper look into the cryptocurrency that has the potential to revolutionize fitness:
How to Access Sweat Wallet
First things first. To begin your sweat-to-earn journey, you’ll need a Sweatcoin account. Sign up using an email address and create a password to get started. Crucially, Sweatcoin will need access to your smartphone’s biometric apps like Apple Health to collect your steps and convert them into $SWEAT.
Once you’ve allowed access, you can use the Sweatcoin app to download Sweat Wallet for the first time. This can be done via a prompt on your app’s home screen.
For those who haven’t already gained access to their Sweat Wallet, clicking on the SWEAT countdown will prompt you to download the wallet and enter a code to link your accounts. Verification is typically instant, and you can begin earning SWEAT immediately.
Getting to Grips with Sweat Wallet
When you open Sweat Wallet for the first time, you’ll be presented with your homepage. This serves as an easy-access screen that offers one-click access to staking options, transfers between accounts, and the choice of purchasing more SWEAT via a credit or debit card.
One important part of the app’s home screen is the SWEAT conversion rate at the top-right of the screen. Because Sweatcoin has utilized tokenomics designed to protect the scarcity of the cryptocurrency’s supply, the number of steps required to generate 1 $SWEAT gradually increases over time. For example, while this screenshot shows that 1 $SWEAT = 1,073.39 steps, this figure will be higher tomorrow and beyond.
When selecting a Detailed balance, we’re presented with a breakdown of the $SWEAT we’re receiving and spending each day. This can help to keep on top of our coin accumulation and may even help us to refine our fitness programs to generate more SWEAT consistently.
Notably, the option to exchange SWEAT for other cryptocurrencies is currently unavailable, but it’s expected that this feature will be available soon.
As we can see from the home page of the wallet, staking is a key feature for users to embrace, and the platform offers the opportunity for investors to earn up to 12% on the SWEAT that they mint by placing their coins in a “growth jar.”
Staking is a central part of the Sweat Economy because it helps the cryptocurrency to function. Like other proof-of-stake (PoS) blockchains like Ethereum, Solana, and Cardano, coins are generated in a more eco-friendly manner rather than mined through damaging computational power.
Validators help to keep the network functioning by staking a blockchain’s native cryptocurrency, thus locking in coins that can then be used to validate transactions on the chain.
For those of us looking to make our exercise take us further, staking can help turn the SWEAT we generate into greater returns over time.
How to Use the SWEAT that You Generate
Although many users will be waiting to be able to use SWEAT to build their cryptocurrency portfolios, the Sweat Wallet app features a wide range of reward programs to keep people occupied and working towards new goals.
At present, there are a number of prize draws that stakers can enter depending on the amount of SWEAT they choose to stake, including things like prepaid Visa debit cards, Apple AirPods, Amazon gift cards, and even dinner with a Sweatcoin founder.
In addition, Sweat Wallet has also incorporated a prize draw for users to win one of 888 NFTs in an exclusive collection from non-fungible token marketplace, Paras. These rewards schemes offer users the opportunity to take their investments in Sweatcoin further by winning new collectibles and artworks.
Although Sweatcoin’s emphasis on NFTs is currently a little sparse, the incorporation of a dedicated NFT Gallery within user wallets indicates that non-fungible tokens will play a central role in the evolution of the platform, 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.
With an estimated 120 million users, Sweatcoin’s evolution has been a timely step towards embracing the potential that Web3 holds. The Sweat Wallet represents the first exciting step towards revolutionizing the gratification process of our fitness and exercise.
The Crypto Wallet that Rewards Exercise
In the development of NFTs and even the prospective option to exchange our SWEAT for other cryptocurrencies in the future, Sweatcoin may have set upon its path towards becoming an essential fitness app for anyone, and particularly those of us who would welcome an added incentive attached to venturing outdoors for a walk or run.
When you have your very own dynamic NFT to keep healthy, taking those all-important 1,000 steps could become a matter of essential digital housekeeping.