Sweatcoin is another "crypto mining" app. Like the pi network, it is also mostly an advertising platform. The twist on this one is it is also an pedometer. The whole gimmick is if you walk enough steps you will be rewarded with Sweatcoin (non-crypto) tokens. The free version of the app allows you to count 5000 steps per day towards your token production. You can also elect to watch 3 ads per day to earn extra tokens.
Even the paid app has an earning cap of 10,000 steps. I am unsure why you would put a cap on earning. Not many people walk more than 15,000 steps per day anyways. in this app you get one Sweatcoin for roughly every 1000 steps. It also provides you with contests and opportunities to win more coins. For instance if you entered the contest and walked 250,000 in November you would be rewarded with 25 Sweatcoin and a chance to win a gift card.
In the pedometer app there is a market place where one can exchange Sweatcoin for discounts on products and services. Sometimes gift cards are offered. This reinforces the hypothesis that this is an advertising app, but it also does give some value to the 'mining' process.
Unlike the pi network. SWEAT coin -the cryptocurrency- has a wallet and the token has a trackable value. I had to download a second app that I think is my wallet. It is linked to my Sweatcoin app and half of the Sweatcoin tokens that I 'mine' in the pedometer app migrate into my wallet and, at least nominally, become SWEAT tokens. At time of writing I have just under 53 SWEAT tokens. This equates to 0.00004177 BTC. Unfortunately the wallet only lets you send a receive SWEAT for and to other SWEAT wallets. This means at time of writing I have some SWEAT but I cannot move it to an exchange to convert it into BTC. Hopefully one day I will be able to.
I imagine if/when SWEAT tokens can be migrated out of SWEAT wallets there will be a mass selling. To prevent this the wallet is encouraging me to stake my token at up to 12% APR. The wallet sweetens the deal by giving you rewards for locking enough SWEAT away into the staking jar such as a draw for an autographed David Beckham jersey. I have chosen to stake my tokens for 3 months at a time. This way I get rewarded while I wait, but are not committing to a full year and I will be ready to convert to BTC as quickly as possible.
On the SWEATeconomy website -the site relating to the token- they do a great job of explaining the goals and the road map for the project. This clarity provides some idea to when I will be able to transfer my SWEAT into BTC, which should be in 2023.
I give the combination of Sweatcoin and The SWEAT Wallet apps 4 out of 5 stars. I am walking anyways so to have a step counter running is very non-invasive. I also appreciate that I don't have to watch a video everyday to continue 'mining' like I have to with the pi network. It does have a health and fitness aspect. Walking 10,000 steps per day should be a goal for everyone and seems to be a good target for daily healthy living. Lastly the path to making my 'mined' tokens in actual tokens is evident, this makes it a lot more viable than the pi network.
If you would like to start walking and earning Sweatcoin with me my referal code for the pedometer app is:
As always you can join the conversation on Twitter @1BTCproject
And keep track of my crypto journal on my other blog - http://635ed752b3bfb.site123.me/
