You might have already heard that the rewards app Sweatcoin will be launching its very own cryptocurrency named SWEAT this summer. Finally, the project already gave an exact date for the token launch and it will be on September 13, 2022. As of writing, that will be about 4 days from now. If you signed up for crypto through the Sweatcoin app, you probably received an email like I did which lets you download the SWEAT Wallet through the Apps store. Before we discuss the new update, we must first look into what Sweatcoin is about.
Introduction
In case you didn't know, Sweatcoin is a rewards app that lets you earn digital tokens called "Sweatcoins" which can be earned by walking. The Sweatcoins you earned can be used to redeem gift cards, product promos, auctions, and charity. Sweatcoin also offers a paid subscription which lets users earn more Sweatcoins per step and avail of exclusive redeems you will not get from a free subscription. However, just a few months ago, Sweatcoin announced that it will also be creating its own cryptocurrency named SWEAT. Unlike Sweatcoin, SWEAT is a cryptocurrency that you can trade, send or grow. Up until now, the only thing the team disclosed is that they will match the Sweatcoins in your wallet with the same number of SWEAT on the token launch date. Today, we will discuss the new things that the SWEAT app reveals to us as we approach token launch.
The Launch of the SWEAT Wallet
The SWEAT Wallet will be a separate app from the Sweatcoin Rewards app. From what I can guess, the SWEAT Wallet will work similarly to a cryptocurrency wallet similar to what exchanges use. As of writing, you can download it now on the App store. You can log in using your existing Sweatcoin account so the process is straightforward. You can't do much within the wallet for now but it provides a sneak peek of its features. We can see at least four features on the main wallet page which are the following:
- Transfer
- Add SWEAT
- Grow
- Exchange
There is not much you can see from the app as these features are still on hold. However, we can already expect that the wallet will have some sort of a "staking" feature as implied by the Grow panel. It also seems the case that you can also exchange SWEAT with other cryptocurrencies within the app, although I am not sure whether it is a decentralized or centralized exchange.
The app also shows Sweatcoin's community links and an FAQ section, although it seems that it is not yet complete as some sections don't have questions yet. The app also reveals more details on how to earn SWEAT.
Walk today to make more SWEAT
As we already know, users can earn SWEAT through their Sweatcoin balance before launch. However, you might ask how users earn after the launch. Luckily, the team revealed more details about this during the SWEAT Wallet launch. It is now revealed that the first 5000 steps on the Sweatcoin app will be used to generate SWEAT. I am assuming that the counting will start on the token launch but I could be wrong. As time goes by, each SWEAT will be harder to mint compared to the last. This implies that the steps you did today will be worth more SWEAT compared to your steps in the future. So, you should walk more now to take advantage of this mechanism. This is due to the fact that the new supply of SWEAT will decrease over time, implying that there is a supply cap. There is no indication of what the total supply will be as of writing.
Conclusion
The SWEAT Wallet will be used primarily to store the SWEAT tokens you earned through the Sweatcoin app. Similar to other crypto wallets, it seems that you can exchange, add, send and even grow your SWEAT tokens through the app. However, it is still not known if there will be support for Web3 integration. Aside from this, the app also shows an FAQ section and social links for the Sweatcoin community. From what was revealed, minting of SWEAT will be harder as time goes on because of the decreasing inflation. It is therefore wise to do more steps today to take advantage of this system.
If you are interested in earning SWEAT, you can do so by registering with this link: LINK HERE
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