Sweat Economy — Turn your physical activity into cryptocurrencies with this Move2earn
Founded by Alec Fomenko in 2015, Sweat Economy has undergone a significant evolution, moving from a Web 2 platform geared towards online commerce focused on sport and health to blockchain in 2022, marking its transition to Web 3. On September 12, 2022, the launch of the Sweat Wallet app and its token, $SWEAT, symbolized this new era towards a decentralized digital economy. Adopting the Move2Earn model, the project aspires to become a major player in the sector by rewarding users for their physical activities, thus transforming walking or running into cryptoassets. Based on the NEAR blockchain, the protocol guarantees secure and transparent conversion of physical exertion into cryptocurrency.
Download and registration
To walk and earn $SWEAT, you need to install two applications. The first, Sweatcoin, will count your steps and allow you to accumulate Sweatcoins (SC), a virtual currency offering advantages on the app’s marketplace.
The second application, Sweat Wallet, will convert your physical activity into $SWEAT, the cryptocurrency specific to the Sweat Economy ecosystem. These $SWEAT can be used within the app, but you’ll also be able to exchange them for other cryptocurrencies or fiat currency (euros or dollars).
1. Sweatcoin
- Download the Sweatcoin app from the App Store (for iOS users) or the Google Play Store (for Android users).
- Launch the application and create an account by providing your e-mail address.
- Authorize the application to access your phone’s physical activity tracking data.
In addition to counting your steps, Sweatcoin offers you the chance to earn Sweatcoins by walking, watching ads, or referring friends. This fictitious currency gives you access to the purchase of various products, such as fitness items, electronic gadgets, discount vouchers, charitable donations, and much more.
2. Sweat Wallet
- Download the Sweat Wallet app from the App Store (for iOS users) or the Google Play Store (for Android users).
- Lancez l’application et communiqué l’adresse e-mail et le code d’activation reçu par e-mail lors de votre inscription à l’application Sweatcoin.
$SWEAT can be earned using Sweatcoin app features, such as walking, watching ads or inviting friends. Note, however, that it will become increasingly complicated to mine $1SWEAT, as the threshold of required steps will increase in the future to combat the initial inflation the system will create. For more information, visit the Token page on the official Sweat Economy website.
Other functions
1. Sweatcoin
- Choosing a subscription: Sweatcoin offers two types of subscription: free and premium. The free subscription limits earnings to 10 SC per day (approx. 1,052 steps). The Premium subscription offers double the number of sweatcoins per step, 100 free SC per day, regular vouchers, and simplifies the membership process.
- Watching video ads: on Sweatcoin, every 1,000 steps offers the chance to earn sweatcoins by watching ads, with a potential maximum of 1,000 sweatcoins per ad, although this is rare.
- Participate in races: take part in races with other Sweatcoin subscribers to win sweatcoin rewards. Click on the Challenge icon, choose a race from Sweatcoin Races, and take part in as many races as you like, with no obligation to finish first.
- Refer friends: earn 5 SC per new friend referred via your link. Invite referrals in the Social section by selecting Find and Invite Friends.
- Become a Sweatcoin influencer: to achieve this specific status, you need to encourage 30 new members to join Sweatcoin. Once you’ve reached this status, you have the opportunity to receive benefits such as PayPal vouchers, discounts, or other various types of rewards.
2. Sweat Wallet
- The crypto wallet: Sweat Wallet lets you store and manage your cryptocurrency. You can view your $SWEAT balance and carry out transactions with other users. Other cryptocurrencies are also available on the app, which you can store and transfer to other platforms. A trading feature is currently under development.
- Spin and Win : earn more $SWEAT by spinning the wheel of fortune daily.
- Growth Jar : by committing your $SWEAT to growth jars (staking) on the Sweat Wallet, you can increase your $SWEAT earnings and unlock rewards.
- NFT & Sweat Hero : a free, dynamic NFT game where players compete for $SWEAT. Claim your free NFT Legs and compete against other players to earn $SWEAT in Sweat Hero. The winner of each match wins battle coins, which can be exchanged for $SWEAT.
- Learn & Earn : Sweat Wallet has set up a Learn & Earn to learn more about the blockchain ecosystem, cryptocurrencies, $SWEAT and the Near protocol. These various lessons, which take the form of quizzes, allow you to earn additional $SWEAT.
How do I withdraw my $SWEAT?
If you wish to withdraw your $SWEAT from the application, but do not wish to exchange them for fiat currencies (€ or $), you can transfer them to a decentralized wallet compatible with the NEAR blockchain, such as MyNearWallet, or to a centralized platform that supports $SWEAT: Bybit, SwissBorg, Crypto.com, OKX, Bitfinex or Kucoin. Once you’ve transferred your $SWEATs, if the product is offered, you can store them to earn interest on your cryptocurrencies or exchange them for other cryptocurrencies.
Click here to create a Bybit account and receive a welcome gift (see terms and conditions of the referral program). Read our full article on : How to register with Bybit?
Click here to create a Swissborg account and receive a welcome gift (see terms and conditions of the referral program). Read our full article on : How to create an account on Swissborg?
Click here to create an account on Crypto.com and receive a welcome gift (see referral program terms and conditions). Read our full article on : How to create an account on Crypto.com?
To withdraw your $SWEAT, go to your Sweat Wallet application. Click on the Transfer logo with the double arrow. Then enter the $SWEAT address of the platform to which you wish to transfer your $SWEAT. Transfer fees must be paid in NEAR, the native cryptocurrency of the Near Protocole blockchain.
If you wish to withdraw your $SWEAT and exchange it for fiat currency (€ or $) for deposit in your personal bank account, you will need to transfer your $SWEAT to a centralized trading platform: Bybit, SwissBorg, Crypto.com, OKX, Bitfinex or Kucoin.
Once your $SWEATs have arrived on your trading platform, convert them into your local currency and enter your bank details to receive your rewards in fiat currency.
Conclusion
Sweat Economy offers an innovative approach to motivating users to stay fit by turning their physical activity into cryptocurrencies. Overall, Sweat Economy is an interesting project for those looking to stay active and be rewarded for their physical efforts. Download the app, sign up, stay on the move and start earning $SWEAT today!
Sources:
- https://sweateconomy.com/, consulted on 03–01–24
- https://sweatco.in/, consulted on 03–01–24
- Sweat Economy Litepapre.pdf
Disclaimer : This is not financial advice. The site aims to inform readers about various DApps. Any type of investment involves risk. Do your due diligence and do your own research on the projects featured on the site. Act as a good father and do not invest more than your objectives or financial means allow you. In this regard, read our page: Warning about virtual currencies.
