Sweat Economy

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Sweat Economy?

Sweat Economy (SWEAT) is a cryptocurrency that rewards users for physical activity through its Move-to-Earn (M2E) model. It is the primary currency in the Sweat Economy ecosystem, which includes a mobile app and a decentralized data marketplace. Users earn SWEAT tokens by engaging in fitness activities, such as walking or running, which are verified through the app. The tokens can be used to unlock rewards, purchase goods and services, or exchanged for other cryptocurrencies. The Sweat Economy aims to incentivize a healthier lifestyle while promoting community development and decentralized governance.

How is Sweat Economy used?

The crypto Sweat Economy (SWEAT) is used as the primary currency of exchange within the Sweat Economy ecosystem. It is the reward token earned by users through physical activities tracked by the Sweatcoin mobile app. Users can accumulate SWEAT tokens by engaging in various fitness exercises, such as walking or running, which are detected by the app's GPS and motion sensors. These tokens can then be used in several ways:

  • Spending and Rewards: SWEAT tokens can be spent internally to purchase goods and services, unlock rewards points, including vouchers and discounts for various brands, tickets to popular sports activities, and stablecoin prizes.
  • Staking and Minting: Users can stake their SWEAT tokens to raise their daily minting limit and earn more tokens.
  • NFT-Based Game: The Sweat Economy is developing an NFT-based game where users can stake their tokens and compete with others. This game causes SWEAT burn, helping to minimize the token's circulating supply.
  • Advertising: External NFT owners need SWEAT tokens to pay for service charges to advertise their products to the Sweatcoin community.
  • Decentralization: In the future, intermediaries like activity trackers, insurers, and healthcare providers will be able to run their nodes and receive a portion of the fees charged in the transactions they handle, further decentralizing the Sweat Economy.

Overall, the SWEAT token is the fuel behind the Sweat Economy, facilitating a Move-to-Earn (M2E) model that rewards users for their physical activities and fosters community development through various use cases.

How do I store Sweat Economy?

To store Sweat Economy (SWEAT) tokens, you can use the Sweat Wallet, which is a non-custodial wallet that allows you to receive and store SWEAT tokens and possibly other cryptographic tokens. The Sweat Wallet is built on the NEAR protocol, and you can access it through the Sweat Token app. Additionally, you can store SWEAT tokens in other wallets that support the NEAR blockchain, such as NEAR Wallet.

How to buy Sweat Economy?

To buy Sweat Economy (SWEAT) tokens, follow these steps:

  1. Create an Account: Open an account on a reliable centralized exchange like Coinbase or Binance. This will serve as your portal for purchasing cryptocurrency, and you will need to provide proof of identification.

  2. Choose a Payment Method: Each exchange offers various payment methods, including:

    • Credit or Debit Card: The simplest method for new users.
    • Bank Deposit: Transfer fiat money from your bank account to your exchange via SWIFT.
    • P2P Trading: Purchase SWEAT directly from other users.
    • Third-Party Payment: Check your exchange's FAQ for available options.
  3. Fund Your Account: Deposit funds into your exchange account using your chosen method.

  1. Buy SWEAT: Use your funded account to purchase SWEAT. You can buy a fraction of a SWEAT if needed. Confirm your order, and the process will vary depending on the exchange.

  2. Store or Use Your SWEAT: Once purchased, you can store your SWEAT in your exchange wallet or use it for other transactions, such as trading for other cryptocurrencies or staking for passive income.

Alternatively, you can also use a decentralized exchange (DEX) that supports the blockchain where SWEAT is listed. For this, you will need to:

  • Download a crypto wallet like Trust Wallet.
  • Set up your wallet and note your wallet address.
  • Buy ETH as your base currency.
  • Connect your wallet to the DEX.
  • Trade your ETH for SWEAT.

Remember to be cautious of scams and ensure you have the official contract address.

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History of Sweat Economy

The history of Sweat Economy (SWEAT) began with the creation of Sweatcoin, a move-to-earn fitness app launched in 2015 by co-founders Oleg Fomenko and Anton Derlyatka. The app aimed to motivate people to become more physically active by rewarding them with points that could be redeemed for experiences and products. Sweatcoin quickly gained popularity, becoming the most downloaded health and fitness app in over 60 countries with over 110 million downloads across 165 countries.

In 2022, the Sweat Economy was officially introduced as the Web3 extension to Sweatcoin. This new ecosystem brought Sweatcoin on-chain, introducing the SWEAT token, the Sweat DAO, the non-custodial Sweat Wallet, and an NFT marketplace, all powered by blockchain technology. The vision was to use cryptocurrency to return the value of movement to the user, which was not possible earlier due to technological limitations.

The Sweat Economy and the Sweat app work together, allowing users to generate rewards through physical activities such as walking or running. These rewards can be spent internally, exchanged for SWEAT tokens, or held in web3 wallets. Users can also stake their SWEAT tokens to earn yield and unlock access to further rewards.

The platform is designed to be decentralized, with the rules of the economy decided by SWEAT holders through the Sweat DAO. The team aims to continue decentralizing power to the community, enabling the implementation of new marketplaces, forms of movement, use cases, and applications based on user decisions.

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How Sweat Economy works

The Sweat Economy, powered by the SWEAT token, is a Move-to-Earn (M2E) platform that rewards users for engaging in physical activities such as walking, running, and other exercises. Here's how it works:

Key Components
  1. Sweatcoin App: The Sweatcoin app tracks users' physical activities using GPS and motion sensors. It verifies the legitimacy of user movement on the blockchain through motion validators, ensuring that users are genuinely engaging in physical activities to earn rewards.

  2. SWEAT Token: The SWEAT token is the primary currency of the Sweat Economy. It is earned by users based on the number of steps they take. Initially, users earn 1 SWEAT for every 1,000 steps, but the token issuance rate slows down over time.

  3. Sweat Wallet: The Sweat Wallet is a built-in wallet within the Sweatcoin app where users can store, manage, and trade their SWEAT tokens. It also allows users to purchase goods and services, stake tokens, and participate in NFT-based games.

Earning and Using SWEAT
  • Earning SWEAT: Users earn SWEAT tokens by taking steps, which are tracked and verified by the Sweatcoin app. The token issuance rate decreases over time, making it more challenging to mint new SWEAT tokens.

  • Using SWEAT: SWEAT tokens can be used to unlock rewards, purchase goods and services, and participate in NFT-based games. Users can also stake their SWEAT tokens to earn more rewards and increase their daily minting limit.

Additional Features
  • Growth Jars: Users can lock their SWEAT tokens in Growth Jars to earn more on their tokens, access better rewards, and enjoy an optimized app experience with lower transaction fees.

  • Rewards: Users can unlock life-changing rewards like Teslas, trips, and more by placing their SWEAT tokens in Growth Jars.

  • Sweat Hero: Sweat Hero is a dynamic, free NFT game where players compete to win SWEAT tokens.

  • Learn & Earn: Users can learn about Web3 and earn SWEAT tokens and other tokens by completing short lessons and Quests.
Future Plans
  • Decentralization: The Sweatcoin team plans to decentralize the validation process, allowing intermediaries like activity trackers, insurers, and healthcare providers to run their nodes and receive a portion of the fees charged in transactions they handle.

  • NFT Marketplace: The platform plans to create an NFT marketplace and make the token available on decentralized exchanges (DEXes) in the future.

  • Expansion: The Sweat Economy aims to expand beyond walking to include other physical activities like cycling and swimming.

Technical Foundation

The Sweat Economy token is based on the Ethereum and Near Protocol blockchains, making it a token rather than a coin. The use of the Near Protocol ensures cost-effective and carbon-neutral transactions.

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Sweat Economy's strengths

The token Sweat Economy (SWEAT) has several strengths that make it an attractive investment opportunity:

  1. Incentivizing Physical Activity: SWEAT is minted solely through physical activity, such as walking, running, and other exercises, which promotes a healthier lifestyle and encourages users to stay active.

  2. Governance and Community Control: Holders of SWEAT tokens have governance power, allowing them to vote on proposals and shape the direction of the Sweat Economy. This decentralized approach ensures that the community has a direct say in the project's development.

  3. Reward System: Users can earn rewards in the form of SWEAT tokens, which can be used to unlock premium features, participate in games, and access exclusive content. This reward system motivates users to engage in physical activities and contribute to the ecosystem.

  1. Staking and Yield: SWEAT holders can stake their tokens to earn additional rewards and maintain a healthy network. This staking mechanism incentivizes users to hold onto their tokens, contributing to the overall stability of the network.

  2. NFT Integration: The Sweat Economy incorporates NFTs, which can be used to unlock special features and participate in games. This integration adds an extra layer of engagement and value to the ecosystem.

  3. Decentralized and Eco-Friendly Blockchain: SWEAT is built on the NEAR blockchain, which is known for its low costs, high speed, and eco-friendly nature. This choice of blockchain ensures that the Sweat Economy operates efficiently and sustainably.

  1. Growing Adoption: The Sweat Economy has already gained significant traction, with over 13 million active wallets and a strong presence in 58 countries. This widespread adoption indicates a strong potential for future growth.

  2. Partnerships and Revenue Streams: The Sweat Economy generates revenue through various channels, including user engagement, transaction fees, and partnerships. This diversified revenue stream supports the ecosystem's development and sustainability.

These strengths collectively contribute to the Sweat Economy's potential for long-term success and make SWEAT a promising investment opportunity.

Sweat Economy's risks

Sweat Economy (SWEAT) carries several financial risks. One significant risk is the high price volatility, which can result in significant losses if the market moves against the investor. This volatility is evident in the token's recent price movements, which have led to a high risk score due to the large amount of money required to shift its price over a short period.

Another risk is the potential for market manipulation. The token's high risk score is partly due to the ease with which its price can be influenced by large trades or market movements. This makes it vulnerable to price manipulation, which can negatively impact investors.

Additionally, investing in SWEAT involves the risk of loss of capital. Trading in cryptocurrencies is inherently risky, and investors may lose some or all of their investment if the market does not perform as expected.

Furthermore, the Sweat Economy's decentralized governance model, while providing transparency and openness, also introduces risks related to the management and decision-making processes. If the governance structure fails to effectively manage the network, it could negatively impact the token's value and the overall ecosystem.

Lastly, the integration of a direct fiat-to-crypto onramp, while intended to simplify the onboarding process, also raises concerns about data security and potential risks associated with storing personal information.

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Did Sweat Economy raise funds?

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Sweat Economy’s team

  • Oleg Fomenko: Co-Founder & CEO of Sweat Economy, responsible for leading the mission to make the world more physically active by tokenizing movement.

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