Hey guys! I know it's been almost a year since my last post but I am back. I hope you all had a Merry Christmas and a Happy Hanukkah! I know that I am very late to the topic of Sweatcoin and SWEAT, but regardless I think it would be an interesting conversation as living a healthy lifestyle including increasing physical activity such as walking is one of many of your New Years' Resolutions.
Sweatcoin
What is Sweatcoin
“Sweatcoin is a free app which rewards your daily steps with a new-generation currency you can spend on cool products or donate to charity.” - Sweatcoin
I remember years ago, my friends and I downloaded Sweatcoin, boasting about how many Sweatcoins we each had, and thinking it was cool that we could actually buy real-life items with the coins we accumulated from walking. But as time went on, we realised that it would be unrealistic as you would have to do an unprecedented amount of walking each day for years to get something that you actually wanted, like AirPods. Furthermore, this was also made harder for 2 reasons:
- Sweatcoin uses GPS so you can't just walk on the spot or walk in your house to accumulate more steps as they won't count.
- The daily maximum number of sweatcoins you can earn per day (for free) is 10 Sweatcoins, equivalent to 10,000 steps. To increase your daily maximum, you would have to spend sweatcoins monthly to upgrade or buy their premium subscription with real money.
There is a good video by Ryan Scribner that puts Sweatcoin to the test to see if the sweatcoins are actually worth anything, and how the Sweatcoin app can make any money.
In this video, Ryan mentions how you can cash out 20,000 Sweatcoins for $1000. If we use those calculations, this means that one Sweatcoin is equivalent to $0.05 (20,000 ÷ 1000), he shows that in 4 days of walking he earned 16.5 Sweatcoins per day by walking 7-10 miles daily, and if you were trying to save up 20,000 Sweatcoins at that rate it would take you 1212 days to accomplish which is just a little bit over 3 years.
Now, let's flash forward to 2022.
SWEAT
What is Sweat Economy (SWEAT)?
According to the SWEAT Litepaper “SWEAT is the natural evolution of Sweatcoin. Global, open, and fair, SWEAT is a next-generation cryptocurrency that will bring the next billion people into Web 3.0, and make movement part of global GDP.” Sweat is built on Near, which is a low cost, high speed and eco-friendly blockchain.
Minting SWEAT
In September, when Sweatcoin officially released Sweat Economy the number of steps needed to mint 1 SWEAT was 1000. This has changed dramatically, as at the time of writing this post it is currently 2,271.70 steps to mint one SWEAT. As time goes on it will take more steps to mint SWEAT. This contributes to a decreasing rate of inflation. One year from now it is forecasted to take roughly 9,887.71 steps just to mint 1 SWEAT.
Locked SWEAT
When Sweatcoin initially announced Sweat Economy they mentioned the fact that any existing sweatcoins at launch will be redeemed at a 1:1 ratio. This is still the case but it is locked as will be only unlocked at a certain rate monthly over 24 months. I’m guessing this is so people don’t just mass sell and tank the price of SWEAT, but the developers of SWEAT have found a way around that.
Staking Sweat
The Sweat token runs on a proof-of-stake consensus mechanism and in the Sweat Wallet, you can stake your SWEAT tokens in growth jars. Mine are all being staked in the 12-month pot which promises a 12% per year. The Sweat Economy website states that staking SWEAT unlocks features in the wallet. For example, higher stakes of SWEAT could access premium features, lower transaction fees, and increased daily minting limits. Staking SWEAT tokens will enable you to enter prize draws. At the time of writing the post, there are some really interesting ones such as;
- Dinner with a founder 1-to-1
- $25 google play gift card
- 5 ETH Giveaway
- Lionel Messi Signed World Cup Boots
And many more. There are also ones that affect the Sweat Wallet.
- Gain Sweat voting rights
- Mint more sweat
- Free sweat coin premium
- 50% discount on transaction fees.
So it seems like a no-brainer to stake SWEAT
Buying SWEAT
You can buy SWEAT on 5 centralised exchanges, which are OKX, Bitfinex, KuCoin, Bybit and Nexo. Aswell as 2 decentralised exchanges which are Uniswap and Ref.Finance.
If you want any more information on Sweat Economy, you can visit their website.
Conclusion
But CryptoFloppa, you didn’t actually answer the question in the title!! So in my opinion do I think can actually get paid to walk? Yes. The fact that you only have to walk to earn a real cryptocurrency that can be traded on 2 blockchains, and as time goes on it will take more walking to mint SWEAT and more physical activity will allow you to live a healthier lifestyle. Let me know if I should document the process of earning SWEAT.
Thank you so much for reading, and I wish you all a prosperous 2023!
Sweat Economy CMC – https://coinmarketcap.com/currencies/sweat-economy/
Sweatcoin website – https://sweatco.in
Sweat Economy – https://sweateconomy.com
