SWEAT Economy is the name for a sweat-to-earning ecosystem based on the NEAR protocol that uses cryptocurrency rewards to encourage people to exercise. The platform encourages people to exercise, earn tokens, and use those tokens as a way to buy things with the goal of creating a healthy economy. Sweatcoin is a smartphone app for Android, iOS and Windows devices that tracks the number of steps you take each day. The app has an in-app token called SweatCoin that users earn by taking steps, with 1,000 steps earning a user a full SweatCoin.
Isaac Benson
Blockchain technology is changing the world and I’m here to document it
Over time, the blockchain industry has evolved with many new and interesting use cases, consensus protocols, and transaction validation methods. Fitness and staying active is another recent use case that has surfaced where users can earn tokens to keep fit.
This ecosystem also includes staking of earned tokens, token swaps, and liquidity provision. Let’s look at SWEAT Economy and its ecosystem, which comes into play with crypto users looking to stay active.
What is SWEAT Economy?
Sweat Economy is the name for a sweat-to-earn ecosystem based on the NEAR protocol that uses cryptocurrency rewards to encourage people to exercise. The platform encourages people to exercise, earn tokens, and use those tokens as a way to buy things with the goal of creating a healthy economy. The people using the platform, the tools that track their movements, and the SWEAT token are all part of the economy.
What is Sweatcoin?
Sweatcoin is a smartphone app for Android, iOS and Windows devices that tracks the number of steps you take each day. It connects to other health tracking platforms like Apple Fit and Google Fit to track activities like walking, running, and jogging. The app has an in-app token called Sweatcoin that users earn by taking steps, with 1,000 steps earning a user an entire Sweatcoin.
When users take fewer than 1,000 steps, they earn a fraction of a Sweatcoin instead (i.e. 500 steps = 0.5 Sweatcoin). There is currently a daily limit of 10,000 steps for users who wish to earn Sweatcoin on the app. Users can also convert their Sweatcoins into products and services through the in-app marketplace and auction platforms, and donate these tokens to charities partnered with the platform.
When users decide to purchase cryptocurrency, they receive SWEAT cryptocurrency for the first 5,000 steps they take. The remaining 5,000 steps are converted into the Sweatcoin token. Users can then exchange these for various rewards or even donate them to charity.
features
Outside of the Sweatcoin app, there is a growing ecosystem that SWEAT revolves around. NFTs, Staking and Decentralized Finance (Defi) are some of the systems within the SWEAT Economy.
The system uses “movement validators” which are needed to check if a transaction is valid and then update the blockchain. Consistent and accurate movement validation is an essential part of ensuring the integrity of the underlying asset.
The way Sweatcoin works now is that for every 1,000 verified steps, a Sweatcoin is issued to that user. The recording device sends raw data to the validator, which then uses an algorithm to look for fraudulent behavior and ensures only genuine movements are rewarded.
Non-fungible tokens (NFTs) based on the protocol use SWEAT as gas (transaction fees) to transfer them between users. NFTs can also be purchased and upgraded with the SWEAT token or by staking the token to secure the network.
When it comes to decentralized finance, the Sweat Wallet will collect fees generated by buying and selling crypto, swapping SWEAT into various tokens, staking, and liquidity pools.
SWEAT token
The native utility token of the sweat economy is the SWEAT token. Its purpose is to give people rewards for locomotion. Users earn SWEAT tokens by taking steps that the Sweatcoin app tracks, counts and converts into tokens.
Currently, you can only earn SWEAT tokens by taking steps, but the platform will add more activities like swimming, cycling, and more in the future. The protocol uses the same security systems as the NEAR protocol.
Conclusion
Sweat Economy is an interesting idea to get people to exercise and be more active while earning tokens. The protocol can help fitness-oriented users enter the crypto space to explore its liquidity pools, movement validators, and non-fungible token schemes.
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