If you are a user of the cryptocurrency world, you want to earn crypto and you like to walk, this project is for you. Sweatcoin is something like digital currency that we can earn with physical activity. When we describe the project as “something like that” we mean that SWEAT is not exactly a cryptocurrency like Bitcoin or Ethereum. In fact, it is like the loyalty program or “shopping miles” that some credit cards have. But it is true that many people, seeing the -coin ending in its name, associate it with cryptocurrencies in general.
The goal of this project is to reward users for moving to inspire a healthier and richer planet. However, tokenization changes everything. What was regional becomes global and centralization disappears. Users’ steps coin a token that can be exchanged, redeemed and applied to many new use cases. We can call it “The Open Economy of Motion”.
Sweat users tend to be more active and together they contribute to a new economy oriented towards a healthier world. In other words, this project aims to achieve general wellbeing.
SWEAT is a very recent project, having been released at the beginning of the first quarter of this year (2022). After the launch of its application, it already had 65 million users; at the beginning of May 2022, it already had 76 million. Currently, the number of users is growing rapidly and they have only been on the market for a few months. The developers’ goal is to achieve full global expansion.
To be part of this project the first thing we must do is download the application and keep it active at all times, as it will be constantly counting our steps. The application will ask us to grant GPS access to our location. The first thing we should keep in mind is that if you are one of those users who care about their privacy and prefer not to share their location, we should definitely not download the application. This is because Sweatcoin always needs to know where we are in order to measure steps between distances. Whenever we leave home or take any steps, the app will track our location and compensate us with Sweatcoins (SWC). For every 1000 steps we take we will get 1 SWC.
When we have accumulated enough SWC, we can redeem them for items such as sports watches, Amazon credits, downloaded music files, e-books, airline miles or gift cards.
The offers are varied and are mainly based on the contracts Sweatcoin makes with other companies. All these transactions can be viewed through the Sweatcoin app, although we can also use Sweatcoin to switch to different subscription levels. The app offers two types of subscriptions; free and premium. The Free subscription offers a standard step earning where we can make a maximum of 10,000 steps per day and we can explore offers in the Sweat store where we can spend our SWEATs. On the other hand, the premium subscription offers double the earnings with no daily step limit. We will also have exclusive early access to market offers and auctions and the application will double our donations (if we make them).
Every day at 8:00 am the application offers are renewed, some will remain for a period of two to three days, but most will be replaced by new offers. In fact, offers can change up to several times a day. Therefore, we must check the application frequently if we do not want to miss the best offers.
Among them we can find offers such as three months subscription to the popular Tidal, you can also choose apps like Singa Karaoke or you can buy subscriptions to the meditation app Calm. There are not only subscription offers, you can also buy physical things paying only for shipping, such as wireless headphones, smart watches, jewelry, bottles, sportswear and much more.
Not everything is as simple as it seems. If we want to buy wireless headphones that cost 70 SWC we will have to take a total of 70,000 steps to earn them. The application, in the Free subscription only allows us to take 10,000 steps a day, so daily we would earn 10 SWC. According to these figures it would take us 70 days to get the money for the headphones. However, the app allows us other ways to earn the currency, either through the display of ads, inviting users, and so on.
It should be noted that each SWEAT will require more steps to mint than the previous one. The developers designed this system to make users progressively more active, so each SWEAT will be more difficult to mint over time. This not only incentivizes users to become more active now, since their movement will generate more SWEAT today than tomorrow, but it preserves the utility of SWEAT as a model, since the model represents an increasing marginal cost of production.
Although it may seem complicated to collect the number of coins needed to buy a headset or much more to buy other products such as $250 Amazon gift cards, we start from the idea that we can redeem coins just for walking. It is a physical activity that we do every day without any compensation and this project gives us the opportunity to take advantage of it.
As mentioned above, the app allows us to view advertising to earn more SWC. This option can be found in the “Offers” section where we will see a daily bonus. This is a kind of permanent special offer that Sweatcoin gives you, if you agree to watch their advertisements. We are not talking about large amounts, but it is another way to accumulate coins.
We should keep in mind that this project is too young and still has several things to improve. One of them is that we can only earn SWC by walking or running. Because the activity tracking is based only on our steps, if we are cycling or swimming in the pool, we will not earn coins.
Another disadvantage is that we need to go outside to accumulate SWC, which means that running on the treadmill or climbing stairs in the gym will not give us more coins, although some reports say that it tracks the steps we take at home. The reason for this restriction is to prevent hacking of this system at home. Another limitation is that we must always be connected to our mobile, so if we go for a walk and forget our mobile or if we usually run without carrying it we will not accumulate coins.
It is a project with certain points to be corrected, however, it is very new and interesting. Whether you are a physically active person or not, it’s worth a try!