If you walk 5000 steps per day and are a crypto currency enthusiast, you should be taking advantage of the SWEAT economy. The gimmick as I explained in a post last year is a step counter that mints a token every X number of steps. But the more tokens minted the more steps necessary. Its kind of fun. Start now because its already a lot harder than when I began.
Last week, SWEAT economy held potentially on of largest governance votes in crypto history. Through its activities SWEAT had amassed 100,000,000 SWEAT economy tokens and now had to decide on what to do with them. Either distribute them evenly or burn the tokens.
A distribution would put tokens into users wallets, a burn would remove a huge amount of tokens from circulation and would increase the scarcity and there fore the value of the remaining tokens.
The Capital Markets equivalent would be to pay a dividend or undergo a share buy back. This decision would be made by the board of governors in the equity world, but the SWEAT team put out a vote to the community to decide.
153,620 users participated in the vote. This number is troubling as the developers have floated the number of active users at 2,000,000. I have doubts that over 90% of active users would ignore an opportunity to vote. With this turnout I would peg the active user base around 500,000 at the high end.
The vote went to distribute, by a wide margin.
to qualify for the distribution a user needed to have a 12 month grow jar in place on April 25 2023. I think locking up these gift tokens for a year just makes sense. However, I think the tokens should be distributed to users who participated in the vote and had a 12 month grow jar in place. Mostly because I am greedy and selfish, but partially because I don't see a point for distributing tokens to a wallet that hasn't logged in for the last 6 months.
A huge gain of 2.4 SWEAT tokens. So a big fuss all for very little gain. This distribution does very little for anyone but an unintended implication of this decision is that it very much sets a precedent for at least the SWEAT token to be categorized as an unregistered security and not a commodity. Commodities like Bitcoin or Gold don't have any governance. Special dividends by any other name cannot be made for commodities.
This adds a lot of industry risk for basically 0 gain to anyone.
Referral links if you want to start earning with me:
Invitation
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KuCoin
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Binance
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COINapp
Cointiply
Publish0x
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SWEAT Coin
Pi Mining App:
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Coinbase
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Netcoins
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Shake Pay
Keep building!
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