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Highlights
- Launched by the Sweat Foundation Ltd, Sweatcoin is a move-to-earn crypto that rewards people for walking.
- As a truly decentralised token, Sweatcoin can be used to connect with the users who aim to create a borderless economy that is healthier and happier.
- Anton Derlyatka and Oleg Fomenko co-founded the London-based firm, and it has already amassed 64 million registered users, with the firm anticipating gaining another 100 million users.
Personal healthcare and fitness are the new areas that have gained prominence ever since the Covid-19 pandemic struck. Increased importance is given to personal health and fitness, and cryptos and other blockchain-based apps are critical in revolutionising the space.
The latest one to make the mark and which is making a significant difference is the recently released Sweatcoin crypto. Launched by the Sweat Foundation Ltd, Sweatcoin is a move-to-earn crypto that rewards people for walking (yes you read that right). As a truly decentralised token, Sweatcoin can be used to connect with the users who aim to create a borderless economy that is healthier and happier.
Also read: What is Ethereum's Shadow Fork PoS testing all about?
What makes Sweatcoin crypto unique?
Powered by the Near blockchain, the protocol aims to expand its services to be a next-gen currency, which can be used for various purposes such as converting cryptos, donations, etc.
Anton Derlyatka and Oleg Fomenko co-founded the London-based firm, and it has already amassed 64 million registered users, with the firm anticipating gaining another 100 million users.
The protocol aims to generate the value of the SWEAT crypto by assigning the users with movement plan, making it essentially a user-driven token. Going ahead, the Sweat Foundation will decentralise the movement verification process, which will enable the users to create various exercises and activities, such as cycling, hiking, and working out in the gym, which will enable them to earn more SWEAT tokens. The newly launched token is expected to be harder to mint in near future.
Also read: What is Ethereum Merge? What changes will it bring to the network?
How does Sweatcoin work?
At present, it aims to offer the Sweatcoin crypto through its in-built app that is matched in the 1:1 ratio. Every user will get the automatic option of using the crypto using the Sweat wallet, which can be used to generate fees with the help of a host of DeFi features. Besides, it will offer liquidity and staking protocols functions, such as exchange of Sweat token with other cryptos, liquidity provision, and staking.
Announcing the launch of the SWEAT token, Fomenko said that the idea is to create a valuable and recognisable currency with SWEAT. As it will be harder to mint in the future, it will help the protocol achieve in realising its mission to make the world a more active place to live in.
Conclusion
As the token was launched recently, there is not much information about the protocol. It's still in the listing stage on various platforms, such as CoinMarketCap or CoinGecko. However, in the world of cryptos, it's always better to tread carefully and do thorough market research before taking any investment decisions.
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