Fitness and wellness are among the many industries that Blockchain technology is revolutionizing. Utilizing DeFi, Sweatcoin offers its users an engaging experience that promotes a healthier lifestyle and rewards them for participating. The market is seeing significant moves for Sweatcoin, and this article provides an overview of the project.
Sweatcoin is a move-to-earn project that believes that movement could have real value. Sweatcoin uses DeFi, NFTs, and DAO to unlock new value that is then returned to the user. The sweatcoin platform will include a DAO that enables users to partake in the development and platform’s decision-making.
It was created to provide a new mechanism for value creation that would allow users to earn. When users get started on the app, their movements count for a reward. Since it is an open source project, everyone has an equal opportunity to profit and advance the economy.
Users in the platform are more likely to enhance their overall health by increasing physical activity. Sweatcoin encourages the body’s natural healing process for physical and emotional wellbeing because “by incentivizing one aspect of general wellbeing, they would play a part in bringing about a healthier living to a bigger number of people.”
Sweatcoin Ecosystem
SWEAT is only minted by validated movements, therefore, a steady stream of active users boosts minting. The input increases as the number of users rise.
There would be a shift in user behavior towards exercise. Users are likely to walk more for the rewards and this exponentially increases their movements (steps).
SWEAT has an approach that aims to preserve SWEAT utility with a model that depicts an ever-rising marginal cost of production. This means that more steps will be needed to mint each SWEAT than the previous one and with time, SWEAT becomes more difficult to mint. Users are incentivized to move, and as they do so, more SWEAT is generated.
SWEAT Minting Difficulty:
TGE (Token Generation Event): 1k steps = 1 SWEAT
1 Year: 1k steps = 0.33 SWEAT
2 Years: 1k = 0.19 SWEAT
10 Years= 0.02 SWEAT
SWEAT allows the ecosystem to operate in an open economy of movement. It’s a market where anyone may receive increasingly attractive benefits for engaging in any physical activity. Physical activities include cycling, swimming, jogging, walking, and hiking. Active users are rewarded for their contribution, which is established by the open economy.
User Benefits on Sweatcoin
Phase one: The first phase of utility for SWEAT will include:
● Staking.
● Tiered minting limits. Users who stake/accumulate more SWEAT will have higher minting limits.
● Rewards. On-chain and off-chain rewards will be given to holders depending on the amount of SWEAT they hold/stake.
● Access to private Telegram and Discord channels in the Sweat community
Phase two:
● Dynamic NFTs. Advanced NFTs will attract higher incentives, and utility, like a staking multiplier, increased daily minting limitations, and incentives on and off the chain.
● Fiat on-ramp. Users can purchase crypto with fiat using a card or bank account.
Phase three:
● Crypto-crypto exchange. Integration with CEX/DEX that will enable users to buy, sell, and trade crypto on the platform.
● NFT marketplace. Integration with third-party NFT marketplaces for an easy NFT experience.
● Crypto marketplace curated offers.
● Tiered transaction fees. Higher-tiered users will profit from decreased transaction costs for deposits, withdrawals, and DEX transactions.
● Referral fees. Higher referral reward for users who have a higher quantity of SWEAT.
● Sweat DAO. The platform will gradually hand over governance to the Sweatcoin DAO.
Phase four:
● An open economy of movement. The platform will support the creation and evolution of an entirely new economy.
● Data analytics. This is an opportunity for users to monetize or earn from their movement data.
● Movement Validators. By integrating alternative activity tracking devices and wearables with SweatCo Ltd’s patented movement validation algorithm, the open economy can broaden to provide users with an infinite variety of new movement patterns to mint SWEAT.
SWEAT Token Supply
SWEAT is a cryptocurrency minted by movement. SWEAT is available in an unlimited supply to incentivize movement continuously. SWEAT minting complexity is exponential. Thus, this is balanced by a controlled, exponentially declining inflation rate.
The supply of new SWEAT will be solely based on the physical activity already reported, meaning that the only asset backing newly minted tokens is the worth of physical activity. Uncapped supply and rapidly declining inflation will keep people motivated to exercise more while steadily raising the perceived value of SWEAT.
Conclusion
Sweatcoin is set to lead the move-to-earn market with its unique ecosystem features. Move-to-earn incentivizes users’ movements like walking, swimming, jogging, running, etc. allowing them to keep fit and earn from doing so. It’s a young niche-like play to earn and shows positive signs of potential. The importance of healthiness can not be overemphasized, this is why gamified wellness products will thrive.
Read Also
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