You are currently viewing <strong>What Blockchain is Sweatcoin Building on?</strong>

What Blockchain is Sweatcoin Building on?

  • Post published:March 7, 2023

When I checked my email in the morning, I would sometimes see ads for sweatcoin. I’m wondering how I can make money with sweatcoins. What is sweatcoin, how does it work, and what does blockchain stand for?

Move-to-earn business, Sweatcoin is one of the most anticipated cryptocurrency launches in recent years. It is a mobile app that gives users “sweatcoins” for being active. On their website, Sweatcoin says that they use something called the “Sweatcoin Blockchain.”

In the last ten years or so, the number of fitness tracker apps has grown. With the rise of smartphones, it is now easier to make a “digital pedometer” that tracks how many steps you take every day and connects to other health metrics like weight, calories burned, and so on.

It was inevitable that fitness apps and blockchains would work together in some way. So, the idea of a “move-to-earn” game was born. Stepn (GMT), which came out in March 2022, is a good example of this type of game. Stepn was a company that started with blockchain. The next step was for a company that wasn’t built on the blockchain to join the crypto “move-to-earn” (M2E) world.

It was announced in April 2022 that the Sweatcoin app would launch its own cryptocurrency. The sweatcoin token, also called sweat economy or SWEAT, is based on the Ethereum (ETH) and Near Protocol (NEAR) blockchains and is meant to reward users who sign up for the system and work out.

The first Sweatcoin was not a cryptocurrency. When users of the app took a certain number of steps, they were given a token, which they could then use to get rewards from companies like Headspace and Audible or give to a variety of charities. Still, since the existing Sweatcoin token wasn’t part of the crypto world but, at least in theory, had some of the same features as a cryptocurrency, it made sense to look into the possibility of making a native crypto token for the Sweatcoin app.

Anton Derlyalka, who started Sweatcoin and is based in London, said in an interview, “It’s almost like we knew we would go crypto one day, but the technology had to be ready.”

“We were kind of waiting and waiting and waiting, and it finally started to happen.” It took us a few good months to get everything ready. And we’re getting close.

How do you use Sweatcoin?

Since the sweat economy token is based on the blockchains of Ethereum and Near Protocol, it is a token and not a coin. The first time sweatcoins were sold on the open market was on September 13, 2022. In the lightpaper for the cryptocurrency, it says that the token is based on the idea of “the open economy of movement.”

The system already has its own cryptocurrency wallet called the Sweat Wallet. By the end of 2022, it also plans to add NFTs and the ability to buy SWEAT directly with fiat currency. In 2023 and 2024, there are plans to create an NFT marketplace, make the token available on decentralised exchanges (DEXes), and give control of the cryptocurrency to a decentralised autonomous organisation (DAO). In 2025, the platform wants to add activities like cycling and swimming to walking as ways to mint the sweatcoin cryptocurrency.

Users can earn one sweatcoin (SWEAT) for every 10,000 steps they take, but this number will go up in the future. People called “movement validators” are used by Sweatcoin to make sure that users are taking the right number of steps to get the crypto. The token will be used to buy NFTs, sign up for Sweatcoin’s premium services, and get money from people selling NFTs. It will also be used to

The cryptocurrency is also used to collect advertising fees, and movement validators will have to stake SWEAT in order to take their positions. Users can also bet on games to get rewards and the chance to earn more sweat. The ICOdrops website says that $15 million was raised in a presale. 

Even though there are no official, verified numbers, the SWEAT blog said that there were 25.8 billion sweat economies when the token was first released. Since this number was higher than the original 21 billion, though, 4.8 billion of these tokens had to be burned. In the system’s white paper, it was said that there was no limit to how many sweatcoins could exist at any given time.

The Sweatcoin Blockchain is made so that users and partners of the Sweatcoin app can send and receive sweatcoins in a safe and clear way. But it’s important to remember that the Sweatcoin Blockchain is a private blockchain, which means that it’s not open to the public like Bitcoin and Ethereum.

Sweatcoin hasn’t shared many technical details about their blockchain, so it’s not clear how it compares to other blockchain technologies in terms of scalability, security, and decentralization. Still, since it came out in 2016, Sweatcoin has gained a lot of fans, and the app has been downloaded millions of times on both iOS and Android.

The Sweatcoin app was created by Oleg Formenko, a tech entrepreneur in London, Anton Derlyatka, a venture capitalist, Egor Khmelev, a developer, and Henry Child, who says he is a fan of cryptoassets. Since 2015, the platform has been around.