More Sweat for decentralised governance

More Sweat for decentralised governance

By Vladan Lausevic | CryptoVlad | 22 Apr 2023


I am an active user of SWEAT - a walk-to-earn cryptosystem and community. 

Usually, when people ask me how cryptocurrencies have backing and value, I show them the SWEAT app because the idea is that as long as people are walking and training, the SWEAT crypto exists. Basically, your feet and walking ability are backing up the cryptocurrency. If you want to try SWEAT and Sweatcoin (token), use the following link

Recently, there have been some changes regarding SWEAT governance and decision-making. Here are some latest insights and facts. 

Governance in decentralized systems such as SWEAT typically relies on token-based voting mechanisms. Token holders can vote on proposals and influence the direction of the project. Voting can be implemented in various ways, such as through direct democracy, where each token holder has a vote, or through delegation, where token holders can delegate their voting power to others.

Sweat Economy is giving its community the authority to decide the fate of 100 million $SWEAT tokens accumulated since the start of the year, in line with its plans for decentralization. This vote could potentially be the largest governance vote in the history of Web3 user governance, with over 2 million monthly active users.

To ensure accessible governance, voting has been implemented in the Sweat Wallet app, allowing all $SWEAT holders to vote by covering a 0.1 $SWEAT voting fee. The proposal offers two options: burning 100M $SWEAT or distributing 100M $SWEAT to 12-month Growth Jar holders. The final outcome will be proportional to the voting results, reflecting the community's collective preference.

Distribution rewards long-term holders and investors of $SWEAT with a share of the distributed tokens. The more users have in Growth Jars, the higher their share. Distributed $SWEAT will be added to a new 12-month Growth Jar, free of charge, with a 12% yield.

Burning, on the other hand, permanently removes tokens from the supply, potentially increasing the value of the remaining tokens due to scarcity. Sweat Economy will use at least 50% of its profits to buy back tokens from the secondary market for community votes, allowing users to decide whether to burn or distribute the 100M $SWEAT tokens.

To vote, users must open the Sweat Wallet app, tap the "Voting Proposal" card, read the information, and select their choice. The outcome of the vote will determine the distribution and burning amounts, rewarding the community and supporting the ecosystem's value.

 

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Vladan Lausevic
Vladan Lausevic

Based in Stockholm, Sweden as a social entrepreneur. Working with decentralization of democracy, climate transformation and economy. For more info, please get in touch with me via [email protected]


CryptoVlad
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