The digital world is innovating at a rapid pace as new cryptocurrencies are emerging each day, including Sweatcoin.
With new play-to-earn games and crypto coins bouncing around, the new move-to-earn format is gaining popularity, making its way to the crypto world in the form of Sweatcoin.
Sweatcoin is a new free-to-earn application that has recently garnered nearly 90 million users worldwide. Let's take a look at what this new crypto coin is all about?
What Is Sweatcoin?
Sweatcoin is a free move-to-earn app that helps users earn money in exchange for walking.
With new application formats running around, the idea of Sweatcoin aims at perfecting the health of users by encouraging them to walk to earn more rewards.
Like a normal fitness app, the Sweatcoin app keeps a track of users and the steps they take, later the app offers a set of rewards to the users in the form of SWEAT coins. Rewards are paid daily. For every 1000 steps, users are paid around 0.95 SWC tokens.
However, the SWEAT token itself is not yet available. The rewards, for now, can be spent internally within the app's ecosystem. SWEAT is expected to launch between in Q3 2022 as an ERC-20 and NEP-141 token. According to its site, some 22.6 billion SWEAT is currently "in circulation".
According to its roadmap, it will add SWEAT staking, SWEAT NFTs, a DAO and much more in the future.
What Blockchain Is Sweatcoin Building On?
Sweat is being build on the NEAR blockchain, according to its own litepaper. This means it will be available as a NEP-141 token on NEAR. However, it will also function on the Ethereum blockchain as an ERC-20 token.
However, Sweatcoin previously suggested creating its digital format called Walkchain. Sweatcoin founder Oleg Fomenko previously discussed this idea after a round of funding. He said:
This round will allow us to build out the product and technology team to improve our step-verification algorithm and develop an open-source blockchain to allow Sweatcoin to be traded like any other major crypto- or fiat currency.
No blockchain proposal is included in this latest litepaper, however, so we're assuming it is no longer in the works.