Good day everybody,
Welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the recent announced update to the rewards system as part of Sweatcoin and Sweat.
Sweat Update
It was recently voted in by the Sweat community, and will be rolled out down the line. Previously users gained $SWEAT for the first 5,000 steps they walked everyday, but the rules are soon to change. Going forward users will earn $SWEAT for steps taken after their first 3,000 everyday, up to 10,000. This means users will be paid $SWEAT for a total of 7,000 steps on a daily basis, assuming they reach the 10,000 milestone, compared to the previous 5,000 limit.
Users earn the $SWEAT token for walking, but the amount of steps required to mint a single $SWEAT token increases daily. Currently the amount of steps required to mint a single $SWEAT token stands at 6,399.79 steps. The mechanism behind the number of steps increasing means the token remains deflationary, and puts more value on users being more active and moving about more every day. With the new limit increasing to 7,000 steps daily, it means users will once again be able to mint over 1 $SWEAT token on a daily basis for their activity.
The current value of a $SWEAT token is $0.006007, and the protocol is based on the NEAR network. They recently had a poll for users called the 'Active Day Value.' This poll allowed users to give their feedback on the value of steps in return for $SWEAT. Over 100,000 users left their opinion, with the median value of an active day coming in at $6.20 a day. While the current value of $SWEAT is nowhere near that, the increase in rewards for walking will certainly helps users push to one day achieve that kind of value for a day's activity.
Have a great day.
Peace. CryptoGod-1.
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