Introduction to Sweat
Sweat is a next-generation cryptocurrency that aims to bring the next billion people into the Web 3.0 economy and make movement a part of global GDP. It is the evolution of Sweatcoin, an app that rewards users for being physically active.
Sweat increases physical activity, and by incentivizing movement, it hopes to kick-start a positive feedback loop for people's physical and mental health.The Sweatcoin app has over 120 million users and 600 partners who provided $70 million worth of goods and services in Q1 2022.
$SWEAT Token
Sweat uses a tokenization model where every step taken by users generates tokens that can be applied to various use cases.
$SWEAT is minted solely by movement, currently verified by the Sweatcoin app.
Therefore, a stable number of users increases minting “input” (steps). An increase in users increases the input. Each SWEAT requires more steps to mint than the last.
This incentivizes users to get moving now and preserves the utility of SWEAT as the model represents an ever-increasing marginal cost of production.
Holding SWEAT has many benefits such as staking for yield and rewards, applying to NFTs, and granting access to improved features in the Sweat Wallet App.
The revenue for the company comes from user engagement and transaction fees, which is then returned to the token through buy and burn, investment in rewards, and ecosystem development.
SWEAT is built on NEAR, a low cost, high-speed, and eco-friendly blockchain.
Sweat Wallet
Sweat Wallet is a new app that shares the principles of Sweatcoin, but leverages Web3 to unlock new value.
It includes DeFi services such as staking and crypto-crypto trading, Learn to Earn, an NFT game, and decentralized governance.
Movement Validators are required to verify the validity of movement and update the blockchain accordingly.
Consistent and accurate movement validation is fundamental to ensuring the integrity of the underlying asset.
Sweat Wallet is a hot wallet. A hot wallet is a digital safe place where you can receive, send, and store cryptocurrencies or tokens. Different hot wallets have different functionalities, such as exchanging one currency/token for another, withdrawals, staking, liquidity provision and more.
Before you can use the wallet app, you'll need to log in. It should be really easy, but if you have any issues, see if you can get help here.
Further Reading / Links
Sweat Economy help center: https://help.sweateconomy.com/hc/en-us
Discord: https://discord.gg/sweateconomy
Website: https://sweateconomy.com/
Tokenomics: https://sweateconomy.com/token
Litepaper: https://drive.google.com/file/d/1IPklRcEQvgJkCaeYvGh43yjWl-Dj5_6i/view
Twitter: https://twitter.com/SweatEconomy
Telegram: https://t.me/sweateconomy